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The Changing Face of Insurance: Understanding and Appreciating the Multi-Generational Workforce
Contributed by Martin E. Murphy, CPCU, SVP of The Jacobson Group
Do you ever misunderstand your coworkers? Or make a request or comment that is returned by a blank stare or taken the wrong way? Before writing off your next disagreement or misunderstanding as a mere personality clash, consider generational traits. For the first time ever, the nation's workforce spans four generations: the traditionalists, the baby boomers, Generation X and the millennials (Generation Y).
It's likely that your current workplace includes employees from multiple age groups. Take these hypothetical reporting structures: (a) a 19-year-old intern reports to a 65-year-old underwriter, who reports to a 35-year-old vice president, or (b) a 45-year-old manager with 20 years of experience may work alongside a 25-year-old manager with no work experience who just received an MBA. With varying backgrounds, experience levels and expectations, its no wonder members of different generations often have trouble interacting with one another.
What does this mean for you? Shutting down new ideas, opinions and work styles will only close doors in the professional world. Take a few steps out of your comfort zone to identify with your coworkers' viewpoints. Reach your full professional potential by appreciating and embracing the rich diversity of ideas and approaches that the cross-generational workforce offers.
Meet your co-workers:
Traditionalists
The oldest members of the workforce (born 1900-1945), traditionalists value a strong work ethic, sense of responsibility, and respect for elders and the chain of command. Although some workplaces have gradually become more casual in the past few years, traditionalists spent the majority of their careers in a formal environment. Respect this mindset and take a formal approach when addressing them. Is your traditionalist boss slow to respond to instant messages and emails? Face-to-face communication is key; this generation may be reluctant toward today's technology, including conference calls and email discussions.
Baby Boomers
Currently, the baby boomers (born 1946-1964) make up the majority of the workforce. These workaholics are disciplined, loyal and extremely competitive. Similar to the traditionalists, the baby boomers are devoted to tradition and bureaucracy. This experienced and dedicated generation doesn't like to beat around the bush - they prefer clear communication of objectives and expected results.
GenXers
Generation X (born 1965-1976) works-to-live. GenXers are starting families and buying homes, so they greatly value work/life balance. They prefer nontraditional work weeks, including job flexibility, job sharing and telecommuting. While GenXers may seem to push the envelope, don't brush this aside as laziness. They still value productivity and high-quality results. Similar to baby boomers, this generation prefers open, honest and direct communication, including feedback on their work. Unlike traditionalists, they enjoy casual working relationships and the opportunity to state their opinions freely.
Millennials
New to the workforce, millennials (born 1977-1995) are the future leaders of the insurance industry. Get to know this group, because they are gearing up to be the largest generation ever to enter the workforce. Millennials are goal-oriented, energetic, and optimistic and want to make an impact. Millennials take their work seriously and view it as a means of self-expression. While GenXers strive for work/life balance, millennials incorporate their social lives into the workplace. They value a well-rounded office environment, including opportunities for community service, sports teams and office-driven social events.
Who do you best identify with? Do you possess the traits associated with your generation? Each generation has its exceptions; use this knowledge solely as a base for multi-generational interaction. Practice taking a different approach to collaborating with your coworkers. Take a moment to put yourself in the shoes of another generation and walk a few steps closer toward embracing the changing insurance landscape.
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