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Challenges in Managing the Work Force in 2020
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Challenges in managing the workforce in 2020
Stephen TjoaPartner
People, Performance & Culture
KPMG Advisory Services Pte Ltd
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Generations at work & at play
Baby boomers Gen X Gen Y(1947-1964) (1965 – 1979) (1980 – 1995)
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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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.
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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What the modern world looks like?
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Are we now ready for a reality check?
LeadersGen Y
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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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
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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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
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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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
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Environment…
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Environment…
Ergonomics first
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Environment…caring for everything
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Environment…intelligent solutions
High Technological Facilities
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
15
Environment…worklife continuum at its peak
Non-Mundane work spaces Cozy project rooms
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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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
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Expectations
Re-tire?
No thanks.
Segregated Retirement Periods
Why wait?
Give me a break…NOW
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Expectations
So, Mum, what do you think?
Mum & Dad
Pte LtdFamily, Parents & I FIRSTAll else comes later.
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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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
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Challenges
Where people end, and technology begins, or vice versa??
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Challenges
Money will only be a stabilising motivator…..I need more to keep me motivated
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Challenges
Capitalising on the strengths and limitations of every
generation under one roof
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Challenges
Paperwork? What’s that?
Speed of information and speed of outcomes are key
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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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
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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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
© [year] [legal member firm name], a [jurisdiction] [legal structure] and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
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Question&
AnswerSession