On the heels of my “How to Raise a Millennial” article, I was asked to assist in creating a continuing education class for independent agents centered on ways to bridge the gap between industry veterans looking to retire and untapped young talent. As I was attempting to define both groups and how they relate to each other, I rested on the concept of wanderlust. On the surface it is a term used to describe an intense longing to travel, to experience what it is like in other parts of the world. However the undercurrents of this concept from a generational perspective are causing waves in the workforce.

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

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

Millennials place a generational value on quality of life over quantity of money, typically choosing as a generation to opt for less money in consideration for the opportunity to do more of what aligns with their passion. Don't get me wrong, Millennials appreciate the power of money as much as any other generation, however, growing up with workaholic parents has taught this generation that enjoying life is as important as feeling financially secure in it. Rather than concentrating their energies on the ends gained from their labors, they redefine the means by which they get to the end. This translates into their jobs and career selection behaviors.

As a cohort, Millennials are often thought of as disloyal and unable to commit. This perception is created by a disconnected view of the path a career should take between the two groups. Generationally, Baby Boomers chose a profession and then worked their ways up the ranks, from the bottom floor to the C-Suite with painstaking exertion and focus; some of them working for the same company 20, 30 or more years. Again, the end game is financial security and the subsequent freedom to enjoy retirement. A more holistic approach is taken by Millennials as a generation. They analyze each job by how it will enrich them in the present moment. They aim to ingrain what they see, hear, feel, learn, and experience in a position into their lives as they do when they travel. They want it to be part of who they are, rather than it just being what they do.

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

First, you have to invest in an updated recruitment process. The message and methods that have worked in attracting talent in the past will no longer garner the same results. As Millennials are always looking for the beginning of the next journey, you have to always be looking for new Millennials. Armed with the knowledge that the majority of those you recruit will move on in a relatively short time span, it is critical that you have a pipeline of candidates readily available to fill vacancies in the same way that a producer has to fill their sales pipeline with opportunities in order to continue to grow. The days of recruiting only when you are hiring are over. There are less Millennials available to occupy the seats that will be coming vacant by retiring Baby Boomers. Consequently an independent agency's ability to maintain staff levels will depend largely on their recruitment activity when they are fully staffed.

Next, you have to make the process of training less costly. Webinars, podcasts, training apps and other technological tools can be used to streamline and automate much of your standard training programs. In choosing this path, the cost for trainers, facilities, travel, material development & maintenance, and evaluation are dramatically decreased. Further, instead of those costs attributed to just one or two employees, they can be used multiple times thus increasing your return on investment.

Finally, you have to keep Millennials engaged with changing areas of responsibility. Growing up with a mother that has been in the insurance business for 30 plus years I have secured some knowledge about how the insurance system works by observation. There are, in general, industry-wide silos between company/agency people, producers/servicers and underwriters/claims adjusters. While some may occasionally step across the line, the greater population learns one job within the industry really well and does not branch into other areas. Why not cross train employees to further extract their aptitude? Attracting young talent to the industry has proven to be difficult, but keeping them in the industry system is another challenge altogether.

Quell the urge that Millennials feel to flee into other jobs and industries by providing them with the prospect of a new leg of their journey. In the sales sector of the industry, we call this making it sticky. We get a client to buy as many products as possible from us because it makes it harder to leave. The same is true of Millennials. Maybe the job you hired them for is not their strong suit, but through cross training they have discovered a hidden talent for another aspect of the business. Knowing how to execute from multiple points in an organization is never a bad thing.

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

Special Reports /

nGInsights: Millennial Wanderlust and the Job Hopping Connection

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