That’s right, we decided to go to the source and ask Millennials to help design the types of investment products they are looking for and have them tell us what elements the product(s) should possess. This is an “outside in” view.
We started by surveying 50 Millennials from the ages of 21 – 34. Fifty-five percent were be- tween the ages of 21-29; and forty-five percent were between the ages of 30-34.
Given this breakdown, not unexpectedly, the majority makes less than $100,000 in annual income; however 15% are above the $100,000 threshold, and 2% above $200,000. This of course does not include the money they will be inheriting in the near future from grandparents and parents; estimated at a colossal $30 trillion over the next 3 decades.
A recent estimate by Forbes is that Millennials today “may control an estimated $2 trillion in liquid assets.” Participants represented a cross-section of the USA; with nine regions contributing. The Pacific region dominates with 26% of the participants. To find out more, come and check out the seventh edition.
Creativity and Innovation — How You Can Get More of Both
Creativity and innovation… Where do they come from? What is the difference between them? How can you develop these skills and utilize innovation and creativity in your business? Whether you are working in a Fortune 500 company or as a bootstrap entrepreneur, the spark of creativity is waiting to be ignited. I venture to say that creative power lurks in every individual in your organization and as a leader it is your job to unleash it. The problem occurs because most people need a process to connect with their powers of creativity and innovation and the process is not immediately obvious or accessible. To find out more, come and check out the sixth edition.
Managers and Millennials — Service
I recently returned from visiting Barcelona, a city dedicated to tourists, great tapas and catering to an international clientele. In previous Intersections we have discussed the primary research we conducted on recruiting, training, retaining and growing the FIIS business and how Millennials (Gen Y) fit into our Industry and the work place. We were looking for practical insights that FIIS managers are using to close the intergenerational gaps between Baby Boomer (BB) GenX, Silent Generation (SG) and Millennials. For those of you that want our usual hard facts and data based on extensive research, stop reading right here. This is a purely anecdotal; however it has applicability to our Industry, promise! Come check out the fifth edition.
Managers and Millennials — The Growth Gap
"I define myself by what I do after work as well as my work. When my company supports both my personal goals as well as my professional goals then they know me in a more holistic way and I feel connected to the company. " Millennial’s words when asked their views of growth goals.
In this segment of research, we asked Millennials to indicate what makes them want to support the growth goals of the company and what elements moved them to work harder. We spoke with sales representatives as well as advisors, operations and administration people.
Remember that this is the generation that invented the selfie, so the managers that work well with Millennials find ways to celebrate the individual and do it in conjunction with the Company’s growth objectives. Come check out the fourth edition.
Managers and Millennials — Recruiting
"I would like to see someone that looks like me, recruit me, and get me excited about joining the organization." Millennial’s words when asked their views of recruiting done in FIIS."
We asked Millennials to describe how they were recruited to their institution and to give us some suggestions on how they believe recruitment would be effective for their peers. We spoke with sales representatives as well as advisors, operations and administration people.
One thing is clear, consider your company’s website as the focus for job opportunities as every Millennial in our research went to the company’s website before deciding to apply and/or accept an offer. If the website is dated, then the applicant feels that the company is too. GenYs like to see real employees, not stock photos, mission statements, values and community outreach programs very visible on the site. To get the full story, check out the third edition.
Managers and Millennials — Training
"I like my training in small bites; not 8 hours at a time and sitting in a lecture hall. Why can’t this process be more fun and entertaining? This doesn’t mean I am not motivated, I am but I would like to see training handled a bit more creatively. I want to make an impact here!" Millennial’s words when asked their views of training done in FIIS.
We asked Millennials to describe the training received in their institution and how to they see, feel and think it works; or in some cases, doesn’t. In the workplace today there can be a difference of 60 years between the oldest and youngest employee on staff if your company doesn’t have mandatory retirement! This may be the first time in history this is occurring.
If the intergenerational cultural divides are not acknowledged and dealt with, we may see discon-nects, conflicts and a loss of productivity. Training for each generational group should be different and in fact, Gen Y expects training to be tailor-made to the way they like to learn and due to the desire for instant gratification, completed quickly. Gen Y are used to this type of customization; from being able to order socks in combinations of their favorite colors, to changing the backgrounds on their phones in a mille-second! Want to know more, come check out the second edition.
Managers and Millennials — Retention Issues
Insurance and Investment sales are important social safety nets and therefore have social value, but my institution does not position it that way… it is all about the mon-ey. This attitude will not serve them well with my generation." a Millennial’s words when asked their views of working in FIIS.
We care about growing and retaining our millennial workers because recent estimates are that for every one of them that leaves, it costs the FI a minimum of $25,000. We know that GenY’s brains are uniquely configured from and different than SGs and BBs simply because they have grown up in a wired world and been plugged in and socially active on a variety of mediums from birth. This in-creases their neuro– plasticity which in turn creates a need for increased stimulation and demands for change in the workplace at a faster pace than SG and BBs traditionally favor.
Let’s first review the perennial question of retention of GenY and explore a few techniques being used by innovative FIIS managers that have recognized and are confronting the intergenerational issues. Just click here to learn more.
Financial Institutions Insurance and Investments; commentary, insights and research from Carmen Effron, an industry insider.