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Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
TOMORROW’S LEADERS IN THE WORKPLACE
Lindsey Pollak, Best-selling author and Millennial Career ExpertLaura Marzi, Assistant Vice President, The Hartford
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Who are the Millennials, and why are they such a focus for today’s marketing professionals?
Today we will discuss:
What’s different about this generation that is impacting the workplace?
How do we prepare producers and employers for this evolution?
Learning Objectives
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Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
U.S. Population
Why Are Employers Interested in the Generations?
• Four generations together in the workforce• Global demographic shifts• Increased attention to diversity overall• New rules with healthcare reform
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80 million
Generation X1965 – 1981
46 million
Baby Boomers1946 – 1964
76 million
Traditionalists1922-1945
50 million
Generation Y 1982 – 2000
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Generations in the Workplace
• People of different generations work differently• It’s important to look beneath the behavior for the motivation• Common sense isn’t so common
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Communication Across Generations
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Generation X1965 – 1981
Baby Boomers1946 – 1964
Traditionalists1922-1945
Communication model:Formal etiquette
Preferred communications:Business letter, telephone
etiquette, dictation
Communication model:Competition, influence
Preferred communications:Memos, secretary answering
phone, board room table
Communication model:Technological, one-to-one
Preferred communications:
Fax, email, FedEx
Communication model:Instant, social, one-to-many
Preferred communications:
IM, text, Skype, social media
Generation Y (Millennials)1982 – 2000
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Feedback Across Generations
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Generation X1965 – 1981
Traditionalists1922-1945
No news is good news, clear instructions Formal annual review
Casual, hands-off, self-assessment
Constant, on-demand, parental/coach-like
Preferred Feedback
Baby Boomers1946 – 1964
Generation Y1982 – 2000
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Generation X1965 – 1981
Traditionalists1922-1945
Career Drivers Across Generations
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Security, satisfaction of a job well done
Prestige, success compared to peers
Independence, freedom Self-expression, social standing, early success
Career Drivers
Baby Boomers1946 – 1964
Generation Y 1982 – 2000
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Workplace Demographic Shift
By 2014, the Millennial generation will account for 36 percent of the U.S. workforce, and by 2025, they will account for 75 percent of the global workforce. -
- Millennial Survey, Deloitte 2013
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• Employers need to cultivate a productive work environment to reach their business goals.
• Recruitment and retention strategies have changed, as have the benefits that employees desire
• Evolution isn’t optional!
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Millennials worldwide.1.7 billion
There are
Worldwide Shift
This represents
25.5%of the world’s population.
1/3 of India’s population is under age 15
Gen Y makes up 50% of
China’s current
working-age population
9 2013, Population Reference Bureau
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
What Makes Millennials Different?
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
The First Globally Defined Generation
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Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Digital Natives
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Constant “Connection”
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Social Media: Everything Can Be Shared
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Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Meet The Next Benefits Executive
78 percent of Millennials consider themselves to be a leader today. - The Hartford’s 2013 Millennial Leadership Survey
• 44% of millennials have only three to five years of experience, yet 41% have four or more direct reports.1
• By contrast, at the same age, most baby boomers and Gen X-ers were still in junior-level positions. 1
63.3% of U.S. executives will be eligible to retire in the next 5 years.
-2014 US CEO Findings, PWC
151Millennial Survey 2014, Deloitte
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
How to Reach Millennials(and Make Voluntary Benefits Relevant)
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Customize EVERYTHING
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Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
If They Design it, They Will Come
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Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Access to Online Research and Reviews
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Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
So This Happened…
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Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Up Next…Design-Your-Own Benefits
76 percent of consumers say it’s important for them to be able to design their own disability insurance vs. a one-size fits all coverage.
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The Hartford’s December 2012 survey
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
User Generated Content CAN HELP DO OUR JOBS!
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Carriers must embrace UGC as Marketing practice
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Online Experiences:• Online enrollment• Education Portals• Worksite events
UGC in Employee Enrollment Experience
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User Generated Content Collection
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Employee benefits will evolve:
Plugged-in Workforce
• Insurance purchases become a retail experience: employees expect to see reviews from all service providers
• Every benefits service must be available 24/7/365 by web andmobile
– Signing up for benefits– Paying premiums– Making claims
• Connecting with colleagues
• Employees will expect transparency and direct access to work tools
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Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
A New Life Milestone
– The Hartford’s Gen Y Speaks Survey, 2014
What’s changed? The average graduate in 2013 owes $30,000 in student loan debt. The deadline for that burden kicks in right as graduates are starting to gain financial independence.
– Analysis of government data by Mark Kantrowitz, 2013
Insurance Purchase Triggers
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Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Awareness delivered through: – News stories – Social media – Live appearances (customers, producers, industry conferences)
Coverage by Audience TypeCoverage by Audience Type
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Our Message Has Reached Over 30 Million
• U.S. News• Forbes• CBS Money Watch• Fox News
and many more…
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Q&A
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Follow Lindsey on Twitter @lindseypollak and find more at thehartford.com/tomorrow
Copyright © 2014 by The Hartford. Confidential. For internal distribution only. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
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The Hartford is The Hartford Financial Services Group, Inc. and its subsidiaries, including issuing companies, Hartford Life Insurance Company and Hartford Life and Accident Insurance Company. Home Office is Hartford, CT.
