Did you know that by 2018, a quarter of professionals in the insurance industry will be retiring?
#1. Complete a Digital Upgrade
Take a hard look at the tech resources available at your agency. Perhaps you need to conduct some internal surveys of your employees, young and old, to find out what changes or software upgrades they would like to see. Visit tradeshows or conferences and find out what's new in the realm of technology and software for insurance agencies. With the help of your IT department, design a plan for replacing old machines and installing fresh software.
Read more about completing a digital upgrade.
#2. Engage with Social Media
If you want to recruit Millennials, you have to go where they live: Online. The most important thing to remember here is that Millennials have been trained to maintain and manicure their digital presence. They put a lot of time and effort into it and automatically assume the same from you. College classes suggest graduates should open a LinkedIn profile to connect with prospective employers, so wouldn't it makes sense for a company to start a page to connect with prospective employees?
Read more about engaging Millennials with Social Media.
#3. Improve Your Company Culture
Insurance agencies are heavily regulated by necessity; but that doesn't mean you have to eliminate all the fun and excitement from the job. To entice Millennials to work for you, you need to be willing to embrace change. It might seem painful or anxiety-inducing at first, but maintaining the status quo means losing 25 percent of your people in 3 years and limping along with a skeletal workforce.
Increase company flexibility. Maybe you can allow your employees to work from home a day or two during the week, or shift their work schedules to better accommodate their personal lives.Read more about improving your company culture.
Create a path for advancement. Create ways for high performers and dedicated staff to move up in the ranks or to earn special benefits.
Making the Choice
When those Millennials start turning in their resumes and applying for a job with your agency, you might still feel tempted to hire the older, wiser, more experienced job candidate. You're not alone in that urge— in fact, 55 percent of all producer hires in the last five years were veteran agents. Just remember that the insurance veterans are probably in their late fifties, and they most likely have their eyes on retirement. Chances are, you've already got some veterans on board. Now is the time to hire those young, eager candidates with the energy that makes up for inexperience.
If you're interested in perpetuating your business, crossing the generational gap and making your agency the go-to employer for a new generation of insurance experts, download Vertafore's e-Book Managing Your Agency in the Digital Era to glean more helpful tips and ideas.
Vertafore delivers cloud-based insurance software and services that transform the business of insurance. With the largest customer-base in the industry, more than 20,000 agencies and carriers leverage Vertafore’s insurance solutions that are built on today’s most advanced cloud, mobile, and information technology platforms. Learn more and contact Vertafore.