Which industry defies millennial turnover rates? (Hint: It's not tech)

Once labelled the "job-hopping generation," with low professional engagement, millennials in one industry significantly differ from their working world counterparts.
Written by Eileen Brown, Contributor

Millennials have frequently reported low professional engagement, resulting in resumes a mile long and high turnover rates for their former employers, but some industries are bucking the trend.

Denver, Colo.-based insurance technology company Vertafore has released results from its fifth annual Millennials in Insurance survey.

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It polled 1,252 insurance professionals including 384 millennials in August 2018. The survey looked at the millennial generation's career satisfaction in the industry, and what appeals most to the generation when it comes to their career.

The survey showed that almost nine out of 10 (87 percent) of millennials would recommend a career in insurance, and almost three-quarters (70 percent) plan to work in the industry as long as possible

Millennials cited many reasons for employee satisfaction in the survey including: A healthy work-life balance (65 percent), compensation/financial stability (64 percent), and career growth opportunities/professional development (61 percent).

The future of insurance seems to be bright, too, with millennials reporting high professional satisfaction. Almost all (97 percent) of millennial insurance professionals reported that they are somewhat, or very optimistic, the industry will be able to attract future workers.

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Millennials are recommending insurance careers to family and friends, and are actively being recruited by them. Three-quarters (76 percent) have been in insurance for three or more years.

Millennials believe technology has made a positive impact on their company over the last 12 months, with 61 percent stating it increased overall efficiency and 54 percent citing technology has strengthened customer relationships.

Furthermore, almost half of millennials (49 percent) are optimistic that automation and other technological advances will help streamline efficient tasks and enable [them] to focus on more important aspects of their jobs.

While social media and new communications technology continue to evolve, so too does the insurance industry's use of these tools to strengthen and streamline customer relationships.

Over the last year, millennial insurance professionals have increased their use of many social mediums. Top examples of increased use compared to 2017 include: Facebook (25 percent, an increase of 12 percent), Instagram (13 percent, an increase of 8 percent), and Text/SMS (40 percent, an increase of 16 percent).

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These platforms are used to strengthen customer support and retention (59 percent), increase brand awareness (55 percent), generate new business leads (49 percent), and hire/recruit employees (19 percent).

Kristin Nease, vice president of human resources at Vertafore, said:

"At its core, insurance is about relationships, and technology should enable those relationships. Millennials bring with them the ability to adapt and flourish in a technology-first environment, and the drive to establish themselves as intrepid young professionals."

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