One of the main concerns facing brokerage firms is the next generation of workers. However, new brokers, i.e. the next ones entering the labour market, have much different expectations than those of previous generations. Are firms taking this reality into account as much as they should?

The most recent issue of Insurance Business magazine included a very revealing look at the rapid upheavals caused by the arrival of the next generation. It is very interesting to note that the relative proportion of various generations of employees in the insurance sector has changed enormously in recent years, as shown in the table below:

 Source: Article du magazine Insurance Business Canada July issue, Young Guns ( p. 6 et 7)

And here's an even more impressive fact: in 2015, millennials became the largest demographic group of workers in Canada! Consequently, it is essential that employers adapt their practices to this new generation.

Employers who have already made this shift soon saw that the new approaches implemented to meet the expectations of the new generation were not only popular, but were also more effective than past practices. That is the case in the area of training, where the statistics are revealing:

• 90%: amount of energy saved thanks to e-learning, compared to traditional methods.
• 60%: potential increase in information retention thanks to e-learning.

According to one study, 40% of employees who don't receive the desired level of training leave their jobs within the first year. In light of that fact, it is clear that brokerage firms cannot afford to wait any longer. Millennials have legitimate expectations! And it's our job to adapt to them!