Of the nearly 10,000 Baby Boomers who retire each day in the U.S., about 25 percent are estimated to be insurance professionals, says the Pew Research Center. In recent years, insurance companies have centered their attention on recruiting and retaining millennial talent. But, as that generation becomes more grounded in the workforce, employers are beginning to shift their focus to the next generation: Gen Z. Born 1997 to the present, Gen Z has overtaken millennials as the largest generation, making up about 32% of the global population, says Bloomberg research.

Recruiting the next generation

Applied Systems, in collaboration with InVEST, surveyed 400 Gen Z consumers age 16-22 to find out what they look for in an insurance career. The findings were published in the report, "The Future of Insurance: Bye-bye Baby Boomers, Hello Digital Natives." Forty-six percent of the survey's respondents noted they are very familiar with the insurance industry, while 13% said they are not familiar with it at all. When asked about their thoughts on pursuing an insurance career, 14% said they were interested, 47% said they'd consider an insurance career if they understood the jobs available, and 39% said they were not interested at all. To find out what Gen Z-ers value most when evaluating future career opportunities, click through the slideshow above. To attract Gen Z talent, insurance companies should strategize around efforts that convince them insurance can be an innovative and rewarding career. The report suggests employers should demonstrate key traits to attract Gen Z, such as being:

Innovative
Service-driven
Secure and sustainable
Entrepreneurial and profitable
Flexible

Who are Gen Z?

Also known as the "digital natives" or "Centennials," Gen Z is the first generation to be born using the internet and social media simultaneously. A truly digital group, they prefer to absorb information at lightning speed, favoring visual media such as pictures, videos, YouTube, and social media platforms such as Instagram and Snapchat, says the report. As such, their attention span lasts about eight seconds, which can make it challenging to grab and retain their interest. Yet, despite a heavy dependence on technology, Gen Z values real-life and offline relationships, notes the report, which is in contrast to millennials, who often prefer virtual connections. Also, unlike millennials, who seek work-life balance over high salaries, Gen Z will choose a high salary career to avoid financial struggle. Other qualities that define Gen Z include:

Practical and frugal
Entrepreneurial
Diverse and tolerant

To read more findings from the report, visit Applied Systems' website.

Instant Insights /

Welcoming Generation Z to the Workplace

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