Are you having trouble collaborating with your young producer? Fail! And statistics prove it: Two out of three newly hired producers don't last 2 years, according to the IIABA--and the total cost to the agency is four to six times the producer's annual salary.
The track record for bringing successful salespeople into the independent agency system is not very good, with only one out of every five hired eventually becoming successful producers, according to
Molding the gamer generation with practices and policies left over from previous generations won't work. Millennials hold different values and possess distinct personality characteristics, which can be misconstrued as incompetence, boredom or laziness.Related: Read the article "nGIinsights: How to Raise a Millenial" by
Last month, AA&B published how to best recruit millennials ( "Extreme Makeover: The Independent Agency Edition"). Now, learn what makes young agents tick:
Work/life balance. Post-
Social situations. Young workers have a real desire to network, not only through social media, but in person with their peers. Unlike other generations, millennials will network with competitors, said
Teamwork. The younger generation values affirmation from their peers, and as such, enjoys teamwork. More than 80 percent of millennials said that collaborating to solve problems is appealing, according the MGS. The younger generation recognizes that working together is more efficient that struggling alone, Cook said, in part due to millennials' reliance on social learning.
Making a difference. Young agents grew up through 9/11, school shootings, Hurricane Katrina and countless other disasters. Millennials have an increased social awareness and recognize that community extends beyond their backyards. Through
Technology. This is the first generation to grow up with computers in their homes and classrooms, cell phones and the Internet. Millennials easily learn new software and devices and have the know-how to find information more quickly and easily than previous generations.
Now that we know how millennials think, let's discuss how to take those characteristics and turn your new hire into an epic win for your agency.Read the sidebar: "The Young Producer Study."
Change your mindset. Forget the stereotypes you hold about young agents--although technologically skilled, they do more than thumb through their Twitter feeds. "Doing things the way that worked for your generation is not the same way it works for millennials," the 32-year-old Rizzi said. "Stop trying to fit a square peg into a round hole."