Welcome the New Workforce!

Within a few years, Millennials have already become the largest generation in our workforce. If you look around the new workforce (with generation Z included), you would be surprised that more than 60 % of the employees around you are new to the workforce. This was anyways true for born-digital companies, but now, it has become true for mature businesses in both B2B as well as consumer-facing businesses like Telecom, Retail, Pharma, Financial services, etc. To top it up, founding or working in a start-up has provided another meaningful alternative as demonstrated with a slew of Fintech companies over the last few years.

Over the last 5 years, companies are consciously trying to change their texture and evolve their organizational mindset, design, and leadership styles to be able to absorb and maximize the potential of the new generation. We all know better that it would be blithe to ignore this generation unless you are willing to risk being aged out in the next 5 to 6 years. However, sadly in most cases, our efforts have fallen short of our expectations in bringing about this change in full scale.  

Going by two matrices, attrition and attracting knowledge workers, the financial sector has clearly fallen behind its contemporaries in IT. They are missing out on attracting the best of the new generation employees and discovering their hidden potential, developing and deploying them meaningfully and giving what they want - diversity & inclusion, cutting edge technology, innovation, just and fair management systems (transparency), good leadership and flexible works schedules. Not surprising that their first choice hence is Technology and not Financial services.

This is because organizations seldom make radical changes as they avoid disrupting the ‘apple cart’ and in the process overlook transformational needs.  Harnessing the power of the new generation will actually need structural changes for the biggies, be it in financial services or pharma, logistics or metals. Concepts like agile workforce management must be adopted regardless of age, title, or vintage (years of experience). A platform for employees to collaborate and work in cross-functional teams, rotational programs, on-demand job sweeps, and aspirations to learning outside their job roles must be provided. A culture that eliminates generation tension and flexibility to operate will energize, increase retention, performance, and growth.