Millennials Don’t Rule the World – Revisited

Recently I wrote an article about Millennials, at least that’s what many assumed. The article actually focused on the mistakes being made in our attempts to entice Millennials to join the insurance industry.

Some readers had knee-jerk reactions, and some were just jerks. A few responses proved one of four things: 1) assumptions are made about what an article says or is going to say; 2) reading comprehension skills have greatly deteriorated; 3) readers “see” only what they want to see; or 4) medication doses need to be increased.

I was falsely accused of a whole host of evil and malice not found in the article. I never:

• Questioned their work ethic;
• Said they got everything they wanted;
• Questioned their loyalty; or
• Questioned their intelligence.

I did question the insurance industry’s seeming overpowering need to change its modus operandi simply to suit Millennials or draw them into the industry.

Millennials are entering the working world just like “Gen Xers,” Baby Boomers, and pre-Boomers (the “Silent Generation”) – with high hopes and “great” ideas (at least we all thought they were great ideas). But, “back in the day” (just to make all those happy who will accuse me of saying this, even if I don’t), no one listened or really even paid attention – until we proved ourselves.

So why the change – other than the fact that a bunch of folks are retiring? Why should there be so much focus on and attention paid to the ideas and opinions of Millennials before they have proven themselves? In reality, they don’t yet know enough to be treated like E. F. Hutton (Millennials don’t even know what that means).

This reality is not a question of intelligence, it is a question of experience. With experience, Millennials may actually find that some of the “way things are” are that way for a reason – and should or need to stay that way. (Don’t misread what I wrote, there are facets of the insurance industry that need to change.)

Personally I don’t think Millennials want us to smooth the way for them, at least I hope they don’t. Research says Millennials want the opportunity to prove themselves – just like every previous generation. We owe them that opportunity by not making the path ready for them but by making them ready for the path. We’ve all heard the butterfly story, if we want them to fly, to reach their potential, we must let them experience the “struggle.” Our attempts to “help” may actually be detrimental.

Once Again, Why All the Fuss

One reader asked a very relevant question; something along the lines of, “Is the Millennial thing really still a thing?” Unfortunately, it must still be a thing because Millennials are the subject of a session or panel discussion at nearly every insurance conference I attend. I hope concern over Millennials soon stop being a thing so we can get on with the business at hand – because THEY are no different than any other generation. The only difference is how WE are focusing on them.

According to some, the insurance industry’s focus on Millennials arises out of a need to draw them into the insurance industry to replace the retiring Boomers. Evidently this is the first time in history the insurance industry has been viewed as boring or not seen as a first, second or even third career choice. I doubt many Boomers were chomping at the bit to get into insurance.

Regardless of the generation, few came to the insurance industry on purpose. Most in our industry had other plans and “fell” into insurance and were never able to or wanted to escape (because it is a great career). Yes, I know some of you chose insurance as a career, so I don’t want to hear how at seven years old you knew you wanted to be a property underwriter.

Let’s face it, the concept of insurance can’t be made interesting with strippers and liquor. But Millennials might be enticed to consider insurance as a career if we explain how insurance benefits society and how the industry can satisfy their “wants.” It’s not what the industry offers that is the problem, it’s how we present it.

According to the experts Millennials want:

• A great work environment;
• Meaningful work / To work for the greater good;
• To be entrepreneurial; and
• Coaching/Mentoring.

Without many changes, the insurance industry already offers most of what Millennials want. We just need to tell the story better. Notice, I did not say we need to tell a “better story,” the story of an insurance career is already great; we just need to do a better job presenting it.

Millennials may actually be more likely to choose an insurance career than any previous generation. A lot of colleges and universities seem to think so. According to the International Risk Management Institute (IRMI), as of September 2015, there were 51 brick and mortar colleges and universities offering a major and/or minor in insurance and/or risk management. Some offer these programs on campus and online. This does not include the online-only colleges and universities offering insurance and risk management degrees.

Maybe there is much ado over nothing (or at least very little). Maybe the industry won’t be in a talent crisis as Boomers retire. Maybe this is our version of Y2K.

The Ending Point

Millennials should not be treated differently than any other generation. They are no more special than anyone else. Newly-minted and young adults are still adults and deserve to and should be treated as such. You aren’t doing them any favors treating them like children, or as something more than they are (giving them a false sense of self which results in a massive and destructive ego). Life is tough and sometimes you must be and act like the boss.

Set high expectations; hold them accountable; have and enforce consequences for missed goals; and require and allow them to “prove” themselves. Above all, tell them the truth about you, the company, the industry, and especially themselves. They may not like what they “go through” or what they hear, but they will thank you for and benefit from your toughness and honesty later in their career – and so will the industry.

Topics Education Market Universities