Liberty Mutual Insurance (LMI) has that special mix of “flexibility and structure” that Gen Y craves, with lengthy onboarding processes and training programs to address any potential preparedness gaps between the classroom and the workplace.

Not only that, but with over 3,000 employees in the Boston area, LMI is the fourth largest employer in the financial and insurance sector, regularly hiring close to 500 interns each semester — 100 percent of which are paid internships — and offering full-time job offers to 60 percent of those interns, according to BusinessWeek. LMI’s commitment to hiring from within doesn’t stop there, however: several senior managers got their start in entry-level roles.

We sat down with campus recruiter Beth Lucas, a regular fixture at Bentley University recruitment events and career fairs, to find out more about what makes Liberty Mutual a Company Where Millennials Thrive.

Why is Liberty Mutual Insurance one of the best places for millennials to work?

We realize that in order to attract talented individuals, we have to be armed with a compelling reason for why millennials should launch their careers here. We strive to offer a work environment that combines stimulating, innovative and challenging work supported by a healthy work/life balance. To that end, we offer a flexible working environment and the ability to be actively involved in the community. Under Liberty Mutual’s pay-for-performance compensation philosophy, each employee’s performance and pay is reviewed annually and the company’s compensation program is designed to deliver above market pay through a merit increase if an employee performs well, and significantly above market pay if an employee demonstrates exceptional performance over time. We also have a long tradition of encouraging employees to give generously to human services organizations and offer many opportunities for employees to give back by participating in our two community-focused “Serve with Liberty” and “Give with Liberty” programs, as well as charitable giving through our Corporate Foundation. 

Do you feel there’s a preparedness gap between millennial workers and the requirements of the workplace?

Millennials are well prepared to enter into the workplace. We know that millennials are the most technologically savvy generation to date and are very adaptable. Because of this, they’re able to quickly learn and adopt a company’s technologies and applications. Most important, millennials bring the fresh perspective and innovative ideas to our business that we need in order to adapt to the evolving marketplace and changes in our customer base. Essential to our success is our ability to continually reassess our organizational effectiveness and expand how we think about ourselves and our customers. Our employees must reflect the values and diversity of our clients, customers and the communities we serve. Millennials help us better compete in a global economy.

How does Liberty Mutual help millennials with any perceived learning curve?

Liberty Mutual is a feedback-centric environment with a goal of constantly developing employee’s skills to support our promote-from-within culture. Employee development is at the forefront of our approach and we provide a wide variety of ways to support continuing education for all employees. Internally, we offer a wide range of technical, professional and management development programs. From New Hire Orientation to the Senior Manager Development program, the company ensures that employees develop the skills they need to be successful, both now and in the future. 

Do you have any formal or informal mentorship programs in place?

Many of our development programs for new hires provide new employees with formal mentorship, which can include executive as well as peer mentors. We also have employee resource groups that help employees connect and share ideas. For example, our Young Professionals Network helps young professionals be positioned for successful and fulfilling careers — by connecting to other employees, leveraging learning and development activities, information sharing, expanding knowledge of the company and growing as an employee. More experienced employees help coach and teach the next generation of insurance professionals by creating a supportive culture for early-career employees, as well as assisting new graduates to transition seamlessly into a work environment.

Do you actively encourage or provide opportunities for your millennial employees to further their education or acquire new soft and hard skills through classes, conferences or other opportunities?

Liberty Mutual offers a full tuition assistance program through which employees are able to obtain undergraduate and advanced degrees. We support employees who aspire to attain insurance industry designations by both paying for the required courses and exams and providing a substantial bonus when the designations are conferred. Additionally, we provide an internal career-planning platform called the My Career and Development Center, which is a portal where employees can work with their managers to chart progress on current objectives and develop future career goals.

Do you have a mission-driven culture? Eighty-eight percent of millennials said in the Bentley PreparedU study that it was a priority to work for companies that are socially responsible and ethical, making the world a better place.

“Social responsibility” is part of our normal course of business activities. As an insurance company, our employees understand the responsibility we have to ourselves, each other, and our policyholders. In 2013, Liberty Mutual and its employees donated nearly $49 million to non-governmental organizations throughout the world. Our national employee giving program, Give with Liberty, has nearly 70 percent employee participation with approximately 27,000 Liberty Mutual employees giving about $16.2 million to more than 7,000 different charities. We also hold an annual Serve with Liberty event, through which over 26,000 Liberty Mutual employees in 2014 participated in 2,400 community projects worldwide to the benefit of more than 900 charities in 20 countries. 

In your experience, how important is work/life balance to your millennial employees? And how do you handle that as a company?

Employees who have a healthy work/life balance are more engaged, more innovative, and more productive. For many roles in the organization, we offer a wide variety of flexible work arrangement options to help employees balance their work and personal lives. 

What kinds of things does Liberty Mutual do to help millennials succeed in business?

We offer millennials the chance to grow and learn from their experience working with a Fortune 100 company. Through our internships, development programs, entry-level positions, employees experience and develop valuable skills that will benefit them throughout their careers. We provide tools to succeed and opportunities to advance in their career, while rewarding employees for their results with a very competitive compensation and benefits package.

What are the top three things that other companies could learn from your experiences about hiring, employing and/or retaining millennials?

• Keep employees engaged. Liberty Mutual offers millennials an interesting and challenging work environment where they can immediately put their talents to use. Their work is recognized through our pay-for-performance philosophy and a generous time off policy.
• Offer chances for advancement and career flexibility. Liberty Mutual employees are encouraged to advance their careers by taking opportunities within different functional areas of the company. This allows them to build a well-rounded skillset and work with a variety of people and business challenges.
• Create an environment in which all employees feel included, respected and capable of doing their best work by embracing diversity of thought, perspective and experience.

What else should we know about why Liberty Mutual is a progressive workplace and one of the best places and cultures for millennials to thrive?

Liberty Mutual is driven by innovation and continuous improvement. We strive to hire and develop talented individuals to reach their full potential in order to fuel this innovation. Fresh talent and new perspectives are essential to the development of our products and the organization. We encourage new hires and interns to participate in programs and share ideas at meetings, which not only benefits our products and services but also allows employees to gain confidence in their skills. Liberty Mutual is a great place to make lasting connections, develop an essential career skillset, and grow professionally.