HR Challenges 2020 Gen Y

Challenges in managing the workforce in 2020

Stephen TjoaPartner

People, Performance & Culture

KPMG Advisory Services Pte Ltd

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Generations at work & at play

Baby boomers Gen X Gen Y(1947-1964) (1965 – 1979) (1980 – 1995)


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Generational differences

Question Generation Y Generation X Baby BoomerWhat you want out of a job?

Fun, challenging, interesting, money not as important as flexibility and worklife balance.

Money, upward mobility, offices with doors, expect respect and rewards, good job with good titles.

Superannuation and security.

As little change as possible.

What you expect from your superior?

Mentor vs bosses, especially when bosses are autocratic and non-consultative.

Opportunities, opportunities, opportunities.

Honesty is most important and not promises that cannot be delivered.

Clear map with end goal in mind.

Give clear instructions on what is expected and what is to be done.

Superiors are by and large role models.

Experience is important.

What if I don’t like the job?

Time to leave.

Money will not buy everything, especially my commitment or passion.

Negotiation is still an option.

Concrete action steps on how the job can be improved.

Persistence and resilience will win the day.

It is ok to retire from the same job.


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What the modern world looks like?


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Are we now ready for a reality check?

LeadersGen Y


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How will Generation Y impact global business?

More than 30 million managers and leaders will be retiring from the global marketplace in the next five years

The next in line to the throne is Gen Y (…and there are just not enough of them)

Demand to recruit and prepare the next generation is outstripping supply across the globe

Managing our young talent is no longer just something to think about, but imperative for survival for companies

They will be a challenge to conventional wisdom

Source: Wall Street Journal


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What is so different about the new generation?

84% profess to be ambitious

45% expect to work for their current employer for a long term

78% are at ease working with people from different backgrounds and cultures

86% say it is important their work makes a positive impact on the world

48% say having a network of friends as very important

Source: Harvard Business Review, July/August 2009


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What are the future leaders looking like today?

• Single biggest group of shapers and influencers in today’s economy• Often a single child or child of small families of baby boomer parents• Accustomed to negotiation & discussion, not being ordered around• Matured to adulthood in prosperous times• Commitment phobic• Different perspectives on loyalty, romance, friendships and work• Prefers mentors to bosses• Prefers deals to contracts• Opportunistic• Citizen of the world • Work and life intertwines• Socially and environmentally conscious

Source: Beyond the baby boomers: the rise of Generation Y, KPMG International

Environment

Job Expectations

Challenges

Environment


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Environment…


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Environment…

Ergonomics first


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Environment…caring for everything


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Environment…intelligent solutions

High Technological Facilities


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Environment…worklife continuum at its peak

Non-Mundane work spaces Cozy project rooms

Expectations


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Expectations

Employee engagement is critical

The concept of lifetime employment is replaced by worklife continuum

I will work when I feel like working

Leadership is only there for risk management, leave the rest to me

Success is defined by my achievement of life-goals and not just career goals


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Expectations

Re-tire?

No thanks.

Segregated Retirement Periods

Why wait?

Give me a break…NOW


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Expectations

So, Mum, what do you think?

Mum & Dad

Pte LtdFamily, Parents & I FIRSTAll else comes later.


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Expectations

I want to know where I’m going, how I’m doing and what I’m doing….NOW

Is there anything else you can reward me with other than a promotion?

When can I take over your job and what does it take to be where you are now?

I expect a mentor not a boss

On-the Spot Feedback

& Appraisals

Challenges


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Challenges

Where people end, and technology begins, or vice versa??


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Challenges

Money will only be a stabilising motivator…..I need more to keep me motivated


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Challenges

Capitalising on the strengths and limitations of every

generation under one roof


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Challenges

Paperwork? What’s that?

Speed of information and speed of outcomes are key


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Turning conventional management around…..

• Purpose-driven not Deadline-determined

• Mentorship not Management

• Communicating not Directing

• Recognition not Compensation

• Honesty not Condescension

• Dialogue not Monologue

• Flexibility not Policy-Based

• Team-based Not Hierarchy

• Worklife Continuum not Worklife Balance

• Portability not Rootedness


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KPMG Case Study –Managing and confronting complexity in the new era

• Managing complexity will be most critical to the success of a company• Complexity is a global phenomenon• Improving information management is the top most important way to manage complexity• Simplifying processes and procedures• Business needs to streamline and not create internal bureaucracy• Speed of innovation will determine competitive superiority• Need for new skills to be acquired to manage complexity• The right talents are needed to help manage the complexities expected in the next decade


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Question&

AnswerSession

Thank You

Documents

HR Challenges 2020 Gen Y