Let’s face it—very few children dream of growing up to work in insurance. While many in the industry love their jobs, insurance does not have a sexy reputation—and doesn’t present a big draw to young recent graduates. This could be a problem for the industry in the long term.
Wholesale insurance brokers can do their part to nurture and inspire the young talent that comes through their doors. Here are a few ways you can instill an interest in insurance—and serve as a mentor to new brokers.
Have a plan in place. If your firm has the resources, you can set up your own internship program—and form partnerships with local universities to send students with an interest in the industry to your company for some valuable work experience.
Know what interests the younger generation. If you believe the statistics, Generation X and Y workers care more about flexibility and work-life balance than the previous generation. Do you have programs in place that speak to those interests? Can you implement a flexible schedule program or prove to young workers your firm’s commitment in maintaining a healthy balance between work and regular life? These perks can do a lot to attract young people to your firm.
Ask questions and listen to the answers. Still, if there are interns and new graduates already working at your company, their priorities may be different than the statistics suggest. It can be helpful to talk to the younger members of your team—ask them what attracted them to working with you, and what the company can do better to attract younger workers. Chances are they have a lot of insight.
Help them see the good they do. Younger workers are also very interested in meaningful work. They need to see how placing challenging risks is a “good” that needs to be done in the world—the benefit they’re providing to insurance agents and their clients. If your company has a connection to a charitable organization, be sure they know that—and are aware of the volunteering opportunities your company offers.
The insurance industry may not be as glamorous as some other fields—but it provides a valuable service to others. Establish a program that supports new recruits, know what they look for, and develop new policies that meet their needs—and your company can be a leader in bringing younger employees to the industry.