A Primer on Recruiting and Retaining Millennials

Insurance industry recruitment is becoming more urgent as the baby boomer generation retires. According to McKinsey & Company, nearly 500,000 insurance professionals will retire between 2008 and 2018. As a result, insurance companies will face major shortages in top talent. In many cases, they are now turning to candidates from the younger generation (ages 18 to 27), often referred to as Millennials—or Generation Y—to fill these gaps.

Insurers are focused on attracting this new talent, yet they struggle to find ways to appeal to this generation. Although the industry is relatively recession-proof and offers interesting opportunities and growth potential, there is generally a lack of interest among young professionals in pursuing a career in insurance. As a result, insurance companies must communicate the rewards of a career in the industry to help combat these misconceptions and close this talent gap.