Attracting & Retaining Gen Y in the Financial Advisory Industry

GEN Y: ATTRACTING THEMTO THE FINANCIAL ADVISORY INDUSTRY

Date:

11th February 2014

Presenter:

Isaac Peter

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www.fb.com/PeoplePerformance

www.ppl-performance.comInterested to know more? Contact us: +65-63151426 (Singapore)

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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY

People Performance is a learning and organizational development company.

Established in 2012, we are in Singapore and Malaysia.

Isaac PeterManaging Director & Performance ConsultantGen X




Todays’ session:

• A quick reflection of where we are at as business owners.

• A little about Gen Y.

• Areas to explore with ‘this bunch’.

• A case study




1. As a business owner, what are you happy about your business currently?

3 Question To Ponder As We Begin

3. Where do you see your business 10, 20 years from now?

2. What is your business reality?

• Can you share more on what you’ve just said.

• Why is that so?


http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&docid=z-SFIfi2Nx6EbM&tbnid=lMyJ6rj0I9uHCM:&ved=0CAUQjRw&url=http://www.forbes.com/sites/work-in-progress/2012/03/27/how-to-develop-5-critical-thinking-types/&ei=F374UrKbO8e6oQT5y4HwCw&bvm=bv.60983673,d.cGU&psig=AFQjCNEPFXo1Nz8M9-9aNDdAaU_TYhsg6w&ust=1392103302305170



1) SHIFT IN CONSUMER DEMOGRAPHIC

2) SHIFT IN BUSINESS RESOURCES

34% of our labour market is Gen Y.Malaysia’s Department of statistics, 2012

65% of Gen Y employees says that although they have only worked for 2 years, they are already on the lookout for a new job

Jobstreet.com survey in 2012




Generation Period Age range

Traditionalist Before 1946 68 and older

Baby Boomer – earlyBaby Boomer – late

Between 1946 and 1954Between 1955 and 1964

50-68

Gen X Between 1965 and 1980 34-49

Gen Y/ Millennial Between1980 and 2000 33 and younger

Gen ?? ??

Generational age spectrum

“The Children now love luxury. They have bad manners, contempt for authority, they show disrespect for adults, and love to talk rather than work or exercise… They contradict their parents, chatter in front of company, gobble down their food at the table, and intimidate their teachers.”

Socrates (469-399 B.C.E)


http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&docid=yIj-pXF1soL02M&tbnid=Bzwajz8C1pX1JM:&ved=0CAUQjRw&url=http://philosophyforchange.wordpress.com/2012/04/28/socrates-as-entrepreneur-a-five-part-story/&ei=son5UrSMCMr9qAGll4GYCw&bvm=bv.61190604,d.b2I&psig=AFQjCNGLAA9pvqpLJdTyi_3gWndfvJSwgw&ust=1392171819223991

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&docid=yIj-pXF1soL02M&tbnid=Bzwajz8C1pX1JM:&ved=0CAUQjRw&url=http://philosophyforchange.wordpress.com/2012/04/28/socrates-as-entrepreneur-a-five-part-story/&ei=son5UrSMCMr9qAGll4GYCw&bvm=bv.61190604,d.b2I&psig=AFQjCNGLAA9pvqpLJdTyi_3gWndfvJSwgw&ust=1392171819223991

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&docid=lAlSAKpG2Yq0xM&tbnid=tEDSLnLfhwGSsM:&ved=0CAUQjRw&url=http://aquarianagrarian.blogspot.com/2010/10/socratess-defense.html&ei=wYn5Uq2KDYHAqwGDo4DwCA&bvm=bv.61190604,d.b2I&psig=AFQjCNGLAA9pvqpLJdTyi_3gWndfvJSwgw&ust=1392171819223991



What do we know or heard about Gen Y




Source:Tripartite Alliance Fair Employment Practices (TAREP), Singapore

What the different generation wants in the workplace




What research says about Gen Y

Source:Ashridge Business School

1. Intelligent

2. Ambitious

3. Flexible

4. Connected

5. Questioning




What would your agency’s challenge be?


http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&docid=wNghs_FSfRFsKM&tbnid=3io8A4geInJJRM:&ved=0CAUQjRw&url=http://the-gadgeteer.com/2011/08/30/primus-primetorch-flashlight-review/&ei=po_5Uo-9PIXmqQGf6YGwCA&bvm=bv.61190604,d.b2I&psig=AFQjCNGWGKYdjKKZjg-pMlW4Dz-mmbQYvg&ust=1392173338741316



What about Gen Y who wants to join the selling profession?




If money is still the top motivator, then what is their problem?

Source:Vortsight & The Bridge Group




RECRUITING DEVELOPING TRANSITIONING

• Branding.

• Culture.

• Selection.

• Onboarding

• People management skills.

• Succession planning.

• Performance appraisal conversation.

• Career planning.

• Coaching skills.

A successful strategy to attract and retain Gen Y in your agency consist of:




Motivational Maps™ for recruitment

It is an online diagnostic tool for the purpose of:• Recruitment.• Development.• Personal development.• Performance improvement.• Motivating.


http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&docid=Mkhn17kztaBYDM&tbnid=xweJSP6NcPbBNM:&ved=0CAUQjRw&url=http://www.aspirinbusiness.com/how-we-work/motivation/&ei=-ZL5UomEPZGqqQGP-YCIBQ&bvm=bv.61190604,d.b2I&psig=AFQjCNEqjxdLGBckEIuaIaBT6h3haTbvlA&ust=1392174199477360



A Gen Y company case study


https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&docid=HwQSlNqfvNFq3M&tbnid=eYMOA6gKMYnvAM:&ved=0CAUQjRw&url=https://itunes.apple.com/us/app/facebook/id284882215?mt%3D8&ei=SH75UsfYK6fXyAGtpoCABQ&bvm=bv.61190604,d.b2I&psig=AFQjCNE8WND0sXCv9tdKZ_sX7hIEaBVhRw&ust=1392168882613913

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&docid=mT_UoVads1epVM&tbnid=JkT1NMDhaVd7xM:&ved=0CAUQjRw&url=http://www.thesearchagents.com/2013/11/google-rolls-out-in-market-buyers-segment-on-gdn/&ei=c375UrPOOufWyQHIzID4DQ&bvm=bv.61190604,d.b2I&psig=AFQjCNG4DjZmVaO5u0XfP8KTWv3521dwaw&ust=1392168921338369



A Gen Y company case study (Malaysia)












“At that time I didn’t realize that paying £2 for a sandwich is quite different from paying RM10, because it involves value proposition perception! It was a multi-million ringgit mistake,”

Yong shares with myStarjob.com.





Different brands for different customer• Ben’s

• Barn BBQ

• Hits & Mrs

• Botanical

• Beast

• The Langford

• guEST

• Gen B

• Mrs

• Page 2

• Tate

• Mr Brooks

• Ben Independent Grocer

• Benquet



http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&docid=z3qau0IDYZh3WM&tbnid=HG-C2OsVrC_YjM:&ved=0CAUQjRw&url=http://www.dropsofcontentment.com/2011/10/food-bens-general-food-store-bangsar.html&ei=BIL5UrGhLsabrAGA-4CICw&bvm=bv.61190604,d.b2I&psig=AFQjCNG4MKmIrQd28xS5b_2Ugxh6xnGD7g&ust=1392168805887764



What about financial advisory agency?

( PERSONAL BRANDING)

What is yourVALUE PROPOSITION

*Hint: It is not sufficient to rely on AIA corporate branding because Gen Y wants to be personal.




Checkout how some financial advisory group is attracting the Gen Y

http://www.finexis.com.sg

http://www.vka.com.my

https://www.crowehorwath.net/MY/services/advisory/Advisory.aspx

http://www.jennyyeoh.com/

http://www.finexis.com.sg/

http://www.finexis.com.sg/

http://www.vka.com.my/

http://www.vka.com.my/








WHAT YOU WILL GAIN FROM THE 1/2 DAY WORKSHOP

At the end of this half-day workshop, you will be able to:• Understand how Gen Y differs from other generation when it comes to work.• Recognize personal inhibition/ barriers with regards to Gen Y.• Appreciate that the Gen Y are motivated differently.• Identify useful mindsets when dealing Gen Y.• Identify useful skills when grooming Gen Y.


http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&docid=0lp-mtgYajYf7M&tbnid=NMlmqxniWbgTOM:&ved=0CAUQjRw&url=http://www.mirror.co.uk/lifestyle/dieting/recipes/cash-queens-cook-up-feast-2358899&ei=zo75UvrPIMabrAHu1YEI&bvm=bv.61190604,d.b2I&psig=AFQjCNGQAMrl27IJhEFE2QGJkSw7ooSYvQ&ust=1392173098612866



END OF PRESENTATION


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Attracting & Retaining Gen Y in the Financial Advisory Industry