An insurance career ranks low on the list for most Millennials says latest study from The Hartford
New research from The Hartford’s 2015 Millennial Leadership Survey, warns that key U.S. industries are failing to attract new leaders from the Millennial (“those born after 1980 and the first generation to come of age in the new millennium”) generation, with Insurance near the bottom of the barrel. According to the study, key industries such as retail, construction, and manufacturing are failing to find the future leaders it needs with only seven percent (7%) of the Millennial age group interested in entering these fields. Even more troubling, only four percent (4%) of Millenials are interested in entering insurance while only three percent (3%) are looking at a career in wholesaling ad utilities.
The results reveal a quiet crisis – a generation of leaders who aren’t interested in many businesses that drive our nation’s economy,” said The Hartford’s Millennial Workplace Expert Lindsey Pollak. “Millennials can help close this leadership gap by widening their career searches and exploring jobs, salaries and benefits before writing off whole sectors of the U.S. job market.”
Offering a personalized career path may be the best way to lure more Millennials into insurance
Millennials, are the generation comprising the ages from 18-34 and number 80 million of the current population. The vast majority of them, approximately 80%, consider themselves leaders as of today. When polled for each on the following categories, 69% of this generation sees themselves becoming a leader within the next five years, while 77% consider themselves both as a leader today while aspiring to be a leader tomorrow.
46% Millennials polled for the survey advised companies to offer a variety of career opportunities
While many in this generation aspire to some sort of leadership position, the vast majority, unfortunately, would like that leadership position within more or less the same industries. Most Millennial women, for example, would like a job within the arts & entertainment field, whereas for Millennial men, their dream job lies within the technology field. The end result is that many worthwhile industries are being overlooked by this workforce.
In order to attract more talent to industries, like insurance, companies will have to offer a variety of career opportunities and personalized career paths. For example when polled on each of the career opportunities,
- 46% Millennials in the survey advised companies to offer a variety of career opportunities;
- 44% of the survey group said competitive salaries mattered;
- 43% suggested flexible work schedules;
- while another 40% acknowledged competitive benefits were important to their career choice;
- Only 33% cited leadership opportunities as a way to attract their generation.
“Year over year, our research shows that the right benefits play a pivotal role in attracting and retaining employees,” said Mike Concannon, executive vice president of The Hartford’s Group Benefits business. “We are committed to working with our brokers to help our employer clients hire and develop the next generation of decision-makers, while ensuring these young leaders understand the role that benefits can play in protecting their leadership potential.”
An infographic on The Hartford Leadership Survey
The following infographic visually illustrates the data collected from this year’s survey