By Alex Morales, CAE
In today’s work environment, the definition of ‘diversity’ has grown beyond a description of background. The Harvard Business Review recently published1 that some workplaces are reporting up to six generations present in their workforce, from octogenarians who have postponed retirement to the Generation Alpha interns who are the newest members just entering the workforce. With nearly 3 million employees in the United States, as reported by the Bureau of Labor Statistics2, the insurance industry is not insulated from the diversity of multiple generations in the workplace. Even if you don’t quite have all six generations in your current office, “6G” thinking can positively impact business strategy.
In advocating for a 6G Organizational Strategy, the Harvard Business Review3 cautions against thinking that a “six[1]generation strategy” is separate from an overall strategic plan. Instead, “it is about ensuring that … 6G thinking is embedded within your organization’s strategy.” 6G thinking is about understanding the diverse needs of all generations, whether you’re thinking about the products/services you sell or the workplace environment you offer your employees, whether it’s a corporate- or division-wide discussion or a departmental one.
Generations as subcultures
Diversity is hardly a one-dimensional metric, but it’s important to consider the generations in diversity conversations. A generation is an important subculture made up of people who share similar experiences for being born around the same time. This is distinct from age-based identities, which are usually determined by where someone is in the life cycle (toddler, young adult, etc.).
Generations are less about defining a specific year that separates or defines them and more about understanding the factors that shaped people and their life expectations over a period of time. For instance, a common delineator is the economy.
The Age of Manufacturing: 1900-1960
During this era, manufacturing was the backbone of America. Businesses such as Ford and Boeing were growing rapidly. Births in this era make up the baby boomer generation
The Age of Distribution: 1960-1990
From about 1960 - 1990, it was the distribution of goods that was the economic driver in America. Companies like UPS were growing rapidly in this period. Births in this era span from young boomers, thru Gen X’ers and to older millennials.
The Age of Information: 1990-2010
As the internet era began, the importance of generating information online grew. Companies committed to easily accessible information, such as Google and Apple, were growing most rapidly in this era
Age of the Consumer: 2010-
In the current-day era, the personalization of products and services is king. Companies like YouTube and other social media platforms are most prevalent in the marketplace.
Readers may start to draw connections between the generations (Baby Boomers, for instance) and the economic eras within which they grew up (the age of manufacturing, for Boomers) to start drawing conclusions about how to market products to each generation, or how to attract and retain employees from that generation, and more. Of course, studies about the generations as subcultures are much more complex than looking at them through one lens. Although many factors shape a generation, the economy within which they grew up is usually a neutral, fact-based baseline from which we can springboard 6G thinking and discussions about the generations.
HR and Workforce Development
The sales and marketing of products and services aside, a study of the generations can result in an overwhelming number of factors related to attracting, training, and retaining employees. You can find whole dissertations on the redefining of the term “retirement age,” for instance, all citing myriad (and differing) reasons why someone may not be able to or want to retire … how this can form a bottleneck at the top of organizations, creating a “sandwich generation” in the workplace … about how worth ethic as a whole has changed in the last 50 years … and more. 6G thinking is less specific to any one piece of data, though. In an HR and/or people leadership context, it’s important to consider the talent pipeline and how generational subcultures are influencing the employee experience. 6G thinking recommends centering organizational purpose and aligning it with employee expectations. Fortunately, post[1]pandemic generational research suggests generational alignment about what to expect from work.
PIMA’s 6G Thinking
Coming out of the pandemic era, PIMA’s leadership saw a return to in-person conferences as an opportunity to attract new attendees by enhancing the meetup experience with a charitable initiative. In 2018, Epsilon4 published research that said 80% of consumers are more likely to make purchases when experiences are personalized, and this is true for member-driven organizations, too. “The appeal for personalization is high among consumers. They not only want it, but expect it,” the report says.
At the 2023 Summer Insights Conference in New Orleans, PIMA members worked together to pack more than 15,000 meals that were part of a worldwide initiative to end hunger. The event saw nearly half the conference attendees, diverse representatives from multiple generations, working in small groups with other members they did not yet know well. It was a meetup with a purpose, as successful at preparing prepackaged meals for the hungry as it was at broadening networks within the PIMA membership. It became a standout of the conference with member survey comments calling it the “culmination” and “highlight” of the event.
A reflection of the Affinity industry
Member-driven organizations like PIMA are reflections of the industries they represent. So, it is clear that many PIMA member companies have charitable initiatives of their own. The creation of PIMA Cares is a testament to the members’ experience within their own member companies, but also to the desire of individuals to exhibit good corporate citizenship within their volunteer roles too, not just at work. The 2023 PIMA Cares event was held on National Insurance Awareness Day, with a lot of buzz comparing the insurance industry’s role in providing adequate protection to society and a PIMA event concerned about the cities we visit.
Listening to our members helped shape where to go next. While touting the 2023 initiative that sent prepackaged meals around the world, member feedback suggested contributing to the community within which we hold our summer conferences. As a result, the PIMA Cares task force looked at PIMA’s 2024 Summer Insights Conference and worked to choose a local charity in Louisville, KY. This year’s event packed 120 duffel bags with various necessities for children entering the foster care system in and around Louisville, a charity chosen by members just like you. The PIMA membership did more than contribute to the local economy with its traditional conference spending; it contributed to local citizens in a new, meaningful, and personal way.
Member Retention
PIMA is providing a unique member value to our members with PIMA Cares, involving members in the decision making about how to give back. Immediately after the 2024 event, members could be heard discussing what the charitable initiative could be in 2025. It is providing stickiness in conference attendance for members who embrace the value of volunteerism, community engagement, and giving.
Workforce Retention
Workforce development initiatives that seek to attract, train, and retain employees have proven to be more than buzzwords. In their report titled “Giving in the Workplace,” Fidelity Charitable suggests that a commitment to good corporate citizenship could be key to attracting and retaining top talent in the insurance industry. Within the Affinity space, itself a niche sector of insurance, PIMA is attracting a niche type of volunteer committees that envisions, plans, and executes PIMA Cares programming – chartiable work attracts and keep members.
What 6G thinking can you exercise within your own companies that will attract and retain employees? How can you expand how you think about products, services, and marketing with 6G thinking? The thought leadership potential is endless.
1 https://hbr.org/2024/04/leading-the-6-generation-workforce
2 https://www.bls.gov/cps/cpsaat18b.htm
3 https://hbr.org/2024/04/leading-the-6-generation-workforce
4 https://www.epsilon.com/us/about-us/pressroom/new-epsilon-research-indicates-80-of-consumers-are-more-likely-to-make-a-purchase-when-brands-offer-personalized-experiences
https://www.iii.org/fact-statistic/facts-statistics-careers-and-employment
https://www.fidelitycharitable.org/content/dam/fc-public/ docs/insights/giving-in-the-workplace.pdf
Published in the Fall 2024 issue of Insights Magazine.
PIMA® (Professional Insurance Marketing Association®) is a member-driven trade association focused exclusively on the affinity market.
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