In today’s evolving workforce, legacy industries like insurance face the challenge of balancing long-established practices with the demands of a younger, more diverse workforce. Balancing the needs of both groups is crucial to fostering a dynamic, inclusive environment.
Companies can achieve this through a cross-collaborative culture that integrates mentorship and diversity, equity, and inclusion (DEI) programs into their organizational priorities. This approach promotes knowledge sharing, strengthens employee engagement, ultimately drives business success and ultimately aligns closer to what younger employees expect out of their employers.
Adapting to these shifting dynamics is essential for any company that wants to stay competitive in attracting and retaining the next generation of talent.
Meeting the Expectations of Younger Workers
Younger employees, especially Gen Z and millennials, prioritize professional development, work-life balance, and flexibility. They are attracted to organizations that offer not only career advancement opportunities but also a strong commitment to DEI initiatives.
To attract and retain younger workers, companies must establish clear career development pathways that offer tangible opportunities for growth. This can be achieved through structured mentorship programs that facilitate knowledge transfer between generations. Pairing younger employees with more experienced colleagues creates a safe space for collaboration, empowerment, and innovation, fostering an environment where both groups benefit from one another’s strengths.
Flexible work environments are also critical for employee satisfaction across generations. While Gen Z may struggle with fully remote settings, feeling isolated from company culture, baby boomers have come to appreciate the work-life balance remote work offers after initial challenges. To satisfy the differing needs of various generations, it could be beneficial to remain flexible when putting together return-to-office mandates. Instead of requiring five days in-office or remaining 100 percent remote, where possible, give employees the flexibility to set the specific days each week that they can commit to being in-office.
As companies adapt to these evolving expectations, DEI initiatives also play a crucial role in fostering inclusivity. However, recent societal and political shifts have placed these programs under increased scrutiny, posing challenges to their long-term survival.
The Role of DEI in Organizational Priorities
In recent years, DEI programs have faced increasing scrutiny, with some companies publicly distancing themselves or scaling back their efforts. Once criticized for being ineffectual or even counterproductive, they’ve now become a primary target for conservative politicians and pundits. Recent legislation in Florida and Texas has limited DEI practices, and the ouster of Harvard President Claudine Gay, in part due to her commitment to DEI, highlights the growing backlash. The surge in DEI funding and staffing following the George Floyd protests has begun to wane.
The Supreme Court’s ruling against affirmative action in universities has heightened the scrutiny on corporate diversity programs, as businesses now face potential legal challenges in their DEI practices. Programs with hiring goals based on specific demographic groups are becoming increasingly controversial.
Despite these obstacles, DEI continues to be a critical factor in cultivating an inclusive and fair workplace. Its importance in attracting and maintaining talent, particularly in industries seeking to stay connected with younger generations, ensures that DEI remains a key priority.
A significant contributor to DEI’s staying power is the rise of employee-driven committees, which allow workers to take ownership of DEI initiatives – such as committees for LGBTQ+ employees, parents, or cultural groups. These committees ensure that DEI remains a priority by giving employees a platform to voice their day-to-day ideas, concerns, and suggestions. When employees feel that they are part of the decision-making process, rather than following a corporate decree, they are more likely to stay with the company long-term.
Furthermore, DEI programs promote collaboration across various departments and levels within the organization, nurturing an inclusive culture. Leadership plays a crucial role in this process. They should actively participate in these endeavors, establishing the organization’s ethos without being domineering. When leaders advocate for DEI initiatives, employees are more likely to embrace the company’s values and help build an inclusive environment.
The Importance of Mentorship and Collaboration
Perhaps most of all, cross-generational collaboration is critical in legacy industries. Creating a culture that encourages mentorship, both traditional and reverse, can help bridge the gap between younger and more experienced employees.
Reverse mentorship, where younger employees guide more tenured staff on new technologies, not only boosts engagement but also ensures that legacy industries remain agile and adaptive to technological advancements. This cross-generational exchange fosters a culture of learning and adaptability across all levels of the organization, promoting a dynamic environment that bridges the gap between experience and innovation.
Incorporating mentorship and DEI into organizational priorities also provides tangible benefits beyond employee satisfaction. Companies that implement mentorship programs are better equipped to foster a sense of camaraderie among their workforces. When employees engage in meaningful mentorship relationships, they feel more connected to their colleagues and the company’s mission.
Additionally, when employees from diverse backgrounds collaborate, they bring unique perspectives and solutions to the table, driving innovation and success. This approach not only helps with knowledge transfer but also ensures that everyone, regardless of tenure, feels valued and included in the company’s goals.
Creating a cross-collaborative culture that weaves mentorship and DEI into the fabric of an organization is essential to long-term success. DEI programs must be actively supported by leadership, but they also require grassroots involvement from employees to truly thrive. Monthly recognition, educational initiatives, and opportunities for open dialogue are all effective ways to spark meaningful conversations and promote mutual respect among employees.
At the heart of this transformation is a visibility-first approach. By recognizing employees who embody the company’s core values and emphasizing collaboration, organizations can cultivate transparency and engagement. Leadership must set the tone, while empowering employees to contribute to the company’s success. Regular feedback through engagement surveys and town hall meetings can help identify areas for improvement and celebrate progress, further enhancing morale and commitment.
The Bottom Line
Adapting to a youthful workforce while preserving institutional knowledge requires a thoughtful approach that emphasizes flexibility, professional development, and inclusivity. Although DEI efforts may face scrutiny, they are likely to remain essential for attracting and retaining top talent. By integrating mentorship and DEI programs into their core values, legacy industries like insurance can create a cross-collaborative culture that benefits employees at all levels.
Lori Neal is SVP of human resources at Ontellus.
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