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Enter the Millennials: Make Way for the Next Generation of Insurance Leadership

Posted by Richard Jacobson on Nov 11, 2015 9:00:00 AM

Nearly four million Baby Boomers nationwide are retiring each year, and they are leaving behind a growing executive skills gap that must be bridged. Luckily, today’s young professionals are poised to meet this impending need. How can the insurance industry adapt their current workforce culture to embrace and encourage this new generation of leaders?

In recent years, insurance organizations have renewed their focus on engaging young professionals. They have rethought recruitment practices and strategies, revitalized company cultures, and instituted company-wide policy changes in order to attract Millennials. As Kylee Lacson, a Millennial professional and National Territory Manager at The Jacobson Group, discussed in our latest edition of Compass, the industry must now shift their focus to transitioning their Millennial employees into the executives of tomorrow.

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Topics: Managed Care, Millennials, Property and Casualty, Life and Disability, Healthcare

Generational Spotlight: Millennials Shaping the Future Workplace

Posted by Richard Jacobson on Nov 24, 2014 10:28:00 AM

This blog entry is part one in Jacobson’s Generational Spotlight Series, which provides a general overview of the generations active in the workforce. While we understand that these overviews may include broad stereotypes that do not apply to all members of that particular generational breakdown, we believe there is value in looking at today’s professionals from a generational perspective in order to gain a better understanding of their viewpoints. 

The Millennial generation—currently 77 million strong—is entering the workforce in vast numbers. Currently, Millennials account for 25% of the U.S. workforce and are expected to form 50% of the global workforce by 2020. They are the fastest-growing generational cohort and are expected to shape the world of work for years to come.

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Topics: Millennials, Generational Spotlight

Rebranding Insurance: Changing the Outdated View of the Industry

Posted by Richard Jacobson on Jun 23, 2014 6:34:00 AM

The insurance industry is way behind the times. There are no opportunities for me to advance my career. It’s a stale industry that fails to embrace change.

We’ve heard it all before.

The talent market image of the insurance industry is not a very positive one. Many individuals view insurance as an out-of-date, antiquated labor market that offers little room for growth. As such, recruiting talent, at all levels, is extremely challenging. As the industry continues to see low unemployment rates, a greying workforce and an increasing demand for talent, recruitment is only going to get more and more difficult.

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Topics: Managed Care, Millennials, Property and Casualty, Life and Disability

Retaining Emerging Talent: Top Strategies to Keep Millennials Engaged

Posted by The Jacobson Group on May 23, 2014 4:30:00 AM

You dedicated time to create a welcoming and enticing work environment. You have positioned your company as innovative and cutting-edge with social media and new technologies. You have embraced a fresh company culture that is appealing to young talent. You have worked hard to attract the younger generation into your organization. Now what?

With 60 percent of Millennials expected to leave their employers within the first three years, what can organizations do to keep these future leaders engaged?

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Topics: Managed Care, Millennials, Property and Casualty, Life and Disability

Recruiting Millennials: How to Bring Young Talent to Your Organization

Posted by Richard Jacobson on Apr 25, 2014 8:13:00 AM

The insurance industry is aging. According to the Bureau of Labor Statistics, nearly 50 percent of the industry workforce is older than 45 and only 26.67 percent of employees are under the age of 35.

In order to prepare for the future and successfully build a bench of bright, young talent, insurers must focus on engaging and recruiting young professionals and recent college graduates, yet recruiting this emerging group of talented individuals is challenging. The Wall Street Journal ranked insurance 97th out of the 100 most desirable industries for college graduates. The insurance industry is seen as behind the times and offering little in terms of career development. Young professionals are looking for an industry that is fresh, exciting, edgy, modern and trendy—and insurance is falling behind.

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Topics: Managed Care, Millennials, Property and Casualty, Life and Disability