NEW ORLEANS — At the 2015 RIMS Conference & Exhibition,there was more than just property & casualty talk going on. Infact, the conference has branched out in recent years to includecoverage of the medical industry, PPACA and demographics that arechanging the workforce. And one educational session focused on justthat: millennials.

In "Millennials are changing your workforce: Are you adapting?" speakers Lester Morales andJessica Ward tackled a topic that is top of mind to many employerstoday.

Morales, chief growth officer, human capital practice at Willis,reminded those in attendance that millennials (those born betweenthe early 1980s and early 2000s) will be the biggest part of anorganization's workforce in the not-too-distant future. And he'sright: by 2025, millennials will make up half of the U.S.workforce.

But who are millennials? Morales broke it down into these fastfacts:

• They were the first generation that was born into technology;they don't have to adapt to it.

• They are not especially attached to religion or politics.

• They are confident about their future.

• They are the most highly educated generation, and also thegeneration with the most school debt (an average of $27,000 for afour-year degree.)

• They are waiting longer to get married.

So what does all this mean for businesses everywhere?

(Photo: Shutterstock)

"Everyone that applies for a job at your organization has doneextensive amounts of research not only on your organization, but onyou and other people that work there," Morales said, noting thatmillennials' tech-savviness spills over into their internetinvestigations of possible future employers.

Morales also noted that millennials need feedback, attention,coaching and collaboration at their place of employment. They alsowant a work/life balance; they want to be able to work from homefrom time to time. "They also want to be the boss, and they want tobe the boss quickly," Morales said.

But most important, Morales said, is that millennials want towork for an organization that they truly believe in; one thatserves a purpose and has values. And sometimes, this is moreimportant than pay.

It's not all about money for millennials

"With this generation, it’s not all about the money," Moralessaid. In addition to feeling as though they're serving a purpose,millennials are also attracted to companies that offer careerprogression, training, benefits and flexible workingarrangements.

Jessica Ward, benefits manager for DSW inc. (formerly DesignerShoe Warehouse), echoed Morales' sentiments.

"Millennials are making us think differently," Ward said. "Wehave 12,600 people in our company and 72% of them aremillennials. Millennials have done some pretty cool things toorganizations. They care. And they want the organization to careabout them."

Ward said that companies need to know what millennials arethinking, and act on that. To accomplish this, DSW sends outemployee surveys frequently, and tries to better the company basedon responses. For millennials, they care about company culture and,as Ward noted, they don't leave a company because of a boss; theyleave a company because they don't like the culture.

"We sell shoes, we don’t save lives," Ward said. "But we arevery passionate about what we do. In addition to selling shoes, wethink it’s important to engage our associates and make them part ofa larger purpose. This is what millennials lean towards."

And with an average of 10,000 baby boomers retiring every day, it'stime insurance companies begin to think differently about how toattract the next — and the biggest — demographic. Forsoon, millennials will be running these organizations.

See also:

Wealthy millennials don't see retirement asend of work

In 5 years, millennials will make up 50% of theworkforce