New World, New Ways:
Attracting, Recruiting, and Developing Young Professionals
A New York Life Insurance Company (NYLIC) University Course, conceived and written in 2011.
Implemented in 2012.
For recruiters and managers seeking to engage Gen Y in industry-leading conversations.
The excerpts reproduced below are for public viewing.
Pew Research Center, Millennials: Confident, Connected, Open to Change
An Introduction to Millennials: Who, What and Y?
Although they constitute a growing portion of current economic behavior, older Gen Yers, particularly ages 18-29, express significant uncertainty in regard to their financial future (PriceWaterhouseCoopers, "New Consumer Behavior Paradigm"). When you consider that the generation as a whole possesses greater discretionary income than its predecessors—due, in part, to phenomena such as “boomeranging,” recession-based spending habits, and the lack of their own households—the issue of what to do with such assets magnifies in importance.
The irony is that most Millennials (~70%) still want to achieve the traditional goals of career success, child-bearing, and marriage (Pew Research Center, "For Millennials, Parenthood Trumps Marriage"). The career opportunities for them, unfortunately, have been far more limited as a result of economic atmosphere in the past few years. Likewise, the multitude of solutions proffered, both simultaneously and with greater immediacy than ever before, present Gen Yers with an unsettling degree of ambiguity.
Although they constitute a growing portion of current economic behavior, older Gen Yers, particularly ages 18-29, express significant uncertainty in regard to their financial future (PriceWaterhouseCoopers, "New Consumer Behavior Paradigm"). When you consider that the generation as a whole possesses greater discretionary income than its predecessors—due, in part, to phenomena such as “boomeranging,” recession-based spending habits, and the lack of their own households—the issue of what to do with such assets magnifies in importance.
The irony is that most Millennials (~70%) still want to achieve the traditional goals of career success, child-bearing, and marriage (Pew Research Center, "For Millennials, Parenthood Trumps Marriage"). The career opportunities for them, unfortunately, have been far more limited as a result of economic atmosphere in the past few years. Likewise, the multitude of solutions proffered, both simultaneously and with greater immediacy than ever before, present Gen Yers with an unsettling degree of ambiguity.
Pew Research Center, Millennials: Confident, Connected, Open to Change
To cope, Millennials tend to organize themselves around a set of impulses.
-The Search for Authenticity
-A Reason for Being
-An Imperative to Play
-A Reason for Being
-An Imperative to Play
Each section of this module will focus on one of three primary demands and their relevance to attracting, recruiting, and developing young professionals; the sections will also explain related keywords and provide a number of takeaway practices.
The occasional “true to life” tag, typically on the left sidebar, will be used to draw your attention to additional resources. Keywords will be flagged in bold, with their definitions indented, to ensure that they catch the eye. Any works mentioned will be cited first on the page and again in Appendix A, along with original copies of the research material.
To begin with, though, we’ll talk about the generation and how they rely on close friends and family for advice and counsel. We’ll discuss why, in their search for financial knowledge, Gen Yers seek not only competence from a brand and its partners but authenticity as well. Then we’ll show you how a few simple practices can help you engage Millennials in a clear, direct, and genuine relationship.
To begin with, though, we’ll talk about the generation and how they rely on close friends and family for advice and counsel. We’ll discuss why, in their search for financial knowledge, Gen Yers seek not only competence from a brand and its partners but authenticity as well. Then we’ll show you how a few simple practices can help you engage Millennials in a clear, direct, and genuine relationship.
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I. A Filter to Trust, Information Channels, and the Search for Authenticity
A. The Boundary of Trust
A. The Boundary of Trust
When Gen Y gives birth to their first ‘Gen Z’ child, they will not close themselves
off to the world; they will post pictures, videos, and anecdotes not only to share
their happiness, but to elicit tips from their social grid on how to deal with the
challenges of parenthood. The same goes for other aspects of their life: Which car
to buy? Which recipe to use? Which book to read or movie to watch?
--Matt Gallivan, National Public Radio (US)
Pew Research Center, Millennials Will Make Online Sharing in Networks a Lifelong Habit
As discussed in the introduction, Gen Y has a specific response when it comes to filtering the vast universe of content. It should be no surprise that most will turn to longstanding advisors within their circle of family and friends. Cisco’s survey on the financial needs of Gen Y consumers, for example, emphasizes the importance of entering within a boundary of trusted advisors.
Cisco Internet Business Solutions Group, The Next Growth Opportunity for Banks: How the Post-Crisis Financial Needs of Younger Consumers Will Transform Retail Banking Services
Such individuals, by their nature and role, have already satisfied the criteria of authenticity, reliability, and fidelity. In short, they are what constitute a boundary of trust.
Boundary of trust: those individuals, usually friends, family, and associates
that a person is inclined to go to when seeking advice and honest opinions.
Boundary of trust: those individuals, usually friends, family, and associates
that a person is inclined to go to when seeking advice and honest opinions.
Cisco Internet Business Solutions Group, The Next Growth Opportunity for Banks: How the Post-Crisis Financial Needs of Younger Consumers Will Transform Retail Banking Services
Exercise: Takeaway 1, Identifying Your Boundary
Items required:
1. Choose one dilemma or financial situation that you’ve struggled with; be sure to select something finite.
Items required:
1. Choose one dilemma or financial situation that you’ve struggled with; be sure to select something finite.
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II. Social Media, the First Page, and a Reason for Being
The Nieslen Company: State of the Media 2010, US Audiences and Devices.
A. Social Media and Peer-to-Peer Interactions
Social media: a series of information channels in which the flow of ideas
is both constant and multi-directional.
To further elaborate, social media platforms are websites and applications that provide a suite of options for exchanging information across channels. Social media functionality refers to the capacities these platforms offer.
That aside, there’s a fair bit to be said about using said media to reach out to Gen Y: which platforms are the most effective at developing an audience, for example, or the best at building and maintaining networks. What's lost in this talk of particulars, however, is the overall notion of social media as a method of agency, both for enabling conversations to continue uninterrupted and for allowing them to occur where previously they were impossible (The Guardian, "Middle East Protest Updates").
To put it another way, you should ask yourself the following: why, of all features, is text messaging still around?
Your answers can and should include:
Social media: a series of information channels in which the flow of ideas
is both constant and multi-directional.
To further elaborate, social media platforms are websites and applications that provide a suite of options for exchanging information across channels. Social media functionality refers to the capacities these platforms offer.
That aside, there’s a fair bit to be said about using said media to reach out to Gen Y: which platforms are the most effective at developing an audience, for example, or the best at building and maintaining networks. What's lost in this talk of particulars, however, is the overall notion of social media as a method of agency, both for enabling conversations to continue uninterrupted and for allowing them to occur where previously they were impossible (The Guardian, "Middle East Protest Updates").
To put it another way, you should ask yourself the following: why, of all features, is text messaging still around?
Your answers can and should include:
-It's based on a previous and well-established technology (writing)
In short, texting--and email, by extent--are simple, finite, and foundational technologies. And while their various forms may change or falter (Twitter, Gmail, Prodigy) the importance of conveying significant thoughts in a limited space will not.
Remember: the flow of information in an online channel is both responsive and highly adaptable. And peer-to-peer interaction is the current that keeps it ongoing.
Peer-to-peer interaction: a mutual exchange of content, opinion, and ideas
that presumes the equivalency of its partners.
Text online is a dialogue, and as such, the interactions you join in or commence will be judged accordingly. And though Millennials are not cynical, per se, they do tend to expect that traditional methods of appeal will be left to print, radio, and television (McAlpine, "Watch What you Say"). When Gen Yers interact with representatives of a brand online, what they’re looking for is someone who is candid, captivating, and most importantly, honest.
So how do we begin to engage this population on its allegedly ‘native’ ground,without coming off as either as unintelligible or lacking in substance?
Simple: by taking your badge of authenticity and finding a place for it online.
And that begins with the way you present yourself on a social media platform, both to your peers and co-workers and to potential candidates. A first page, if you will.
B. The First Page and Activation Potential
The First Page: a conceptual framework for the content and data that will
serve to define who you are, online. Taken literally, it is “the first page”
of results for any search with your name or company as the query.
Millennials are well aware of the inherent advantage in seeking alternate information channels—i.e. those bits of content, data, and counsel not offered by the source in question (LIMRA "The Financial Lives of Gen Y"). Facebook in particular is designed to counter such a purpose: anyone can have a page. What you do within its boundaries, however, is limited.
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III. Affinity, Incentive-Based Learning, and the Imperative to Playfulness
Deloitte, Talent Edge2020: Building the Recovery Together
It’s fairly clear that Millennials aren’t the only ones seeking newer and more rewarding employment. In a recent Deloitte survey, nearly 65% of employees reported that they were either exploring the possibility of a career elsewhere or searching for a specific job at a different company. Of the reasons cited, the two most prominent—the yearning for a career path with options (28%) and the potential for advancement opportunities (24%)—mirror directly the wants of Millennials in a workplace environment, with lack of career progress (30%),compensation (28%), and job security (22%) ranking the highest.
Such consistency, however, is also a boon: we know what the Millennials want more of; the challenge for recruiters lies in addressing these concerns while ensuring the highest quality of candidate possible.
To do that, we’ll have to identify the candidates within our target population who are not only enticed by the possibility of a career in financial services but are also willing and able to explore the multiple avenues that become available from their initial role as an agent. And that means we'll have to seek out the Gen Yers who look from sales and sales management to positions in the home office, in the zones, and in education, as well. In short, your ideal Gen Y candidate will need to find in the NYL environment opportunities enough to live the life they want.
A. Influence and Affinity-building
Such consistency, however, is also a boon: we know what the Millennials want more of; the challenge for recruiters lies in addressing these concerns while ensuring the highest quality of candidate possible.
To do that, we’ll have to identify the candidates within our target population who are not only enticed by the possibility of a career in financial services but are also willing and able to explore the multiple avenues that become available from their initial role as an agent. And that means we'll have to seek out the Gen Yers who look from sales and sales management to positions in the home office, in the zones, and in education, as well. In short, your ideal Gen Y candidate will need to find in the NYL environment opportunities enough to live the life they want.
A. Influence and Affinity-building
Who are Prosumers? They are today’s leading influencers and market drivers.
These proactive and informed consumers have always been important, but they
have grown even more powerful thanks to their embrace of new technologies,
and especially, social media [...] Prosumers are important to us because, beyond
their own economic impact, they the influence brand choices and consumption
behavior of others. Simply put, what Prosumers are doing today, mainstream
consumers are likely to be doing six to 18 months from now.
their own economic impact, they the influence brand choices and consumption
behavior of others. Simply put, what Prosumers are doing today, mainstream
consumers are likely to be doing six to 18 months from now.
--Euro RSCG, Millennials: The Challenge Generation
As we’ve mentioned before, Millennials view change as a gradual progression. To them, influence or “soft power” is the natural outcome of the world they live in; one where communication is immediate and constant, where economies and politics are increasingly differentiated by degrees of nuance, and where authority is balanced by the need for adaptation and understanding (Euro RCSG: "The Challenge Generation").
True to Life: Euro RCSG’s Prosumer ID test
Although the word itself may be a bit of an awkward mashup (“proactive” + “consumer” = "prosumer") the notion of influencers as potential candidates for recruitment should not be taken lightly. Consider for a moment those centers of influence in your own boundary of trust; how many of these individuals serve as advisors for others as well, both in a professional and a personal capacity?
Would you count yourself as one?
Absolutely. Building trust, providing advice and guidance, creating opportunities to shape one’s future; these are all essential elements to the recruiting conversation.
And to Millennials a career in financial services should be about influence: it should be about advising people over the long term, about providing secure options for their families and having an impact on the growth of their businesses, their homes, and their communities. It should be about trust and finance as a service to people that they’ll know for life.
Influence: the ability to direct attention to oneself or one’s ideas, to alter or
command the flow of information channels, or to serve as a key advisor in
multiple boundaries; an influencer is someone who invests in other people.
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Appendix A: Sources
Art,M. M. (2010). The Financial Lives of Gen Y: A Qualitative Perspective. LIMRA Research Briefings.
Art, M.M. (2009). Marketing to Generation Y: Messages that Get their Attention. LIMRA’S Marketfacts Quarterly, Winter, 16-21.
Borland, J. (2007). See Who’s Editing Wikipedia – Diebold,the CIA, a Campaign. Wired Magazine.<http://www.wired.com/politics/onlinerights/news/2007/08/wiki_tracker>
Cisco Systems, Inc. (2010). The Next Growth Opportunity for Banks: How the Post Crisis Financial Needs of Younger Consumers Will Transform Retail Banking Services. Cisco Internet Business Solutions Group.San Jose, CA. Farah, P., Macauley, J., & Ericsson, J.
Deloitte Consulting LLP (2011). Talent Edge 2020: Building the Recovery Together—What Talent Expects and How Leaders are Responding. New York, NY.
Deloitte Consulting LLP (2011). Volunteer IMPACT Survey Executive Summary. Deloitte Volunteer IMPACT Research Series. New York, NY.
Euro RSCG Worldwide (2011). Millennials: The Challenge Generation. Euro RSCG Worldwide Knowledge Exchange, Prosumer Reports, Vol. 11.
Euro RSCG Worldwide (2010). Millennials and Social Media. Euro RSCG Worldwide Knowledge Exchange. Argabrite, A., Atkinson, M., et al.
Harris, M., ed. (2011). Share or Die: Youth in Recession. Shareable.com, Creative Commons License. <http://www.shareable.net/share-or-die/contents>
Hira, N. (2007). Attracting the twentysomething worker. Fortune Magazine. <http://money.cnn.com/ magazines/ fortune/fortune_archive/2007/05/28/100033934/>
Hite, B. (2008). Employers Rethink How they Give Feedback. The Wall Street Journal. <http://online.wsj.com/article/SB122385967800027549.html>
KRC Research (2008). Insurity/Microsoft ‘Millennials inInsurance Survey 2008’. Washington, DC.
The Nielsen Company (2011). State of the Media 2010: US Audiences and Devices. New York, NY.
Painter Eggers, P. (2011). The Cutting Edge: Where the Next Generation of Sales Talent Meets Today’s Industry Needs. LIMRA Strategic Issues Series. Windsor, CT.
Painter Eggers, P., Freitag, D. & Lombardi, L. (2011).Choosing Careers they Love: Strategies for Building the Sales Forces of the Future – Now. LIMRA Research. Windsor, CT.
Pew Research Center (2011). For Millennials, Parenthood Trumps Marriage. Pew Social and Demographic Trends. Washington, DC: Taylor, P.,Passel, J. S., Wang, W., & Velasco, G.
Pew Research Center (2010). Millennials: A Portrait of Generation Next. Pew Social andDemographic Trends. Washington, DC.Taylor, P., Keeler S.
Pew Research Center (2010). Millennials Will Make OnlineSharing in Networks a Lifelong Habit. Pew Internet and American Life Project.Washington, DC: Quitney, J.
PricewaterhouseCoopers LLP (2010). The New Consumer Behavior Paradigm: Permanent or Fleeting?. Retail and Consumer Insights. McPartin,S., Dugal, L. F., & Whitfield, M. B.
Trunk, P (2007). What Gen Y Really Wants. Time Magazine. <http://www.time.com/time/ magazine/article/0,9171,1640395,00.html>
Art,M. M. (2010). The Financial Lives of Gen Y: A Qualitative Perspective. LIMRA Research Briefings.
Art, M.M. (2009). Marketing to Generation Y: Messages that Get their Attention. LIMRA’S Marketfacts Quarterly, Winter, 16-21.
Borland, J. (2007). See Who’s Editing Wikipedia – Diebold,the CIA, a Campaign. Wired Magazine.<http://www.wired.com/politics/onlinerights/news/2007/08/wiki_tracker>
Cisco Systems, Inc. (2010). The Next Growth Opportunity for Banks: How the Post Crisis Financial Needs of Younger Consumers Will Transform Retail Banking Services. Cisco Internet Business Solutions Group.San Jose, CA. Farah, P., Macauley, J., & Ericsson, J.
Deloitte Consulting LLP (2011). Talent Edge 2020: Building the Recovery Together—What Talent Expects and How Leaders are Responding. New York, NY.
Deloitte Consulting LLP (2011). Volunteer IMPACT Survey Executive Summary. Deloitte Volunteer IMPACT Research Series. New York, NY.
Euro RSCG Worldwide (2011). Millennials: The Challenge Generation. Euro RSCG Worldwide Knowledge Exchange, Prosumer Reports, Vol. 11.
Euro RSCG Worldwide (2010). Millennials and Social Media. Euro RSCG Worldwide Knowledge Exchange. Argabrite, A., Atkinson, M., et al.
Harris, M., ed. (2011). Share or Die: Youth in Recession. Shareable.com, Creative Commons License. <http://www.shareable.net/share-or-die/contents>
Hira, N. (2007). Attracting the twentysomething worker. Fortune Magazine. <http://money.cnn.com/ magazines/ fortune/fortune_archive/2007/05/28/100033934/>
Hite, B. (2008). Employers Rethink How they Give Feedback. The Wall Street Journal. <http://online.wsj.com/article/SB122385967800027549.html>
KRC Research (2008). Insurity/Microsoft ‘Millennials inInsurance Survey 2008’. Washington, DC.
The Nielsen Company (2011). State of the Media 2010: US Audiences and Devices. New York, NY.
Painter Eggers, P. (2011). The Cutting Edge: Where the Next Generation of Sales Talent Meets Today’s Industry Needs. LIMRA Strategic Issues Series. Windsor, CT.
Painter Eggers, P., Freitag, D. & Lombardi, L. (2011).Choosing Careers they Love: Strategies for Building the Sales Forces of the Future – Now. LIMRA Research. Windsor, CT.
Pew Research Center (2011). For Millennials, Parenthood Trumps Marriage. Pew Social and Demographic Trends. Washington, DC: Taylor, P.,Passel, J. S., Wang, W., & Velasco, G.
Pew Research Center (2010). Millennials: A Portrait of Generation Next. Pew Social andDemographic Trends. Washington, DC.Taylor, P., Keeler S.
Pew Research Center (2010). Millennials Will Make OnlineSharing in Networks a Lifelong Habit. Pew Internet and American Life Project.Washington, DC: Quitney, J.
PricewaterhouseCoopers LLP (2010). The New Consumer Behavior Paradigm: Permanent or Fleeting?. Retail and Consumer Insights. McPartin,S., Dugal, L. F., & Whitfield, M. B.
Trunk, P (2007). What Gen Y Really Wants. Time Magazine. <http://www.time.com/time/ magazine/article/0,9171,1640395,00.html>
