Insurance Claims As a Millennial Career
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Insurance Claims As A Millennial Career: An Unexpectedly Great Fit For The Next Generation of Employees A new national research study reveals that the insurance claims industry is a great fit for the priorities and preferences of the emerging generation of employees October 2016 Research Presented By: PLRB Property and Liability Resource Bureau and The Center for Generational Kinetics ® Author’s First Word “There has never been a better time for the insurance claims industry to reach out to Millennial and college-aged Gen Z as many of the industry’s offerings, perks, and career options have wide appeal with this group of emerging employees. It’s time for the industry to spread the message coast-to-coast: we are a great fit for Millennials and Gen Z!” -Thomas W. Mallin, President & CEO, Property & Liability Resource Bureau and Jason Dorsey, Co-Founder, The Center for Generational Kinetics © 2016 PLRB and The Center for Generational Kinetics. All rights reserved. Media usage permitted. 2 Table of Contents 04 Welcome from the Authors 05 Key Findings from the Study • Turning Millennial and Gen Z Job Seekers Into Job Applicants • The Non-Financial Appeal of the Job • The Working Environment Matters 18 About the Study’s Authors 19 Research Methodology 20 Copyright and Usage © 2016 PLRB and The Center for Generational Kinetics. All rights reserved. Media usage permitted. 3 Welcome From The Authors October 2016 Welcome to the 2016 national study on Millennials, college-aged Gen Z, and employment in the insurance claims industry! We are pleased to share our exciting findings with you. The property and casualty insurance industry represents a stable, influential industry that is at a defining moment in terms of understanding and positioning its appeal to the next generation of employees. This national study was designed to examine what Millennials and college-aged Gen Z want as they make career decisions, and how their preferences and priorities intersect with employment and career opportunities in the insurance claims industry. It’s critical that executives, managers, and insurance claims leaders across the board understand where and how Millennials and the oldest members of Gen Z fit into their workforce—from mindset and work style to career opportunities and advancement. By acting now to understand, build on its core strengths, and adapt to the next generation, the industry can stay ahead of the curve to be positioned to attract, retain, and develop the best talent and potential that Millennial and Gen Z employees bring to the workforce. The timing for this study could not be more urgent or timely given that Millennials are already the largest generation in the US workforce and Gen Z is already 21 years old! Whoever understands and adapts to this new generation will win now and for decades to come. PLRB and The Center for Generational Kinetics are pleased to partner on this groundbreaking national research and its exciting discoveries. To schedule a media interview about the study and its findings, please contact Scott Powell, Vice President, Educational and Technical Services, Property & Liability Resource Bureau, at [email protected] or 630-724-2227. Thomas W. Mallin Jason Dorsey President & CEO Millennial Expert Property & Liability Resource Bureau The Center for Generational Kinetics [email protected] [email protected] © 2016 PLRB and The Center for Generational Kinetics. All rights reserved. Media usage permitted. 4 Turning Millennial and Gen Z Job Seekers Into Job Applicants © 2016 PLRB and The Center for Generational Kinetics. All rights reserved. Media usage permitted. 5 Show them the money! Compensation is a practical consideration To dive into the hard numbers, the national study for anyone in the job search, whether 21 or found that 85% of Millennials and college- 61. Compensation, after all, is the primary aged Gen Z say the salary component of a job reason most people work. Every job has its posting makes them want to apply immediately pros and cons, but getting paid for a job well for the job. This issue of salary disclosure is so done is a staple of the employee and employer important that 78% of Millennials and college- relationship. But how important is compensation aged Gen Z say that a company’s employment to Millennials and college-aged Gen Z as they website absolutely must have the starting salary enter the workforce? range for a position in order for them to apply. This is a huge number and a key ingredient for The national study found that Millennials and recruiters to know and act on immediately. college-aged Gen Z are similar to previous generations in considering salary an important The claims industry has the opportunity to criterion for employment decision-making. Like quickly transform job searches into highly those before them, younger job seekers still view valuable job applications by including what salary as a prime point of consideration. This matters most in the job postings: show them the is important because the property and casualty money. insurance pays well for entry-level employees— which is where many Millennials and Gen Z In order to eliminate the risk of losing talented, start out—as well as paying well for employees valuable Millennial and Gen Z applicants, that progress in their career. This message must it is critical that companies, recruiters, and be shared and shared upfront. employment branding professionals pursuing Millennial and Gen Z candidates are diligent In fact, the national study found that younger job about presenting position salaries from the seekers expect to see compensation prominently very beginning, even in the initial contact or and clearly listed in a job posting if they are marketing of the job opening. going to apply. And this is no minor request or expectation. Instead, it is the number one Bottom line: The competitive starting salaries factor that will turn a job perusal into a job offered by the claims industry should be application. broadcast in every single job posting without fail. And the good news: not only will this drive more applicants from Millennials and college- aged Gen Z, but other generations want this insight, too! © 2016 PLRB and The Center for Generational Kinetics. All rights reserved. Media usage permitted. 6 But they want to know about more than the salary Salary or salary range isn’t the only way to daily snapshot of the job. Younger job seekers, attract Millennial and older Gen Z job hunters to particularly college-aged or recent graduates, actually take the all-important action of applying have very little familiarity with the job market or for a job. They are interested in other aspects of working in a professional setting. It helps them a job, too, and some of these aspects may not tremendously to understand the expectations seem obvious to include in a job posting yet of a claims person’s role, especially when their they are powerfully influential. understanding of the position may be limited or non-existent. A striking 79% of Millennials The media often paints Millennials to be out and college-aged Gen Z say that a description of touch with reality and stuck in adolescence. of what a job would be like on a daily basis While this may be true for a segment of the makes them want to apply immediately for the generation, Millennials are overall a group position. of young adults who consider the future with the same strategic planning goals as previous The claims industry is in a unique position to generations. This can clearly be demonstrated capitalize on both of these key findings. The by the fact that traditional benefits have notably industry is stable, and enduring, capable of significant importance when Millennials are offering strong, competitive traditional benefits looking for employment. In fact, the national that need to always be showcased on job study found that behind salary, traditional descriptions. Additionally, since many younger benefits such as healthcare, retirement plan, and job seekers are unfamiliar with the claims paid time off are the key features of a job listing industry, a brief “snapshot” of the role could go likely to inspire an application. Eighty percent of a long way toward turning job scanners into job Millennials and Gen Z say this information on a applicants. job posting makes them want to apply for a job immediately. Bottom Line: The insurance claims industry should better present what a “day in the While benefits are often listed in a job posting, life” of an employee looks like including the there are other highly compelling aspects of a unexpected, important, and meaningful work role that should be featured in a job description that employees of every job title perform. This in order to catch the attention of younger message should be visually appealing, ideally applicants. The most important of these is a including video, and be presented with candid, engaging, and diverse messengers. © 2016 PLRB and The Center for Generational Kinetics. All rights reserved. Media usage permitted. 7 Training holds strong appeal for younger generations The popular narrative of entitled Millennials The thorough, extensive training provided leaves little room for exploring the generation’s for newcomers to the claims industry has the deep interest in learning. But this interest is a potential to be very appealing to younger job real and strong pull for both Millennials and seekers. An emphasis on the skills development older Gen Z, and one that can be recognized by and advancement opportunities that result from employers to the advantage of everyone. this training is an effective way to stand out to this generation of applicants and potential new Simply put, Millennials love to learn and hires. Their strong desire for training and skill experience life, and consequently place a great development perfectly overlaps with the claims deal of value on training of all types.