It should come as no great surprise to the insurance andfinancial services industries that succession is a looming issue — one thatstatistically can’t be solved without tapping intothe millennial generation.

One-third of producers are between the ages of 55 and64, and 43 percent of advisors are within 15 years ofretiring, according to Aaron Bartlett, an expert on millennials andtechnology in business who spoke this week during the35th annual meeting of the National Association of IndependentLife Brokerage Agencies (NAILBA) 35 in Dallas.

According to Bartlett, roughly 60,000 new hires will be neededannually to fill the talent gap left by the anticipated mass exitof retiring advisors. “This is why we must engage the millennial generation,” he said.

At 75.4 million people, according to U.S. Census Bureaustatistics, millennials are not only the largest livinggeneration today. They also are the largest block of thecontemporary American workforce at about 53.5 millionemployed. Given these statistics, failing to adapt businessprocesses, policies and environments to appeal to the wants andneeds of millennials may leave companies out in the cold when theyneed to fill their employee ranks.

Millennial stereotypes

A shift in thinking may be difficult for companies that arecomfortable with traditional values and practices cultivated andperfected to suit previous generations. Moving away from what’stried and true can be difficult. It doesn’t help that millennialssuffer from some negative perceptions in corporate America, suchas the idea that this generation is especially narcissistic andentitled.

Okay, some stereotypes do emerge from kernels of truth. But withregards to millennials, forward-thinking managers would bewell-advised to consider the context in which negative generationalperceptions develop, and keep an open mind about how to harnessthose negatives and turn them into positives. This approach willserve companies well as they attempt to attract and retain youngeremployees, Bartlett said.

“What are some of your perceptions ofmillennials?” Bartlett asked his audience to call out theirthoughts. Several attendees provided the polite point-of-view:Millennials are technology savvy and socially responsible. Theyalso value group review and opinion.

Then there’s the other side of the coin. One attendeevolunteered that millennials are job hoppers who have a“shortsighted view of long-term employment.”

That perception was reinforced recently by a Prudential studythat found millennials view long-term employment as 18 to 24months.

Bartlett chimed in that as the generation that grew up withsocial media, millennials also are often thought to have a shortattention span.

Let’s get better acquainted

The term ‘millennial’ was coined by William Straus and NeilHowe, who sought to redefine what had been known as Generation Y.Millennials are loosely defined as those born between the early1980s to the late 1990s, although many different spans have beenput forth.

Millennials have grown up with unprecedented accessto technology. Most don’t know what life was like withoutpersonal computers, said Bartlett. Many have no idea what a rotaryphone is.

Generally, millennials are characterized by strongcivic-mindedness. They have elevated confidence and tolerance, butalso a sense of entitlement and narcissism, according to variousstudies. Almost all millennials believe they can do somethinggreat, and many millennials value the idea of making a positiveinfluence in the world over professional recognition.

Research also shows that millennials are the most diverse andwell-educated generation in U.S. history, said Bartlett. Both maleand female millennials value family and seek a personal life beyondwork.

Despite their reputation for professional restlessness, studiesalso show that most millennials actually desire job security.

According to Pew Research, millennials value jobs that theyenjoy above other characteristics including compensation. Second onthe list of important career qualities for millennials is jobsecurity. And the third most valuable job quality millennials arelooking for is flexibility to attend to family needs.

The Pew study indicated that compensation is actually the leastimportant factor for millennial job seekers.

Any company looking to engage more millennials in career-trackemployment might consider a combination of the followingstrategies.

A dozen ways to engage with millennials

No. 12: Provide regular, constructive feedback.

Millennials need to know that their work matters. The prevailingjoke is that millennials are ‘the participation trophy generation,’having always been praised just for showing up, not necessarilywinning. Turn that negative perception into a positive by realizingthat providing constructive, encouraging feedback when it’s earnedmotivates this generation to strive for even more successes.

No. 11: Make the work environment pleasant.

Studies show millennials aren’t willing to stick around whenconditions are unpleasant. Creating a ‘work family’ can go a longway toward forging company loyalty among millennials. This caninclude providing barbecues or happy hours or other opportunitiesto socialize among employees. Bonus: This alsofosters collaboration that millennials value.

No. 10: Tap into their rookie inexperience.

Millennials don’t have assumptions about the job or work theyare asked to do, and often don’t realize a task is hard. Give thema chance to work on a problem. You might find they bring forthinnovative solutions. Rookies also tend to work hard and fast outof desperation to reduce the tension of inexperience, saidBartlett. Find ways to leverage that drive rather than dismissingit as narcissism.

No. 9: Include millennials in decision-making processes.

This will give them a sense of being valuable to the company.Studies show that millennials want their input to be heard bysenior leadership. Millennials grew up participating in schoolsystems that generated lots of group projects. They are used toworking as a team. Include them in meetings and brainstormingsessions, then provide opportunities for them to express theirthoughts and opinions, either one-on-one or in groups.

No. 8: Leverage their desire to excel.

Millennials are confident and upwardly mobile. That makes themdefinite boss material. Acknowledge their aspirations, then showthem the starting point (at the bottom) and the steps to the top.Mentor them along their career path.

No. 7: Create policies that support a healthy work-lifebalance.

Millennials want to work hard while at work, and then walk awayand enjoy time with their friends and family. They also may beattracted to flexible schedules that allow working early or late toaccommodate family activities throughout the day like schoolmeetings and after-school sports. The ability to work from homeperiodically can also appeal to millennials, and doesn’tnecessarily present a distraction as they are accustomed to workingin coffee shops and other busy environments.

No. 6: Encourage collaboration.

In the first few days of their job, allow them to meet and evenshadow people in different departments for a short period of timeto foster future collaboration.

No. 5: Work to create an inclusive culture.

The goal should be for millennials to want to stay long-term.Millennials value job security, and are looking for a place to landwhere they can invest themselves for years. Often this meansshowing millennials a career path and a long-term vision of howthey fit into the company.

No. 4: Don’t let your company become a technologydinosaur.

Millennials are very tapped into the digital world. They are notlikely to be comfortable in an environment that lagsin adopting technology solutions. Millennials are attractedto jobs that mimic their life, said Bartlett. “This is a group thatis connected digitally to their entire universe.”

No. 3: Develop an onboarding plan that mimics what millennialsare used to.

They are used to reading a syllabus and college planningdocuments. They are used to having a structured plan. Sit down withthem and show them the plan you have for them, and ask them if itmakes sense.

No. 2: Be honest in job descriptions.

Millennials have a strong desire to align their skills with thejob at hand so their efforts are maximized and produce results.When a job announcement says one thing but the actual job entailssomething else, millennials are more likely to start looking foranother position that seems like a better fit.

No. 1: Tap into their sense of civic mindedness.

Frame the available job as an opportunity to impact lives of theclients they are working with. Provide additional opportunities foremployees to do community service projects through food drives orother work-sponsored charitable projects. Some companies even givea paid day off once a month for employees to do community servicework, Bartlett noted.