The future of work from a millennial’s perspective

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Photo by Martin Shreder on Unsplash

It’s no doubt that organizations have started considering and taking shape in order to be future fit. Some organizations could be progressing more rapidly that others due to a geographical influence but what matters is that the pivot in business complements the environment these organizations are working in.

Earlier this year I had the privilege of sitting in on one of South Africa’s most renowned business trends expert and from this engagement I was exposed to quite a few insights around where are businesses going which I would like to share with you.

Business disruption is occurring across all industries.

PART 1

We are moving to an age where organisations are obsessed with company culture:

  • Being collaborative and not silo-driven, employers will hire employees who basically push beyond boundaries. We will begin to see a rise in people who are driven by achieving a greater purpose rather than a monomaniacal focus on profits.

Death of the legacy companies!!! Agile companies have a lifespan of 15 years and not because they exit the business lifecycle at the end of the 15 years but because they pivot frequently. (Because this is the future of the business and business- owner mind-set corporates will be serving/ servicing, the big question here is “what steps do corporates in South Africa need to take in order to become relevant for their future client?”

Collapse of the value chain. The space between the product and customer is getting narrower (E.g. Beyoncé and Tidal). Business owners are cutting the middle man and the need to quantify value for money/services rendered increases

The lengthening Omni-channel. It is becoming crucial for corporates to find out where customer are experiencing their brand and whether all the channels are “saying the same” thing.

Digitization pawns, the essential business pivot (Biggest disruptions globally being seen in the automotive industry: ride sharing and driverless cars, and healthcare: Augmented Reality learning techniques)

Mechanization, robotics and the erosion of jobs (Google: Relay Robot).

PART 2

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Photo by 胡 卓亨 on Unsplash

So in the midst of the tech hurricane, what’s going to happen to our jobs?

Critical thinking, leadership, communication and problem solving ability is key!!! The ability to display the skill of Lateral Thinking in a role will be crucial. Punt this and evolve in this.

New economies enabling new industries. People find themselves in industries they would have never imagined because of this new need of different thinking. (E.g. the partnership between the digital music guy who was hired by LVMH to help build them an ecommerce website….)

The on demand economy/ The sharing economy (Hyatt pairing with Airbnb to create “unhotel” experiences)/ The gig economy (This is forcing companies to rethink labour laws!!!).

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Photo by Baim Hanif on Unsplash

The need for unconventional thinking will force educational institutions to ready students in a different way for the workplace.

Effect on education: The need for education disruption

  • What is your degree worth because there really isn’t any scarcity?
  • Already in EY UK no degrees are needed for employment

The biggest challenge and commodity will be the skills gap: critical thinking, problem solving, communication, leadership and ownership will be highly valued

So how do we bridge the gap?

What’s wrong with the way we learn? The education system isn’t geared for the knowledge economy….

Vocational training schools need to get mixed in with high tech. (No degree, actual training using holograms for surgeons (Google: HoloLens))

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Photo by rawpixel.com on Unsplash

The future of work

It’s no longer linear. There are a lot of stop- starts and career changes

Hybrid skills will be needed

Organisations will hire for attitude, and retrain for skills (this will fix the millennial churn)

Nomadic work swarms. You don’t have to watch an employee working to know that they are getting work done. (reskill yourself to do what you want to do, get your work life flexibility by doing what pays the bills while leaving time for passion projects)

Remote flexi-working options and productivity impact

The impact of the female century will see an increases profitability in companies

Millennials see mentors as people they can take advice from and give advice to.

Jobs of the future- what will they look like?

Things related to drones, coding, virtual reality, UX (We will see skill and career combos that have never existed before such as Life Coaches with an IT background etc.)

Rwanda; the South Korea of the technology realm… delivering blood samples to hard to reach hospitals via drone technology

Ultimately, organizations and their staff must understand the movements of their industries in order to stay relevant in their environment and careers respectively. Nothing can be taken for granted anymore.

I am especially excited though to see how resourceful individuals will become with their toolkit of skills and how they will couple what they know in order to excel in the digital age where their customers are just as, if not more aware of what they need, how they want it and what their service providers must do in order to ensure excellent delivery in a radical and client- centric way.

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Top 8 things millennials expect from banks in the future

Image Source: Businesstech.co.za
Image Source: Businesstech.co.za

So as promised, this is basically the second part from the post published last week around millennial Musings on banking, click here for a quick refresh on what went down last week.

This week though, the focus is on the thoughts of those millennials who consciously mused about banks of the future and what their present expectations were of the future state of banking.

As a very proud member of the financial institutions community, like any other committed individual, I really want to see traditional banks evolving and fulfilling their purpose in a way that makes their customers happy because customers are the heart of their business and a part of me also believes that this can be achieved by big corporates if given enough focus and deliberate action.

In order to ensure that everything from the feedback received is captured, the points will be themed, grouped and listed.

  • Float like a butterfly, sting like a bee. The hands can’t hit what the eyes can’t see. Basically, this famous quote by world renowned boxer Muhammad Ali sums up the primary and greatest reason why traditional banks are in danger and how they can overcome this danger. I’m not a boxing guru but I definitely this this analogy will help portray the message. Good boxers are like Fintechs, they have the finesse, speed and stamina to win the battle, but the big 4 giants have something these Fintechs don’t which is technique, experience and endurance. Now when we couple these 6 traits, that makes for a great boxer/ a great bank. So what do millennials want? The safety and stability of the old (minus the red tape and bureaucracy) but the agility and finesse of the new.
  • The future is now. This is a concept the older generations like referring to as “instant gratification”. It is a concept laden with negative connotations that relate to regret from poorly thought out decisions but this doesn’t have to be viewed that way. Let’s take the process of getting a credit card for example (even a cheque card). The reasons for why customers have to sit through hours of paperwork and credit checks only to be told in the end that their card will be hand delivered to them at the earliest of their convenience just will not fly in the future. When a customer, a millennial customer is approaching a service provider for something, they usually want end to end fulfillment there and then or else what is the actual point? Yes we could say that people must plan better for their life events so they aren’t disappointed by the wait, but what if, you as a service provider could make the future happen now for your customers by tweaking a few processes, researching the demand for credit so that branches are adequately stocked up for the demand as and when it comes? What if you were so proactive that a week before Black Friday you’re signing up customers for in-store credit cards so that they have been delivered to be used on the day? Being more proactive about knowing the customer in this case is directly attributable to sales. Customer is happy, income statements are happy, it’s a win- win you see?
  • Robotics!!!! millennials have expressed that they trust and prefer to engage and interact with technology to solve their needs than a human being. It’s much cheaper as they use data as opposed to airtime where they’re redirected to a call centre that makes them wait for 20 minutes before telling them “sorry Ma’am I don’t have the mandate to assist you with that request.” The cool thing about robotics is that it reduces headcount costs (but it does cause unemployment if not introduced and socialized correctly) on the upside thought, employees are freed up to do more meaningful and complex tasks that require actual thinking because the self service capability is actually of service, end to end.
  • Which leads me to my next point, adequately equipped/skilled online assistance… if we are to go digital, we must do so excellently. Because millennials have no desire to go to the branch, the branch must therefore be designed into a space that they want to engage in, which in this case is online. The ability to offer advice and assistance online will make all the difference from a customer service perspective.
  • However if the branch must exist, it must do so unobtrusively, in a way that allows for co- creation and advancing the economy. This way the bank achieves two things: it plays a role in fulfilling consumer aspirations and it also contributes in giving back to the community- which is very big with millennials. Purpose driven action/work.
  • Farewell NIR (Non- Interest Revenue), RIP ATMS. Millennials (and digital developments) will essentially kill this line item as business moves to and creates digital alternatives to access and transfer funds as opposed to sourcing it from a traditional ATM.
  • Staying ahead of cybercrime. With the new and fantastic era of digital banking, millennials are also cautious of cybercrime as this is one of the elements that come with the downside of digital. Their only plea with this is for banks to be proactive and engaged in the protection they offer of their assets. They want banks to be a safe and untouchable place.
  • IN-TER-GRA-TION. As mentioned in my previous post, financial institutions have a myriad of data and information on clients. More than enough to do really small but really meaningful, kickass stuff. Millennials really think it’s lame that engagements and the identification of current and future product needs are still so “banky ” and impersonal. Banks can do a whole lot more to prove they understand their clients and show up as life and business partners. Banks need to understand client lifestyles and aspirations and meet those with their data. There must be collaboration with external corporates and an ecosystem built to fulfill these needs and make it a seamless experience to attain what matters to them, irrespective of whether it’s bank-related or not.

Okay peeps so that’s the list! It was quite an eye opener for me and I learnt a few things from engaging with my amazing research sample group. I hope this perspective not only sheds some light but assists in some strategic implementations of how financial institutions cater for (not just millennials) but in actual fact, their future clientele.

If there are any other topics you’d like for me to explore and write about, please leave a comment.

I hope you’ve enjoyed the read!