On the heels of my “How to Raise a Millennial” article, I was askedto assist in creating a continuing education class for independentagents centered on ways to bridge the gap between industry veteranslooking to retire and untapped young talent. As I wasattempting to define both groups and how they relate to each other,I rested on the concept of wanderlust. On the surface it is aterm used to describe an intense longing to travel, to experiencewhat it is like in other parts of the world. However theundercurrents of this concept from a generational perspective arecausing waves in the workforce.

For many working Americans, particularly Baby Boomers (peopleborn between 1945 and 1965), wanderlust is the ultimate destinationof life; the reward at the end of a long career, typically in thesame industry, that comes hand in hand with retirement. However,for Millennials (people born between 1980 and 2000) wanderlust isthe ultimate journey of life; the process by which they find theirplace in the world and leave their mark on it. These competingviews provide insight of the issues that are surfacing as thereigns of the insurance industry are passed from Baby Boomers toMillennials.

Let me explain further. Baby Boomers, as a generation, haveplaced much effort and emphasis on amassing quantity given theirroots as children of survivors of The GreatDepression. Quantity for this generation is most prevalent inthe form of money. The goal of securing the right amount ofmoney through a lengthy and singular professional emphasis is onepart financial security and one part reward. In other words,Baby Boomers work hard and save with the resolution in mind that atretirement they can finally travel and experience life.

Millennials place a generational value on quality of life overquantity of money, typically choosing as a generation to opt forless money in consideration for the opportunity to do more of whataligns with their passion. Don't get me wrong, Millennialsappreciate the power of money as much as any other generation,however, growing up with workaholic parents has taught thisgeneration that enjoying life is as important as feelingfinancially secure in it. Rather than concentrating theirenergies on the ends gained from their labors, they redefine themeans by which they get to the end. This translates into their jobsand career selection behaviors.

As a cohort, Millennials are often thought of as disloyal andunable to commit. This perception is created by a disconnectedview of the path a career should take between the two groups. Generationally, Baby Boomers chose a profession and then workedtheir ways up the ranks, from the bottom floor to the C-Suite withpainstaking exertion and focus; some of them working for the samecompany 20, 30 or more years. Again, the end game is financialsecurity and the subsequent freedom to enjoy retirement. Amore holistic approach is taken by Millennials as ageneration. They analyze each job by how it willenrich them in the present moment. They aim to ingrain whatthey see, hear, feel, learn, and experience in a position intotheir lives as they do when they travel. They want it to bepart of who they are, rather than it just being what theydo.

So the question then becomes, how do you satisfy the Millennialwanderlust itch without breaking the bank in turnover costs?

First, you have to invest in an updated recruitmentprocess. The message and methods that have worked inattracting talent in the past will no longer garner the sameresults. As Millennials are always looking for the beginning of thenext journey, you have to always be looking for newMillennials. Armed with the knowledge that the majority ofthose you recruit will move on in a relatively short time span, itis critical that you have a pipeline of candidates readilyavailable to fill vacancies in the same way that a producer has tofill their sales pipeline with opportunities in order to continueto grow. The days of recruiting only when you are hiring areover. There are less Millennials available to occupy the seatsthat will be coming vacant by retiring Baby Boomers. Consequentlyan independent agency's ability to maintain staff levels willdepend largely on their recruitment activity when they are fullystaffed.

Next, you have to make the process of training lesscostly. Webinars, podcasts, training apps and othertechnological tools can be used to streamline and automate much ofyour standard training programs. In choosing this path, thecost for trainers, facilities, travel, material development &maintenance, and evaluation are dramatically decreased. Further, instead of those costs attributed to just one or twoemployees, they can be used multiple times thus increasing yourreturn on investment.

Finally, you have to keep Millennials engaged with changingareas of responsibility. Growing up with a mother that has been inthe insurance business for 30 plus years I have secured someknowledge about how the insurance system works byobservation. There are, in general, industry-wide silosbetween company/agency people, producers/servicers andunderwriters/claims adjusters. While some may occasionally stepacross the line, the greater population learns one job within theindustry really well and does not branch into other areas. Whynot cross train employees to further extract theiraptitude? Attracting young talent to the industry has provento be difficult, but keeping them in the industry system is anotherchallenge altogether.

Quell the urge that Millennials feel to flee into other jobs andindustries by providing them with the prospect of a new leg oftheir journey. In the sales sector of the industry, we callthis making it sticky. We get a client to buy as many productsas possible from us because it makes it harder to leave. Thesame is true of Millennials. Maybe the job you hired them for isnot their strong suit, but through cross training they havediscovered a hidden talent for another aspect of the business.Knowing how to execute from multiple points in an organization isnever a bad thing.

In “The Fellowship of the Ring” J.R.R. Tolkien wrote, “All thatis gold does not glitter, Not all those who wander are lost”. It is time to embrace a different perspective of the up and cominggeneration and their characteristics. Knowing the motivation andpurpose behind their desire to make professional moves will helpyou prepare for the inevitable departure with seamless grace.