How to recognize and reward millennial employees

mii industry-news-3Millennials are now the largest cohort in the workplace and insurance employers who fail to attract and retain young talent will undoubtedly fail – here, one successful insurance leader offers her advice on managing millennial workers.

“Millennials crave learning and training opportunities, particularly in leadership development. To bridge this gap, consider incorporating a mentorship program” Kelly Lackner, head of global talent management with XL Catlin recently told delegates at the Millennials in Insurance Conference in New York.

“Mentorship programs provide an opportunity for Millennials to turn to a more experienced professional for advice and can also provide them with a personal resource for leadership development,” said Lackner.

It’s not all about training and management. Millennial workers also want to work for an insurance company or brokerage that is innovative.

“Millennials are easily wowed by innovation. When discussing XL Catlin specifically, highlighting the diversity and uniqueness of our products is a huge selling point [and we] always highlight our growth in innovation,” Lackner said.

In her presentation, Lackner went on to discuss the importance of data and analytics to young insurance workers.

“Data is well beyond a buzzword for millennials,” she said.

“Many of the country’s top actuarial, insurance and risk programs are now strongly recommending minor coursework for mathematics, insurance and actuarial majors in data science.”

Lackner and her colleague, Justin Gress, director of strategic operations - Canada & construction, outlined thirteen key priorities for insurance employers who are looking to inspire and reward millennial workers.

What millennials want

Diversity and inclusion

1. Diversity and inclusion
2. Career and leadership development
3. Internship programs
4. Graduate programs
5. Career frameworks
6. Mentorship
7. Flexible work arrangements and benefit plans
8. Employee resource groups
9. Strong management
10. Regular touchpoints
11. Effective coaching and feedback
12. Recognition
13. Pay for performance

Register for the Millennials in Insurance event to learn from industry experts on how to attract, engage and retain the younger generation. Register here: millennialsininsurance.ibamag.com/register