Managers and Millennials
There is an uneasy working relationship today in our bank investment and wealth management divisions among the generations,and the smartest Managers are not ignoring it. This may be the first time in history where four generations could be working together with differing expectations and methods of defining efficacy. Baby Boomers (BB) now reaching their 70s, Generation X, holding tightly to their 50th birthday and the Millennials or GenYs entering and dominating the work force with the oldest being around age 32. There may even be a few Silent Generation (SG) seniors, still radiating the attributes of the “greatest generation” to quote Tom Brokaw, and demanding respect.
We wanted some practical insights into the strategies Managers are using to close the intergenerational gaps between SG, BB, GenX and Millennials today given the increasing pressure for growth. Our questions centered on how do we close the gap and recruit, develop, retain and nurture GenYs’ interest in our Industry thereby growing our business. What strategies are Investment Managers using and how does this compare to what Millennials require? If the intergenerational cultural divides are not acknowledged and dealt with, we may see disconnect, conflicts and a loss of productivity.
Using both Innovation Games and Voice of the Customer, we conducted this qualitative investigation in the first and second quarter of 2014 with bank department heads and GenYs working within bank wealth management divisions in a variety of positions. The Managers and GenYs did not work for the same institutions. (For more information on Innovation Games and VOC see the appendix to this paper.) We spoke with Managers, sales representatives as well as advisors, operations and administration people.
To view the Managers and Millennials study, among others, please click below.
We wanted some practical insights into the strategies Managers are using to close the intergenerational gaps between SG, BB, GenX and Millennials today given the increasing pressure for growth. Our questions centered on how do we close the gap and recruit, develop, retain and nurture GenYs’ interest in our Industry thereby growing our business. What strategies are Investment Managers using and how does this compare to what Millennials require? If the intergenerational cultural divides are not acknowledged and dealt with, we may see disconnect, conflicts and a loss of productivity.
Using both Innovation Games and Voice of the Customer, we conducted this qualitative investigation in the first and second quarter of 2014 with bank department heads and GenYs working within bank wealth management divisions in a variety of positions. The Managers and GenYs did not work for the same institutions. (For more information on Innovation Games and VOC see the appendix to this paper.) We spoke with Managers, sales representatives as well as advisors, operations and administration people.
To view the Managers and Millennials study, among others, please click below.