Closing the “Experience Gap”
Industry Training Needs Growing Despite Record Unemployment;
CPCU Tips on How to Engage Young Professionals
In November 2006, participants in the CPCU Society’s Member Opinion Panel (“Panel”) identified an impending industry “experience gap,” due to a wave of retiring Baby Boomers. Now, three years later, the longest-running US recession since the Great Depression has pushed the unemployment rate to double-digit levels last seen in the 1980s. Recruitment and development plans have been cratered, and Baby Boomers have delayed their planned retirement dates. In the face of such turmoil, is the “experience gap” still an issue that the industry needs to address?
In response, the CPCU Society conducted two major pieces of research in 2009. The first delved into employer training and development plans for the next two years, and the second into attitudes toward young (35 and under) professionals and their engagement with professional development, designations, and association membership. The combination of these two studies provides some interesting insights into what motivates the members of Generation Y, and into the likely success of employers’ plans to close the “experience gap” in the near term.
Background
2009 Employer Feedback Survey
Methodology: Combination of in-depth interviews and Web survey
Survey Period: February to April, 2009
Number of Responses: 356 industry executives, including CPCUs and non-CPCUs
November 2009 Member Opinion Panel/Emerging Leaders Surveys
Methodology: Web surveys
Survey Period: November 10th through 20th, 2009
Number of Responses: 150 Panelists; 785 Young Professionals
Needs versus Budgets
According to senior decision makers at property-casualty insurance employers of all types, the need for all forms of training is expected to jump by between 30 to 40 percent in the next two years. But budgets are not expected to keep up with the need, and much of what limited growth will occur will be targeted for internal, employer-specific training.
Talkin’ ‘Bout Y Generation
Are Millenials (born between the mid-1970s and late 1990s) all that different from previous generations of professionals? When 35 and younger CPCUs and CPCU students were asked their motivations for pursuing the CPCU designation and joining the CPCU Society, they tended to put more emphasis on the careers benefits than older CPCUs (as represented by the Member Opinion Panel). Advancement, competitive advantage, job opportunities, resume-building, monetary rewards, and experience all were more compelling reasons to start and complete the CPCU and join the Society for this generation than for past age cohorts.
Walk the Walk
How can employers keep this latest generation of employees engaged, and interested in developing their industry knowledge and technical skills? The Member Opinion Panel survey tested a battery of proposed initiatives designed to engage the under 35 crowd, and found that programs to support and encourage students as they started and progressed through their studies had the most appeal, followed by career-focused initiatives that would enhance the value of their CPCU and familiarize them with different industry career paths. Offering leadership opportunities now, without having to wait for those ahead of them on the ladder to retire also received the Millenials’ stamp of approval. Finally, Society members suggest that employers recognize their achievement in successfully completing the CPCU program, and promote the value of the designation within their organizations.
And Talk the Talk
Social networking may be all the buzz right now, but for good reason. Organizations trying to reach a younger audience, whether recent hires or potential recruits, seriously limit themselves if they do not include social media like Facebook or Linked-In in their mix. Three out of every four young professionals in our surveys report using social networking sites, and more than one-half of older CPCU Society members are engaged in networking over the web. In addition, more than one-third of both age groups active on the social networking scene claim that the use of these applications to broadcast chapter events would increase their attendance!
For More …
To find out more about the November 2009 Member Opinion Panel Survey and its findings, read the detailed report . For more about the Society’s 2009 Employer Feedback survey, e-mail Suzanne Kinsler , marketing and sales director for the CPCU Society. To find out more about how the CPCU Society can help employers encourage their young professionals to pursue professional development, the CPCU designation, and CPCU Society membership, check out the employer section of our web site.
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