As Baby Boomers head into
retirement, financial institutions in the US face the challenge of
attracting employees to their sales forces from younger
generations.
But many companies are
adopting the wrong approach, concludes LIMRA in a study of the
aspirations and requirements of job seekers in Generation X (born
1961 to 1981) and Generation Y (born 1982 to 1995).
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The key conclusion of the
financial services organisation in its study is that financial
services sales positions offer what most Gen X and Gen Y job
seekers are looking for – working in a stable industry with lots of
growth potential and opportunities to make a difference in people’s
lives. However, financial services companies are failing to convey
this to potential employees.
“Gen X and Y job seekers have
some real misperceptions about the financial services industry and
the image of a sales person within the industry,” commented LIMRA
distribution research analyst Polly Painter Eggers.
In its study, LIMRA found
that recruiters from many companies have held on to traditional
recruiting and compensation structures that, while popular with
Baby Boomers, have not attracted younger job seekers.
For example, Gen X and Y job
seekers surveyed said they value stability and security over the
potential of making a lot of money. However, recruiters still try
to lure potential candidates with the opportunity to make money and
the lifestyle that follows.
LIMRA also noted that Gen X
and Y job seekers expect to have the latest technological tools at
their disposal to help them communicate with their network of
contacts through social networks such as Facebook.
But many financial services
companies have been slow to adopt new technologies and, as a
result, many industry recruiters still describe building a network
in the traditional ways such as social events.
Most Gen X and Y job seekers
are also interested in being part of a team, and are put-off by
recruiters who emphasise the individual aspects of sales and the
ability to “be your own boss”, rather than the team
element.
Recruiters doing this ignore
the fact that most industry sales positions have significant
support through their field managers and other staff support,
stressed Painter Eggers.
“Our study shows that recruiters who align their message
with the job qualities valued by the younger generations will be
most successful in overcoming the preconceived ideas about the
industry, and attract people to a position that is both personally
satisfying and financially rewarding,” Painter Eggers
concluded.
