To the uninitiated, Generation Y – primarily the children of the baby boomer generation – are presented to the world as the next generation who think and behave differently and who have a different set of values to their predecessors. To some, they are to be revered for their acceptance of technology as merely an extension of themselves. To others, they could be seen as the irritant ‘bright sparks’ who don’t actually have sufficient experience to tackle the problems they face, yet who still seem to manage to get to an annoyingly good solution, regardless.
Recent observations and commentaries might go as far to suggest that, not only are they identified as different generation, but, by some accounts, operate like a different race! True, there are very distinct differences in behaviours and attitudes which, accessed deliberately, will release that all important wave of energy that will get the necessary ‘change’ done. But before anyone currently over forty steps to one side and considers how best to manage their new found identity/mid-life crisis, surrounded by all this younger talent, let’s also consider the other side to this twenty-first century challenge.
If the Gen Y mountain of adaptation is appearing a little daunting, let’s also look at it from their perspective: never has the competition been as tough to find the right job; internships, often unpaid, increase mounting student debt levels that have been amassed. The attainment of a degree is now seen as standard and the need for a master’s degree is regarded as giving a young graduate ‘the edge’. Some may have also kept themselves busy volunteering to, once again, demonstrate to potential employers that they are a rounded individual and well worth investing in. This generation, as much as they’re truly shaping our world, are also living in it and must meet its demands, financial and otherwise.
So if we have perhaps balanced the scales in terms of the perspective of the emerging generation as part of our workforce, what are our new responsibilities, if any? What challenge is the insurance industry facing when it comes to Gen Y? Is it really about recruiting and resourcing Gen Y people, or is it more about integration and getting both old and new working together as harmoniously as possible?
To look at one dimension of this question without considering the other may steer a business to develop all the ‘razzamatazz’ of social media campaigns that, if successful, go viral, attract a million hits and thus position the organization as an employer of choice, but then what? What happens when these bright young things sign on the dotted line?
ICMIF will be examining this question in May during our first ever conference focusing specifically how mutual and cooperative insurers can maximize our values-based, sustainable vision for business and attract talent and customers from Gen Y. Our research suggests that this generation is more transient and flexible in its views around switching and changing jobs, so developing them as rounded professionals who will want to stay with a business longer than the prescribed two years is perhaps of more significant value. Whilst the need to belong is universal, it is particularly true of Gen Y and that sense of belonging, and the ability to develop their careers within an organization, is where businesses must focus their attentions.
In this respect mutual and cooperative insurers, which currently account for 28% of the total insurance industry, may well have an advantage and an opportunity to lead the industry. The sector doesn’t have shareholders and can therefore focus on people, planet and – only then – profit. It is potentially an appealing proposition to the plc-weary young adult as mutual and cooperative insurers are bringing choice, diversity and creativity to the industry. Could be the ‘why’ that Gen Y talent are looking for? Only time will tell.
But the opportunity isn’t just there for mutual and cooperatives. Organizations who can map a progressive journey of employment will undoubtedly have an advantage. This is perhaps something the whole insurance sector can do well. The established structures already in place could position our organizations as providing those more certain attributes over the start-ups that appear to attract many millennial workers (remember, not all millennials have just stepped out of university and are applying for their first job – in five years’ time some will be turning forty too!). Of course, there are two edges to this particular sword. Whilst established businesses can offer the progression and development into new roles, they also have to recognize that established structures have established ways, often underpinned by established thinking.
The art, and perhaps this is the real Gen Y challenge, is for current business leaders and line managers to adapt. We should also adapt our working practices to suit the modern requirements and changing families who are truly seeking a work/life balance. Employment law has supported this recently but traditions and traditional mindsets still loom large when it comes to working patterns and leave arrangements.
Perhaps the biggest challenge is for all of us to be ‘Gen Y’ in our thinking. To be curious, creative and distribute more opportunities for leadership across our businesses.
This generation, by their very nature, display an open approach to life, or a growth mindset, that allows them the flexibility we admire. But, having a growth mindset isn’t exclusive to someone’s age or generation, it is a decision that we are all faced with. Is your mindset that of growth or is it fixed? If your age doesn’t determine your Gen Y status, perhaps your attitude could.
