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MillennialGeneration

AttitudesAbout
WorkandTheInsuranceIndustry

MillennialGenerationSurveyResults
Purpose:Toexploreattitudesaboutjobsandwhatappealstomembersofthemillennialgeneration.
Also,thesurveyfocusedonattitudesabouttheinsuranceindustryandinsurancejobsspecifically.
Audience:Inordertogetabroadperspective,thesurveywassenttoarandomsampleofAmericans.
Thequestionsweregiventoanyone18andoverwhoiscurrentlyastudent,working,orlookingfor
work.Millennialswereseparatedoutfromtheoldergenerationsforcomparisonpurposes.Also,the
surveyfrequenciesshowcurrentstudentsseparatelytoseeifthereareanydifferencesinattitudesfor
theseupcomingentrantsintotheworkplace.Over1,600peopleweresurveyed.
Timing:ThesurveywasconductedduringtheweekofFebruary6,2012.
Keysurveyfindings:

Somewhatreflectingameattitude,thetopattributesselectedmostfrequentlybyMillennials
whenconsideringajobwereacompetitivesalary,benefits,andwork/lifebalance.However,
salaryandbenefitswereselectedbylessthanhalfofMillennials,comparedwithtwothirdsof
oldergenerationsratingsalaryasimportantand57%ofoldergenerationsratingbenefitsasa
topattribute.
Whenconsideringajob,Millennialsweremoreinterestedincareeradvancementpossibilities
(25%),comparedwitholdergenerations(16%).Also,Millennialsweremoreinterestedin
opportunitiestolearn(20%),comparedwith14%ofoldergenerations.Students,inparticular
weremoreinterestedinjobswithanopportunitytomakeadifferenceinpeopleslives(19%),
comparedwith12%ofoldergenerations.
Millennialssaidthattheywereinterestedinworkthattheycoulddoontheirownschedule
(52%),workthatinvolvedhelpingothers(49%),andworkingwithpeople(46%).
Millennialsweremorelikelytowanttoworkinteams(31%)comparedwitholdergenerations
(21%).Studentswerealsomorelikelytosaytheywantedtoworkinteams(35%).
While45%ofMillennialssaidtheywantedworkthatischallenging,therewere29%whosaid
theywantedworkthatiseasy.
Millennialsweremorelikelythanoldergenerationstodesireacareerpositionthatadvances
theirpersonalandprofessionalgoals.Studentswerealsomorelikelytosayajobisappealingif
itfocusesonhelpingothersandimprovingsociety.
Millennialstopresourceforinformationaboutindustriesandjobsistheirfamilyandfriends
(56%).Followedclosebehind,manyMillennialsalsolooktotheInternet,includingarangeof
sitesfromgeneraljobsitestospecificemployersites(44percent).Also,Millennialsweremore
likelytousesocialmediasites(29%)forindustryinformation,comparedwitholdergenerations
(18%).
AlmosthalfoftheMillennialrespondents(49%)saidtheyfounditextremelyorveryappealing
toworkwithpeopletosolveproblems,andaboutonethirdsaidtheyfounditfairlyappealing.
Aboutonethirdsaidanalyzingrisksandrecommendingwaysforcompaniestoovercomethem
asajobwasextremelyorveryappealing,and29%saiditwasfairlyappealing.

FewMillennialssaidtheywereveryfamiliarwiththeinsuranceindustry(5%),includingjust2%
ofstudents.Incontrast,about8in10saidtheywerenotfamiliarwiththeinsuranceindustry.
Lessthanoneintensaidtheywereveryinterestedinworkingintheinsuranceindustry,
includingjust5%ofstudents.Therewere25%ofMillennialswhoweresomewhatinterestedin
workingintheinsuranceindustry.
Thetopreasonsthatpeopledidnotwanttoworkintheinsuranceindustryisthattheydidnot
wanttosellinsurance(52%)andtheinsuranceindustrysoundsboring(44%).
Amongthosewhosaidtheywereatleastsomewhatinterestedinworkingintheinsurance
industry,37%weremostinterestedininvestigatinginsuranceclaims,morethantwiceasmany
asanyoftheotherfiveoptionspresented.

MainConclusions
Thereisaneedtoincreaseawarenessofcareeroptionsintheinsuranceindustry

TheMillennialgeneration,especiallystudents,arenotfamiliarwiththeinsuranceindustryand
thetypesofcareersavailableinit.Demonstratingthecurrentdisconnect,61%saidthey
personallywouldlikeajobthatincludesanalyzingrisksandrecommendingsolutions,yetless
thanoneintensaidtheywereveryinterestedinworkingininsurance.
Thereisalargeopportunitytoincreaseinterestinworkingintheinsuranceindustry,as50%of
theMillennialswereeithersomewhatinterestedornotveryinterested.These2groupsare
mostlikelytobeinfluencedtochangetheirviewandbecomeveryinterestedinthepossibility
ofworkingintheinsuranceindustry.
Useofwebsitestoincreaseawarenessofoptionsintheinsuranceindustryforthisinitiative
wouldmakesenseasthesurveyshowedtheinternetisacommonplaceforMillennialstogoto
findinformationaboutjoboptions.

MessagesthatappealtoMillennialsshouldfocusoncareeropportunitiesandworkingwithothersto
solveproblemsandhelppeople

Workingwithpeopletosolveproblemswasappealingtomorethan8in10Millennials.
Students,inparticular,showinterestinworkingwithpeopleandinopportunitiestohelpothers.
Forstudents,helpingotherpeoplewasselectedmostfrequently(57%)andworkingwithother
people(52%)wasatop3selectionoftypesofworkthatinterestthem.
FinancialconcernsinajobwereevidentamongMillennials,whoalsowereinterestedincareer
positionsandopportunitiestolearn.
Messagesneedtoavoidafocusonsellinginsurance,asthiswasthemostcommonreasonwhy
Millennialswerenotinterestedinworkingintheinsuranceindustry.Also,themessagingneeds
tocombattheimageofaboringindustry.Perhapsmessagingcouldincludetheimpactof
insuranceandriskmanagementonavarietyofaspectsoflife.

SurveyResults

TheMostImportantAttributesWhenConsideringaJob
0%

10%

20%

30%

40%

50%

60%

70%

Competitivesalary
Benefits(healthinsurance,401k,etc)
Work/lifebalance
Careeradvancementpossibilities
Flexibleworkingarrangements
OpportunitiestoLearn
Varietyofworktokeepjobinteresting
Industrythatthejobisin
Opportunitytomakeadifferenceinpeopleslives
Opportunitiestoimprovesocietyasawhole
Corporatevaluesthatmatchmyown
Useofthelatesttechnology
Other
Millennial

Older

ForMillennials,theattributesthatwereselectedmostfrequentlyasimportantwhen
consideringajobtendedtobeselffocused.Nearlyhalf(48%)saidcompetitivesalarywasoneof
thetopthreeattributesofajob.Benefits,suchashealthinsuranceand401kaccounts,were
citedby43%asimportant.Note,thatthesewerealsothetoptwomostfrequentlyselected
attributesbyoldergenerationsaswell.
Millennialsshowedmoreinterestincareeradvancementpossibilities,selectedby25%,
comparedwith16%ofoldergenerations.Similarly,Millennialsweremorelikelytofind
opportunitiestolearnasanimportantpartofajob,selectedby20%comparedwith14%of
oldergenerations.
Ajobthatprovidesopportunitiestomakeadifferenceinpeoplesliveswasselectedasatop3
jobconsiderationby15%ofMillennialsand19%ofstudents,comparedwith12%ofolder
generations.

TypesofWorkthatMillennialsSaidWouldInterestThem
0%

10%

20%

30%

40%

50%

60%

70%

Solvingproblems
WorkIcandoonmyownschedule
Workthatischallenging
Helpingothers
Workingwithpeople
Workthatinvolvestravel
Workdoneinteams
Workingwithnumbers
Workthatiseasy
Learningaboutdifferenttypesofbusinesses
Other
Millennial

Older

ForMillennials,morethanhalf(52%)saidtheywouldwantworkthatcanbedoneontheirown
schedule.
ForstudentsintheMillennialgeneration,workthatinvolvedhelpingotherswasthemost
frequentlyselectedoption,chosenby57%.ForMillennialsoverall,abouthalfsaidworkthat
involvedhelpingotherswouldinterestthem.
Workingwithpeoplewaschosenby46%ofMillennialsandworkthatinvolvedsolvingproblems
waschosenby45%ofMillennialsasworkthatwouldinterestthem.
ForMillennials,45%saidtheywouldbeinterestedinworkthatischallenging,but29%saidthey
wantworkthatiseasy.Consideringthisdichotomy,potentialemployersmayneedtokeepthis
inmindwhentryingtofindnewemployeesfromthisgenerationdependingonthetypeofwork
employerswantthemtoaccomplish.

ExpectedWorkingHours

34%
42%

Mainlytypicalworkinghours
(i.e.,weekday9to5)
Mainlyflexiblehours
Mainlytypicalworkinghours
withsomeflexiblehours

25%

MostMillennialworkersexpecttoeitherworktypicalworkinghours,suchasweekdaynormal
businesshours(42%),orelsemainlytypicalbusinesshoursbutwithsomeflexiblehours(34%).
OnequarteroftheMillennialsexpecttohavemainlyflexiblehours,whichisslightlymorethan
oldergenerationssurveyed(22%).

AppealingJobOpportunities
0%

10%

20%

30%

40%

50%

60%

70%

Ajobthatallowsmetosatisfypersonalfinancial
needsandlivemylifeasIwant.

Acareerpositionthatadvancesmypersonaland
professionalgoals

Ajobthatfocusesonhelpingothersandimproving
society

Millennial

Older

Giventhreejobscenarios,Millennialsweremostlikelytoselectjobsbasedonbeingableto
satisfypersonalfinancialneedsandwants,selectedbyjustoverhalf(51%)ofrespondents.
However,Millennialsweremorelikelytoselectapositionthatadvancestheirpersonaland
professionalgoals(28%)comparedwitholdergenerations(20%).
Students,inparticular,weremorelikelytoselectajobthatfocusesonhelpingothersand
improvingsociety(27%),comparedwith16%ofoldergenerations.

ResourcesUsedtoResearchPotentialCareers
0%

10%

20%

Millennial

Older

30%

40%

50%

60%

Websitesthatareaboutjobpossibilities
Websitesthatarespecifictothatindustry
Websitesofspecificemployers
Socialmediasites
Friends/Family
Magazines/Newspapers
Careerguidancecenters
Teachers/Professors
Television
Other

ThemostcommonresourcesforMillennialswhenresearchingpotentialcareersarefriendsand
family,notedby56%ofrespondents.
Websites,includinggeneraljobsites,industryspecificsites,andemployersites,wereall
commonlyusedbyMillennialsinseekinginformationaboutjobpossibilities.
Socialmediasiteswereselectedby29%ofMillennials,comparedwith18%ofoldergenerations
asaplacetolookformoreinformationaboutindustriesandjobpossibilities.

AppealofVariousJobAspects
Extremelyappealing

Veryappealing

Fairlyappealing

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Workingwith
peopletosolve
problems

Helpingbuilda
strongeconomy

Usingcomputers Helpingsomeone Analyzingrisksand


andother
feelbetterwhen
recommending
technologytomake theyareinpain waysforcompanies
betterdecisions
toovercomethem

Jobsthatinvolveworkingwithpeopletosolveproblemswereextremelyorveryappealingto
abouthalfoftheMillennialssurveyed.AnotherthirdofMillennialssaidthesetypesofjobswere
fairlyappealing.Just7%saidjobsthatinvolvedworkingwithpeopletosolveproblemswerenot
appealing.
Technologyalsohadsomeappeal,with46%ofMillennialssayingtheywouldfindworkusing
technologytomakebetterdecisionsasextremelyorveryappealing.
Morethansixintensaidtheywouldfindajobatleastfairlyappealingthatinvolvedanalyzing
risksandrecommendingwaysforcompaniestoovercomethem.

FamiliaritywiththeInsuranceIndustry

5%
17%
Veryfamiliar

42%

Somewhatfamiliar
Nottoofamiliar
Notatallfamiliar
36%

Just5%ofMillennialsandonly2%ofstudentssaidtheywereveryfamiliarwiththeinsurance
industry.
Incontrast,78%ofMillennials,including88%ofstudents,saidtheywerenotfamiliarwiththe
insuranceindustry.
Theseresultsshowagreatopportunitytoincreaseawarenessofthetypesofcareersavailable
intheinsuranceindustry.

10

InterestedintheIdeaofWorkingintheInsuranceIndustry

9%

41%

25%

Veryinterested
Somewhatinterested
Notveryinterested
Notatallinterested

25%

Whenaskedabouttheirinterestinworkingintheinsuranceindustry,lessthanoneinten
Millennialssaidtheywereveryinterested.Thisresultissimilartotheleveloffamiliarity
withtheindustry.
AbouthalfoftheMillennialsrespondedthattheywereeithersomewhatinterestedornot
veryinterestedinworkingintheinsuranceindustry.Thismiddlegroundrepresentsthe
groupsthataremostlikelytobeinfluencedtomoveonedirectionortheotherintheir
interestlevelandbecomemoreinterestedininsuranceifthecorrectappealsaremadeto
them.

11

ReasonsforNotWantingtoWorkintheInsuranceIndustry
0%

10%

20%

30%

40%

50%

60%

Idon'twanttobesellinginsurance
Theinsuranceindustrysoundsboring
Industryseemstoofocusedonmoney
Myeducationalplanswouldnotapplytoinsurance
IdonotthinkIamqualified
Ratherworkinanindustryfocusedonhelpingothers
Notagoodplacetofindawellpayingjob
Ratherworkinanindustrythatismorehightech
Iamoverqualified
Other

ForMillennialswhosaidtheywerenotinterestedinworkingintheinsuranceindustry,thetop
reasonsgivenwerethatthepersondidnotwanttobesellinginsurance(54%)andthatthe
insuranceindustrysoundsboring(44%).
ThetopreasonsgivenbothpointtoaneedtoeducateMillennialsaboutthevariousinteresting
careerpossibilitiesintheinsuranceindustrybeyondjustsellinginsurance.

12

CareerOpportunitiesthatWouldInterestMillennials
0%

5%

10% 15%

20%

25%

30%

35% 40%

Investigateandexamineinsuranceclaims

Analyzeriskusingmathandstatistics

Developandimplementriskmanagement
procedures
Preparefinancialstrategiesforpeopleandassess
theirrisks
Determinehowriskitistoinsurepeopleand
businesses
Sellinsurancetohelpindividualsandbusinesses
protectthemselves

ForMillennialswhowereveryorsomewhatinterestedinworkingintheinsuranceindustry,
giventhechoiceofsixtypesofwork,ajobinvestigatingandexamininginsuranceclaims
soundedinterestingto37%ofthisgroup.
Analyzingriskusingmathandstatisticswasappealingto14%ofMillennialsand16%of
students.

13

SurveyQuestionsandFrequencies
SampleSize:

Millennialgeneration=634
Oldergeneration=983
Students=224;NotethatstudentsareasubsetofMillennials

Frequencies:
1. Whenconsideringajobthatyouwouldwant,whatarethe3mostimportantattributeswhich
youconsider?(Pleaseselectupto3responses.)

Millennial
Older
Students
Competitivesalary
48%
66%
46%
Benefits(healthinsurance,401k,etc)
43%
57%
42%
Work/lifebalance
34%
33%
36%
Careeradvancementpossibilities
25%
16%
19%
Flexibleworkingarrangements
21%
29%
24%
OpportunitiestoLearn
20%
14%
20%
Varietyofworktokeepjobinteresting
15%
19%
13%
Industrythatthejobisin
15%
17%
14%
Opportunitytomakeadifferenceinpeopleslives
15%
12%
19%
Opportunitiestoimprovesocietyasawhole
9%
4%
13%
Corporatevaluesthatmatchmyown
6%
6%
8%
Useofthelatesttechnology
8%
3%
12%
Other
4%
3%
3%
Noneofthese
5%
5%
7%

2. Whichofthefollowingtypesofwork,ifany,interestyou?Pleaseselectallthatapply.
Millennial

Solvingproblems
WorkIcandoonmyownschedule
Workthatischallenging
Helpingothers
Workingwithpeople
Workthatinvolvestravel
Workdoneinteams
Workingwithnumbers
Workthatiseasy
Learningaboutdifferenttypesofbusinesses
Other

45%
52%
45%
49%
46%
34%
31%
24%
29%
21%
7%

14

Older
59%
54%
56%
52%
47%
33%
21%
25%
18%
22%
7%

Students
45%
56%
50%
57%
52%
39%
35%
22%
27%
20%
9%


3. Whatworkinghoursdoyou/wouldyouexpectinajobwhereyouearnyourprimaryincome?
Millennial

Mainlytypicalworkinghours(i.e.,weekday9to5)
42%
Mainlyflexiblehours
25%
Mainlytypicalworkinghourswithsomeflexiblehours
34%

4. Ofthefollowing,whichofthesejobsismostappealingtoyou?

Older
38%
22%
40%

Students
34%
22%
44%

Millennial

Older

Students

Ajobthatallowsmetosatisfypersonalfinancial
needsandlivemylifeasIwant.

51%

64%

45%

Acareerpositionthatadvancesmypersonaland
professionalgoals

28%

20%

29%

Ajobthatfocusesonhelpingothersandimproving
21%
16%
27%
society

5. Towhichofthefollowingresources,ifany,do/wouldyoulooktoforinformationabout
industriesthatyoumightwanttoworkin?
Millennial

Websitesthatareaboutjobpossibilities
Websitesthatarespecifictothatindustry
Websitesofspecificemployers
Socialmediasties
Friends/Family
Magazines/Newspapers
Careerguidancecenters
Teachers/Professors
Television
Other

44%
42%
44%
29%
56%
27%
25%
25%
18%
8%

15

Older
51%
50%
48%
18%
49%
27%
20%
10%
10%
10%

Students
45%
46%
45%
32%
60%
29%
30%
42%
13%
13%


6. Howappealing,ifatall,areeachofthefollowingtypesofworktoyoupersonally?
[ResultsshownforMillennialGenerationresponses]
Extremely
Very
appealing appealing
20%
29%
19%
22%

Workingwithpeopletosolveproblems
Helpingbuildastrongeconomy

Fairly
appealing
32%
29%

Somewhat
appealing
12%
20%

Notatall
appealing
7%
10%

Usingcomputersandothertechnologytomakebetter
decisions
Helpingsomeonefeelbetterwhentheyareinpain

21%

25%

26%

17%

10%

21%

24%

23%

19%

13%

Analyzingrisksandrecommendingwaysfor
companiestoovercomethem

15%

17%

29%

19%

19%

7. Howfamiliar,ifatall,areyouwiththeinsuranceindustry?Whenanswering,pleasethinkof
personalinsurancesuchasautoorhome,lifeinsurance,andbusinessinsurance.Include
anythingyoumayknowabouttheindustrysimpactonsociety,variousjobsintheindustry,and
companiesintheindustry.
Millennial Older Students

5%
7%
Veryfamiliar
2%
17%
16%
Somewhatfamiliar
9%
36%
50%
Nottoofamiliar
43%
42%
27%
Notatallfamiliar
45%

8. Howinterested,ifatall,areyoupersonallyintheideaofworkingintheinsuranceindustry?

Veryinterested
Somewhatinterested
Notveryinterested
Notatallinterested

Millennial
9%
25%
25%
41%

Older
4%
22%
28%
46%

Students
5%
16%
33%
46%

16


9. Whichofthefollowing,ifany,explainwhyyouarenotinterestedintheideaofworkinginthe
insuranceindustry?(Pleaseselectallthatapply.)[Note:Askedonlyofthosewhosaidnot
interestedinworkingintheinsuranceindustry.]
Millennial
54%

Older
65%

Students
52%

32%

36%

34%

44%

28%

45%

30%

19%

40%

21%

19%

20%

Iwouldratherworkinanindustrythatfocuseson
helpingpeopleandsociety

21%

19%

25%

Idon'tthinkitisagoodplacetofindawellpayingjob

14%

11%

14%

Idon'twanttobesellinginsurance
Theindustryseemstoofocusedonmoneyinsteadof
onpeople
Theinsuranceindustrysoundsboring
Mycurrentorfutureeducationalplanswouldnot
applytotheinsuranceindustry
IdonotthinkIamqualified

Iwouldratherworkinanindustrythatismorehigh
10%
11%
11%
tech
3%
4%
4%
Iamoverqualified
5%
11%
6%
Other

10. Whichofthefollowinginsurancecareeropportunitieswouldyoubemostinterestedin?[Note:
AskedonlyofthosewhosaidtheywereVeryorSomewhatinterestedinworkinginthe
insuranceindustry.]
Millennial
37%
14%

Older
44%
12%

Students
42%
16%

Developandimplementriskmanagementprocedures

9%

12%

4%

Preparefinancialstrategiesforpeopleandassesstheir
risks

12%

9%

15%

Determinehowriskitistoinsurepeopleand
businesses

11%

7%

12%

Sellinsurancetohelpindividualsandbusinesses
protectthemselves

10%

7%

7%

Investigateandexamineinsuranceclaims
Analyzeriskusingmathandstatistics

17