Navigating a Multigenerational

Workforce: The Brave New World

of Insurance Talent

2014 AmComp Fordham Conference

Presented by: Margaret Resce Milkint

Managing Partner

“Strength lies in differences, not in

similarities.”

-Stephen R. Covey, The Seven Habits of Highly Effective People

State of the Industry

“The Affordable Care Act and the Labor Market”

“Labor Study Indicates Industry Stabilization”

“Are You Millennial-Ready?”

“Expectations Shift as Gen Y Moves into the Workforce”

“The Global Talent Crunch”

“U.S. Unemployment Remains Low”

“Employment Trends Show Reason for Optimism”

“Workplace Diversity Efforts Struggle”

“Staffing Firms Optimistic”

“One in Three Workers in the U.S. is a Freelancer”

Source: BLS

6.1% (overall)

2.4% (Insurance)

Unemployment Rate

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Overall Insurance & Related

Recruiting Challenges

0 2 4 6 8 10

Operations

Underwriting-…

Accounting

Sales/Marketing

Compliance

Claims

Underwriting

Product Management

Executives

Analytics

Actuarial

Technology

July 2014

Source: The Jacobson Group and Ward GroupSemi-Annual Insurance Labor Outlook Study, July 2014

Positions rated 5 or above are considered moderate

or difficult to fill.

Source: BLSAccenture Institute for High Performance

Emerging Fields

Cyber Risk and Analytics:dynamic new disciplines in the

digital revolution

Insurers are expected to add 23,700 analytics jobs by 2015.

Source: Accenture Institute for High Performance

Analytics talent supply is not expected to keep pace with the increased job growth.

The U.S. could see a shortfall of more than 260,000 analytics experts by the year 2015.

The War for Talent

“Companies must therefore address the needs of talent at all levels of the organization. Unsung segments … are often as critical to

overall success as A players.”

-McKinsey&Company

Nearly half of industry professionals will be near retirement within 15 years.

Workers aged 45 and older make up

48% of the industry workforce.

Source: BLS

Source: BLS

Only 26.67% of industry workers are under the age

of 35.

The number of insurance professionals aged 55 and older is

nearly 30 percent higher than the rest of

the economy.

Graduates from risk and insurance programs meet only 10-15% of the industry need.

Major talent influx needed to fill the gap of near-term retirees.

Millennials are the logical

solution to fill the growing talent gap.

Millennials make up 25 percent of the U.S. workforce and are expected to form 50 percent of the global workforce by 2020.

Source: PwC

Insurance is seen as “boring”

and “uninteresting.”

What About Insurance?

Source: PwC

Rebranding Insurance

Move beyond insurance as “sexy” and rebrand insurance as “good.”

Insurance is a noble profession with integrity, competitive compensation, low unemployment and unlimited potential!

Build awareness of insurance employment opportunities.

Focus on educating and enlightening young professionals and recent graduates (0-3 years).

Create a grassroots buzz!

Utilize sites such as MyPath to promote internship opportunities and inspire Millennials to join the industry.

The Growing Need for Succession Planning

“One of the things we miss in succession planning is that it should be gradual and

thoughtful … so that it’s almost a non-event when it happens.”

-Anne M. Mulcahy, former Xerox CEO

Organizations and their boards need to take a closer look at succession planning.

adversely affected financially by a lack of planning.

Source: CareerBuilder

27%

Build your talent pipeline now.

Develop your potential leaders now to avoid succession gaps in the future!

Assess your current workforce now to see where leadership capacity is and isn’t met.

• Establish ownership and oversight.

• Set succession goals and time frames.

• Develop compelling talent management and implementation.

• Utilize HIPOs to ensure success.

• Impact and Retain.

Succession Planning Best Practices

• Mastery of the talent life cycle.

• Pinpointing weakness and driving changes.

• Growing your company’s core business.

• Getting the right people in the right jobs.

• Operating with transparency and urgency.

Succession Planning Means…

Workplace Demographics

“Never before has demographic change happened so quickly.”

-Ernst & Young

Generational Snapshot

Source: U.S. Census Bureau

Generation X(1965-1976)

Baby Boomers(1946-1964)

Traditionalists(1900 – 1945)

Millennials(1977-1995)

Workforce Breakdown

Source: U.S. Census Bureau

13%

27%

31%

29%

Traditionalists

Baby Boomers

Generation X

Millennials

Navigating A Multigenerational

Workplace“No homogeneous talent pool can be

innovative. Diversity is essential.”

-Kathy Hannan, KPMG LLP

Nearly 25% of HR

professionals report

generational conflictin their workplaces.

More than 79% of the

general public say there is a

generational gap in

American society.

Source: Society for Human Resource Managementand Pew Research Center

Organizations are balancing a generation gap of

more than 50 years between the oldest and

youngest employees.

Working with Traditionalists

Respect the chain of command.

Communicate face-to-face.

Value experience.

Be formal.

Source: U.S. Census Bureau

Likes:

Dislikes:

• Logical job processes• Goal-oriented projects• Respectful management• Consistent communication

• Trendy management styles • Indecisive managers• Profanity in communication• “Touchy-feely” work

environment

Working with Baby Boomers

Pay full attention.

Respect experience.

Be patient.

Be clear.

Source: U.S. Census Bureau

Likes:

Dislikes:

• Mission focused projects• Democratic decision making• Caring work environment• Equal treatment of employees

• “My-way-or-the-highway” management

• Lack of reception to presented ideas

• Brusque communication• Overly bureaucratic job

processes

Promote the use of technology.

Allow independent work.

Support multi-tasking.

Be open and honest.

Source: U.S. Census Bureau

Likes:

Dislikes:

Working with Generation X

• Opportunities for professional growth

• Flexible work environment• Direct communication• Goal-oriented projects

• Managers who don’t “walk the talk”

• Overly bureaucratic job processes

• Flashy work environments• Micromanagement

Working with Millennials

Support diversity and inclusion.

Provide workplace flexibility.

Encourage mentorships.

Foster collaboration.

Source: U.S. Census Bureau

Likes:• Projects that support

organizational goals• Opportunities for personal

growth• Motivational management• Collaborative work

environment

Dislikes:• Coworkers who don’t value

their experience• Disorganized management• Cynical workplace• Condescending

communication

Managing Across Generations

Source: AARP

Fight stereotypes and generalizations withcross-generational discussion.

All generations crave acknowledgement and respect in the workplace.

Each generation is motivated by personal goals, seeks flexibility and the opportunity for rewarding work.

Managing Across Generations

Source: AARP

Don’t just build tolerance, build diversity & inclusion. Embrace different perspectives, backgrounds and insights.

Ask! You’ll never know what your employees want or need if you don’t ask.

Celebrate uniqueness!

“The strength of the team is each individual member.

The strength of each member is the team.”

-Phil Jackson, NBA Coach

Questions?

Thank You! Margaret Resce Milkint

Managing Partner

The Jacobson Group

+1 (312) 884-0410

mmilkint@jacobsononline.com

www.jacobsononline.com