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.

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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.

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SurveyResults

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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

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ExpectedWorkingHours

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

OnequarteroftheMillennialsexpecttohavemainlyflexiblehours,whichisslightlymorethanoldergenerationssurveyed(22%).

42%

25%

34%Mainlytypicalworkinghours(i.e.,weekday9to5)

Mainlyflexiblehours

Mainlytypicalworkinghourswithsomeflexiblehours

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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

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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

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AppealofVariousJobAspects

JobsthatinvolveworkingwithpeopletosolveproblemswereextremelyorveryappealingtoabouthalfoftheMillennialssurveyed.AnotherthirdofMillennialssaidthesetypesofjobswerefairlyappealing