We’ve all heard the stats:
“10,000 Baby Boomers turn 65 every day.”
In fact, many companies have used this statistic to boast the benefit in selling their senior focused products for years. It’s a marketing message I have seen referenced countless times in recruiting messages and product promotion efforts. It’s a successful message and the statistic will remain true for years to come. But I want to take a different look at this number and consider the hiring/staffing shortage the insurance and financial industries are seeing as these 10,000 baby boomers continue to retire every day, but so do agents and advisors at the same time.
It’s no surprise there are more people leaving the insurance and financial industries due to retirement than are entering the industry. In fact, one in every four insurance agents will be retired from the industry by 2018*. Many companies have been aware of this stat for some time and have been working to combat this by boosting their recruiting efforts to Millennials.
Here is a list of 5 tips that have proven to be successful.
Embrace the Newbies
There is a significant number of Millennials that are still in school and will be looking for jobs in just a few short years. Everyone has to start their career somewhere and sometime “getting your foot in the door” is the hardest challenge. Young talent is hungry, passionate and driven, they are new to the work force and want to put their skills to work.Learn Social Media
I’m not asking you to post selfies and food pics, but being active where the Millennials are will help your credibility and reach to this audience. Millennials have grown up with the digital world and they are very active in this space. Start by getting active as well on Facebook, Twitter and LinkedIn, these are great places to start business pages. Look into boosting your most engaging posts by putting some money behind it with highly targetable paid ads. I can’t stress the value in social media marketing enough.Know What They Want
A recent study conducted by Intelligence Group** shows:- 88% of Millennials prefer a collaborative work culture.
- 88% want “work-life” integration.
- 79% want their boss to be a coach or a mentor.
- 74% want flexible work schedules.
- 64% say making the world a better place is a priority
These stats shouldn’t come as a shock to anyone, it seems in-line with what most people want in their career. The obvious next step is to build recruiting campaigns around these values and how your company can provide these.Know Your Online Reputation
It’s just good business practice to know how your company is perceived online. However, Millennials, more than other generations, will research companies online prior to even applying and don’t want to be associated with brands that have a perceived bad reputation. Research and know how you are perceived on Google review, Glassdoor, Amazon, Yelp and other sites where people are commenting on both your business and your products.Offer Incentives
With any recruiting campaign, focus on the recipient. Make your offer so good, they have to at least consider it. For example, we know 88% of Millennials want “work-life” integration and 74% want flexible work schedules. If your company offers a flexible schedule or work from home opportunities, these would be great incentives to highlight.
Reality is, Millennials are not very different from other generations. Like anyone, Millennials want a fulfilling and rewarding career. You know the reasons you got into this industry; these most likely still hold true today. Take inspiration from your team and ask why they got into the industry. Build off of their input and create a few campaigns each focusing on one reason. This will make it easier to target and track campaigns.
Financial Media Group’s data solution, Advisor DirectConnect, makes it simple to build lists using 100+ filters, including a filter designed just for newly licensed agents. It couldn’t be easier to find this target audience – Contact us to learn more.
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