Age of the Worker WISE Gateway 2019 Research Key Takeaways - - PowerPoint PPT Presentation

The War for Talent: Wealth Management Competitive Advantage

Age of the Worker

WISE Gateway 2019 Research Key Takeaways

① Significant pressure on growth and profits ② 75% of growth coming from existing clients and referrals ③ Intense competition from non-traditional competitors ④ Firms need to differentiate value in new and different ways ⑤ Business model is moving from performance to advice

⑥ Talent has lagged behind the business model change

Should we focus on this as executives? Do we believe it makes a difference?

“Companies with engaged employees

• utperform those without engaged

employees by up to 202%.” GLASSDOOR 2015 “Employers in Europe and North America will require 16 million to 18 million more college-educated workers in 2020 than are going to be available. Companies may not be able to fill one in ten roles they need, much less fill them with top talent.” MCKINSEY GLOBAL INSTITUTE November 2017

Talent is an important ingredient to above average performance—but our industry is not the only one in this war for talent

“Companies with engaged employees

• utperform those without engaged

employees by up to 202%.” GLASSDOOR 2015 “Employers in Europe and North America will require 16 million to 18 million more college-educated workers in 2020 than are going to be available. Companies may not be able to fill one in ten roles they need, much less fill them with top talent.” MCKINSEY GLOBAL INSTITUTE November 2017

Talent is an important ingredient to above average performance—but our industry is not the only one in this war for talent

Culture drives organizational

PERFORMANCE

Intensity of competition for

TALENT

Powered by

HUMANS

Enhanced by

ANIMALS

Disrupted by

SMART TECH

Is there an opportunity to redefine work and engagement?

1 2 4 Enhanced by

MACHINES

3

“Managing human capital must be afforded the same priority that managing financial capital came to have in the 1980s, when the era of the ‘super CFO’ and serious competitive restructuring began.” HBR July/August - 2015 “By 2030, as many as 375 million workers globally will have to master fresh skills as their current jobs evolve alongside the rise of automation and capable machines, estimates McKinsey Global Institute.” MCKINSEY & COMPANY August 2018 “Many of today's workplace structures, such as the 9-5 workday, traditional offices, rigid hierarchies, and the very concept of retirement will change dramatically.” FAST COMPANY July 2018

Revolutions change the way we see the world and how we organize work. Innovating the management of human capital and culture is wealth management’s future competitive advantage

“Managing human capital must be afforded the same priority that managing financial capital came to have in the 1980s, when the era of the ‘super CFO’ and serious competitive restructuring began.” HBR July/August - 2015 “By 2030, as many as 375 million workers globally will have to master fresh skills as their current jobs evolve alongside the rise of automation and capable machines, estimates McKinsey Global Institute.” MCKINSEY & COMPANY August 2018 “Many of today's workplace structures, such as the 9-5 workday, traditional offices, rigid hierarchies, and the very concept of retirement will change dramatically.” FAST COMPANY July 2018

The

Social Contract

Gig economy

Revolutions change the way we see the world and how we organize work

Workplace Roles &

STRUCTURE

The Power of Talent: The Rise of the EVP VALUES AND BENEFITS

Employee Led: Commitment to employees first; a focus on growing employee loyalty will drive customer loyalty Entrepreneurial Growth: A focus on steady and significant growth; build, install, learn and evolve. Growth Mindset: A focus on learning and growing personally and professionally. A belief in your ability to expand. Focused: Fast and deliberate decision making. Trust and Respect: A fair and balanced approach to working within our communities. Excellence: An unwavering commitment to superior performance.

VALUES AND BENEFITS DESIGN OF WORK & USE OF SPACE BRANDING & COMMUNICATING The Power of Talent: The Rise of the EVP CAREERS AND LEARNING

Talent is the competitive weapon of the 21st century. Through social media, employee voice is more powerful. Progressive organizations are developing an Employee Value Propositions (“EVP”) and revolutionizing their culture. › Create a sense of belonging & engagement › Looking beyond compensation › Move from “employment” to “employability” › Empowering employees to own skill development (e-learning) › Allow flexibility (role, location, time) › Consider true purpose of “office space” › Brand culture, not work › Humanize team through connections and authentic interaction

Turning an EVP into a culture and, more Importantly, a COMPETITIVE ADVANTAGE

TO

Old Paradigm

Cultural change is fraught with resistance – REFRAME your thinking-focus on your team

The

BIG

The

little

“c”

› What does your culture stand for › Recruit for like- minded values, not just skills

PURPOSE & VALUES

› View the office as a place to connect like a family › Where work gets done should not be limited to office

SPACE DESIGN

› Has to be real & emotionally relevant › Human stories focused on industry, solution, people

BRANDING & BELONGING Using Culture as a Competitive Advantage

› Employee engagement through authentic experiences › Customer engagement through community and voice

WORK PRACTICES

• V2MOM
• Stay Interviews
• Volunteer Board
• Employee Recognition
• Book Club
• Strategy Roadshows
• Living room style seating
• Hoteling
• Flextime / Remote Work
• Story based marketing
• A Blog
• Open communication

Objectives Tools

Lessons Learned in Turning our EVP Into a Culture

① To attract and retain talent for a growing business we wanted to use culture as a differentiator and a driver of performance ② We wanted our culture to extend to our clients and our suppliers ③ We believed happy employees lead to happy customers and we invested in service excellence ④ The focus of the cultural change was the little “c” – our start-up ⑤ We recruited for behaviors and values not just skill ⑥ To communicate it and bring it to life we branded it ”responsive connectivity” ⑦ Open up the voice of the employee and customer – Crowd, volunteer board, stay interviews and strategy roadshows

+

Responsive Connectivity

EVPs are tools, but they do not describe the way people interact or connect. That is the role of culture.

› Growth is a byproduct of culture › Safety

› Neurodiversity of talent

PURPOSE & VALUES

› Gathering areas vs. desks › Focused on connections › Org structures to scale learning, not efficiency

› Coffee Bars & Huddle Spaces

SPACE DESIGN

› Incorporate Clifton Strengthsfinder into client implementation process › Hackathons

› Extend voice through employee and customer led podcasts

BRANDING & BELONGING We’re not done! Building PRACTICE Into Work

› Self-directed work teams › Eliminating performance reviews; implement frequent feedback › Focus on personal and professional goals

› Micro-certifications › Job Crafting

WORK PRACTICES

Society continues to evolve and as a result the way customers and employees live, work and relate continues to change…so must our culture

Questions

Al Chiaradonna SEI Investments

achiaradonna@seic.com seic.com/frontandcentered @SEIAlCh