Millennial Generation Attitudes About and Insurance · PDF fileAlso, the survey focused on...

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  • MillennialGeneration

    AttitudesAbout

    WorkandTheInsuranceIndustry

  • MillennialGenerationSurveyResults

    Purpose:Toexploreattitudesaboutjobsandwhatappealstomembersofthemillennialgeneration.Also,thesurveyfocusedonattitudesabouttheinsuranceindustryandinsurancejobsspecifically.

    Audience:Inordertogetabroadperspective,thesurveywassenttoarandomsampleofAmericans.Thequestionsweregiventoanyone18andoverwhoiscurrentlyastudent,working,orlookingforwork.Millennialswereseparatedoutfromtheoldergenerationsforcomparisonpurposes.Also,thesurveyfrequenciesshowcurrentstudentsseparatelytoseeifthereareanydifferencesinattitudesfortheseupcomingentrantsintotheworkplace.Over1,600peopleweresurveyed.

    Timing:ThesurveywasconductedduringtheweekofFebruary6,2012.

    Keysurveyfindings:

    Somewhatreflectingameattitude,thetopattributesselectedmostfrequentlybyMillennialswhenconsideringajobwereacompetitivesalary,benefits,andwork/lifebalance.However,salaryandbenefitswereselectedbylessthanhalfofMillennials,comparedwithtwothirdsofoldergenerationsratingsalaryasimportantand57%ofoldergenerationsratingbenefitsasatopattribute.

    Whenconsideringajob,Millennialsweremoreinterestedincareeradvancementpossibilities(25%),comparedwitholdergenerations(16%).Also,Millennialsweremoreinterestedinopportunitiestolearn(20%),comparedwith14%ofoldergenerations.Students,inparticularweremoreinterestedinjobswithanopportunitytomakeadifferenceinpeopleslives(19%),comparedwith12%ofoldergenerations.

    Millennialssaidthattheywereinterestedinworkthattheycoulddoontheirownschedule(52%),workthatinvolvedhelpingothers(49%),andworkingwithpeople(46%).

    Millennialsweremorelikelytowanttoworkinteams(31%)comparedwitholdergenerations(21%).Studentswerealsomorelikelytosaytheywantedtoworkinteams(35%).

    While45%ofMillennialssaidtheywantedworkthatischallenging,therewere29%whosaidtheywantedworkthatiseasy.

    Millennialsweremorelikelythanoldergenerationstodesireacareerpositionthatadvancestheirpersonalandprofessionalgoals.Studentswerealsomorelikelytosayajobisappealingifitfocusesonhelpingothersandimprovingsociety.

    Millennialstopresourceforinformationaboutindustriesandjobsistheirfamilyandfriends(56%).Followedclosebehind,manyMillennialsalsolooktotheInternet,includingarangeofsitesfromgeneraljobsitestospecificemployersites(44percent).Also,Millennialsweremorelikelytousesocialmediasites(29%)forindustryinformation,comparedwitholdergenerations(18%).

    AlmosthalfoftheMillennialrespondents(49%)saidtheyfounditextremelyorveryappealingtoworkwithpeopletosolveproblems,andaboutonethirdsaidtheyfounditfairlyappealing.

    Aboutonethirdsaidanalyzingrisksandrecommendingwaysforcompaniestoovercomethemasajobwasextremelyorveryappealing,and29%saiditwasfairlyappealing.

    1

  • FewMillennialssaidtheywereveryfamiliarwiththeinsuranceindustry(5%),includingjust2%ofstudents.Incontrast,about8in10saidtheywerenotfamiliarwiththeinsuranceindustry.

    Lessthanoneintensaidtheywereveryinterestedinworkingintheinsuranceindustry,includingjust5%ofstudents.Therewere25%ofMillennialswhoweresomewhatinterestedinworkingintheinsuranceindustry.

    Thetopreasonsthatpeopledidnotwanttoworkintheinsuranceindustryisthattheydidnotwanttosellinsurance(52%)andtheinsuranceindustrysoundsboring(44%).

    Amongthosewhosaidtheywereatleastsomewhatinterestedinworkingintheinsuranceindustry,37%weremostinterestedininvestigatinginsuranceclaims,morethantwiceasmanyasanyoftheotherfiveoptionspresented.

    MainConclusions

    Thereisaneedtoincreaseawarenessofcareeroptionsintheinsuranceindustry

    TheMillennialgeneration,especiallystudents,arenotfamiliarwiththeinsuranceindustryandthetypesofcareersavailableinit.Demonstratingthecurrentdisconnect,61%saidtheypersonallywouldlikeajobthatincludesanalyzingrisksandrecommendingsolutions,yetlessthanoneintensaidtheywereveryinterestedinworkingininsurance.

    Thereisalargeopportunitytoincreaseinterestinworkingintheinsuranceindustry,as50%oftheMillennialswereeithersomewhatinterestedornotveryinterested.These2groupsaremostlikelytobeinfluencedtochangetheirviewandbecomeveryinterestedinthepossibilityofworkingintheinsuranceindustry.

    UseofwebsitestoincreaseawarenessofoptionsintheinsuranceindustryforthisinitiativewouldmakesenseasthesurveyshowedtheinternetisacommonplaceforMillennialstogotofindinformationaboutjoboptions.

    MessagesthatappealtoMillennialsshouldfocusoncareeropportunitiesandworkingwithotherstosolveproblemsandhelppeople

    Workingwithpeopletosolveproblemswasappealingtomorethan8in10Millennials.Students,inparticular,showinterestinworkingwithpeopleandinopportunitiestohelpothers.Forstudents,helpingotherpeoplewasselectedmostfrequently(57%)andworkingwithotherpeople(52%)wasatop3selectionoftypesofworkthatinterestthem.

    FinancialconcernsinajobwereevidentamongMillennials,whoalsowereinterestedincareerpositionsandopportunitiestolearn.

    Messagesneedtoavoidafocusonsellinginsurance,asthiswasthemostcommonreasonwhyMillennialswerenotinterestedinworkingintheinsuranceindustry.Also,themessagingneedstocombattheimageofaboringindustry.Perhapsmessagingcouldincludetheimpactofinsuranceandriskmanagementonavarietyofaspectsoflife.

    2

  • SurveyResults

    3

  • TheMostImportantAttributesWhenConsideringaJob

    ForMillennials,theattributesthatwereselectedmostfrequentlyasimportantwhenconsideringajobtendedtobeselffocused.Nearlyhalf(48%)saidcompetitivesalarywasoneofthetopthreeattributesofajob.Benefits,suchashealthinsuranceand401kaccounts,werecitedby43%asimportant.Note,thatthesewerealsothetoptwomostfrequentlyselectedattributesbyoldergenerationsaswell.

    Millennialsshowedmoreinterestincareeradvancementpossibilities,selectedby25%,comparedwith16%ofoldergenerations.Similarly,Millennialsweremorelikelytofindopportunitiestolearnasanimportantpartofajob,selectedby20%comparedwith14%ofoldergenerations.

    Ajobthatprovidesopportunitiestomakeadifferenceinpeoplesliveswasselectedasatop3jobconsiderationby15%ofMillennialsand19%ofstudents,comparedwith12%ofoldergenerations.

    0% 10% 20% 30% 40% 50% 60% 70%

    Competitivesalary

    Benefits(healthinsurance,401k,etc)

    Work/lifebalance

    Careeradvancementpossibilities

    Flexibleworkingarrangements

    OpportunitiestoLearn

    Varietyofworktokeepjobinteresting

    Industrythatthejobisin

    Opportunitytomakeadifferenceinpeopleslives

    Opportunitiestoimprovesocietyasawhole

    Corporatevaluesthatmatchmyown

    Useofthelatesttechnology

    Other

    Millennial Older

    4

  • TypesofWorkthatMillennialsSaidWouldInterestThem

    ForMillennials,morethanhalf(52%)saidtheywouldwantworkthatcanbedoneontheirownschedule.

    ForstudentsintheMillennialgeneration,workthatinvolvedhelpingotherswasthemostfrequentlyselectedoption,chosenby57%.ForMillennialsoverall,abouthalfsaidworkthatinvolvedhelpingotherswouldinterestthem.

    Workingwithpeoplewaschosenby46%ofMillennialsandworkthatinvolvedsolvingproblemswaschosenby45%ofMillennialsasworkthatwouldinterestthem.

    ForMillennials,45%saidtheywouldbeinterestedinworkthatischallenging,but29%saidtheywantworkthatiseasy.Consideringthisdichotomy,potentialemployersmayneedtokeepthisinmindwhentryingtofindnewemployeesfromthisgenerationdependingonthetypeofworkemployerswantthemtoaccomplish.

    0% 10% 20% 30% 40% 50% 60% 70%

    Solvingproblems

    WorkIcandoonmyownschedule

    Workthatischallenging

    Helpingothers

    Workingwithpeople

    Workthatinvolvestravel

    Workdoneinteams

    Workingwithnumbers

    Workthatiseasy

    Learningaboutdifferenttypesofbusinesses

    Other

    Millennial Older

    5

  • ExpectedWorkingHours

    MostMillennialworkersexpecttoeitherworktypicalworkinghours,suchasweekdaynormalbusinesshours(42%),orelsemainlytypicalbusinesshoursbutwithsomeflexiblehours(34%).

    OnequarteroftheMillennialsexpecttohavemainlyflexiblehours,whichisslightlymorethanoldergenerationssurveyed(22%).

    42%

    25%

    34%Mainlytypicalworkinghours(i.e.,weekday9to5)

    Mainlyflexiblehours

    Mainlytypicalworkinghourswithsomeflexiblehours

    6

  • AppealingJobOpportunities

    Giventhreejobscenarios,Millennialsweremostlikelytoselectjobsbasedonbeingabletosatisfypersonalfinancialneedsandwants,selectedbyjustoverhalf(51%)ofrespondents.

    However,Millennialsweremorelikelytoselectapositionthatadvancestheirpersonalandprofessionalgoals(28%)comparedwitholdergenerations(20%).

    Students,inparticular,weremorelikelytoselectajobthatfocusesonhelpingothersandimprovingsociety(27%),comparedwith16%ofoldergenerations.

    0% 10% 20% 30% 40% 50% 60% 70%

    AjobthatallowsmetosatisfypersonalfinancialneedsandlivemylifeasIwant.

    Acareerpositionthatadvancesmypersonalandprofessionalgoals

    Ajobthatfocusesonhelpingothersandimprovingsociety

    Millennial Older

    7

  • ResourcesUsedtoResearchPotentialCareers

    ThemostcommonresourcesforMillennialswhenresearchingpotentialcareersarefriendsandfamily,notedby56%ofrespondents.

    Websites,includinggeneraljobsites,industryspecificsites,andemployersites,wereallcommonlyusedbyMillennialsinseekinginformationaboutjobpossibilities.

    Socialmediasiteswereselectedby29%ofMillennials,comparedwith18%ofoldergenerationsasaplacetolookformoreinformationaboutindustriesandjobpossibilities.

    0% 10% 20% 30% 40% 50% 60%

    Websitesthatareaboutjobpossibilities

    Websitesthatarespecifictothatindustry

    Websitesofspecificemployers

    Socialmediasites

    Friends/Family

    Magazines/Newspapers

    Careerguidancecenters

    Teachers/Professors

    Television

    Other

    Millennial Older

    8

  • AppealofVariousJobAspects

    JobsthatinvolveworkingwithpeopletosolveproblemswereextremelyorveryappealingtoabouthalfoftheMillennialssurveyed.AnotherthirdofMillennialssaidthesetypesofjobswerefairlyappealing


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