How to Retain Talent
How to recruit and retain them…If I had a nickel for every time a client asks me, “Hey Rob, how do I retain my millennial talent in my office?” I would be a millionaire. As many of you know the average age of an insurance professional working in an agency or brokerage is like 125 years old or something…so where is all the young talent going? You guessed it - technology, financial services, health care, Wall Street, Big Data…blah blah blah. Yes, it is not only difficult to find and attract young talent, but actually retaining it? Good luck. So let’s assume you are lucky enough to find them and then hire them. What next? And how does one hold on to them? I took it upon myself to find out the answer to this mystery and after many discussions over coffee (and a few beers) with clients and candidates my take is that there are three very distinct things that millennials absolutely demand in the work place:
Transparency: with the appearance of the internet and smart phone technology, everything is now available at one’s finger tips…sports, news, entertainment, Facebook, Twitter, Instagram – you name it. Millennial’s are so used to instant access they now demand it in the workplace. Yes, transparency is something they crave. The more transparent you are with compensation structures, policies, challenges, strategy, and other workplace related issues the better off you will be.
Respect: Show them some respect. Sure, money is important, but respect is even more important to millennials. In case you haven’t noticed, we live in an increasingly uncivil and disrespectful society. Chat rooms and message boards are scary places. Ever check out your kid’s Facebook or other social media? Respect on these mediums is virtually non-existent. So show your employees a little extra respect and you will be rewarded.
Purpose: Give them a reason for being there…for showing up for work every day. There are a million distractions in a day in the life of a millennial so make sure your goals and strategy are consistently and clearly communicated to your employees and they will respond. In an increasingly cluttered and distracted society, you want them to Focus, Focus, and Focus while at work. Give them a reason for doing so. A reason for being there.
I welcome your comments – let’s crack this code together! Always with respect, Rob Houghton