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?
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 “Employers in Europe and North America outperform those without engaged will require 16 million to 18 million more employees by up to 202%.” college-educated workers in 2020 than are going to be available. Companies may GLASSDOOR not be able to fill one in ten roles they 2015 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 “Employers in Europe and North America Culture drives organizational outperform those without engaged will require 16 million to 18 million more PERFORMANCE employees by up to 202%.” college-educated workers in 2020 than are going to be available. Companies may GLASSDOOR not be able to fill one in ten roles they 2015 need, much less fill them with top talent.” MCKINSEY GLOBAL INSTITUTE November 2017 Intensity of competition for TALENT
Is there an opportunity to redefine work and engagement? 1 2 3 4 Powered by Enhanced by HUMANS MACHINES Enhanced by Disrupted by SMART TECH ANIMALS
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 “By 2030, as many as 375 “Many of today's workplace “Managing human capital million workers globally will have structures, such as the 9-5 must be afforded the same to master fresh skills as their workday, traditional offices, rigid priority that managing current jobs evolve alongside the hierarchies, and the very financial capital came to have rise of automation and capable concept of retirement will change in the 1980s, when the era of machines, estimates McKinsey dramatically.” the ‘super CFO’ and serious Global Institute.” FAST COMPANY competitive restructuring July 2018 began.” MCKINSEY & COMPANY HBR August 2018 July/August - 2015
Revolutions change the way we see the world and how we organize work “By 2030, as many as 375 “Many of today's workplace “Managing human capital million workers globally will have structures, such as the 9-5 must be afforded the same to master fresh skills as their workday, traditional offices, rigid priority that managing current jobs evolve alongside the hierarchies, and the very financial capital came to have rise of automation and capable concept of retirement will change in the 1980s, when the era of machines, estimates McKinsey dramatically.” the ‘super CFO’ and serious Global Institute.” FAST COMPANY competitive restructuring July 2018 began.” MCKINSEY & COMPANY HBR August 2018 July/August - 2015 The Workplace Roles & Social Contract STRUCTURE Gig economy
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.
The Power of Talent : The Rise of the EVP DESIGN OF › Create a sense of belonging & › Allow flexibility (role, WORK & VALUES AND engagement location, time) BENEFITS USE OF › Consider true purpose of › Looking beyond SPACE “office space” compensation › Move from “employment” › Brand culture, not to “employability” BRANDING & work CAREERS AND COMMUNICATING LEARNING › Empowering employees › Humanize team to own skill development through connections (e-learning) and authentic interaction Talent is the competitive weapon of the 21 st century. Through social media, employee voice is more powerful. Progressive organizations are developing an Employee Value Propositions (“EVP”) and revolutionizing their culture.
Turning an EVP into a culture and, more Importantly, a COMPETITIVE ADVANTAGE
The The BIG little TO “c” Cultural change is fraught with resistance – Old REFRAME your Paradigm thinking-focus on your team
Using Culture as a Competitive Advantage PURPOSE & SPACE WORK BRANDING & VALUES DESIGN PRACTICES BELONGING › Employee › Has to be real & › What does your › View the office as Objectives engagement through emotionally relevant culture stand for a place to connect authentic experiences like a family › Human stories › Recruit for like- › Where work gets › Customer focused on industry, minded values, not done should not be engagement through solution, people just skills limited to office community and voice Tools • Living room style seating • Story based marketing • Volunteer Board • V2MOM • Hoteling • A Blog • Stay Interviews • Employee Recognition • Flextime / Remote Work • Open communication • Book Club • Strategy Roadshows
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 Responsive connectivity” Connectivity ⑦ Open up the voice of the employee and customer – Crowd, volunteer board, stay interviews and strategy roadshows EVPs are tools, but they do not describe the way people interact or connect. That is the role of culture.
We’re not done! Building PRACTICE Into Work PURPOSE & SPACE WORK BRANDING & VALUES DESIGN PRACTICES BELONGING › Incorporate Clifton › Self-directed work teams › Gathering areas vs. › Growth is a byproduct of Strengthsfinder into desks culture client implementation › Eliminating performance › Focused on process reviews; implement frequent › Safety connections feedback › Hackathons › Neurodiversity of › Org structures to scale › Focus on personal and talent learning, not efficiency professional goals › Extend voice through employee › Coffee Bars & › Micro-certifications and customer led Huddle Spaces podcasts › Job Crafting 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
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