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Attracting & Retaining Gen Y in the Financial Advisory Industry

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This is a presentation slide deck for a group of agency leaders who is curious about Gen Y and how it can impact their business.

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Attracting & Retaining Gen Y in the Financial Advisory Industry

  1. 1. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY Date: 11th February 2014 Presenter: Isaac Peter Brought to you by Interested to know more? Contact us: enquiry@ppl-performance.com +65-63151426 (Singapore) +603-50219341 (Malaysia) www.ppl-performance.com www.fb.com/PeoplePerformance
  2. 2. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY Isaac Peter Managing Director & Performance Consultant Gen X People Performance is a learning and organizational development company. Established in 2012, we are in Singapore and Malaysia. © 2014 PPL Performance Sdn. Bhd. All rights reserved
  3. 3. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY Todays’ session: • A quick reflection of where we are at as business owners. • A little about Gen Y. • Areas to explore with ‘this bunch’. • A case study © 2014 PPL Performance Sdn. Bhd. All rights reserved
  4. 4. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY 3 Question To Ponder As We Begin 1. As a business owner, what are you happy about your business currently? • Can you share more on what you’ve just said. • Why is that so? 2. What is your business reality? 3. Where do you see your business 10, 20 years from now? © 2014 PPL Performance Sdn. Bhd. All rights reserved
  5. 5. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY 1) SHIFT IN CONSUMER DEMOGRAPHIC 34% of our labour market is Gen Y. Malaysia’s Department of statistics, 2012 2) SHIFT IN BUSINESS RESOURCES 65% of Gen Y employees says that although they have only worked for 2 years, they are already on the lookout for a new job Jobstreet.com survey in 2012 © 2014 PPL Performance Sdn. Bhd. All rights reserved
  6. 6. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY Generational age spectrum Generation Period Age range Traditionalist Before 1946 68 and older Baby Boomer – early Baby Boomer – late Between 1946 and 1954 Between 1955 and 1964 50-68 Gen X Between 1965 and 1980 34-49 Gen Y/ Millennial Between1980 and 2000 33 and younger Gen ?? ?? “The Children now love luxury. They have bad manners, contempt for authority, they show disrespect for adults, and love to talk rather than work or exercise… They contradict their parents, chatter in front of company, gobble down their food at the table, and intimidate their teachers.” Socrates (469-399 B.C.E) © 2014 PPL Performance Sdn. Bhd. All rights reserved
  7. 7. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY What do we know or heard about Gen Y © 2014 PPL Performance Sdn. Bhd. All rights reserved
  8. 8. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY What the different generation wants in the workplace Source: Tripartite Alliance Fair Employment Practices (TAREP), Singapore © 2014 PPL Performance Sdn. Bhd. All rights reserved
  9. 9. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY What research says about Gen Y 1. Intelligent 2. Ambitious 3. Flexible 4. Connected 5. Questioning Source: Ashridge Business School © 2014 PPL Performance Sdn. Bhd. All rights reserved
  10. 10. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY What would your agency’s challenge be? © 2014 PPL Performance Sdn. Bhd. All rights reserved
  11. 11. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY What about Gen Y who wants to join the selling profession? © 2014 PPL Performance Sdn. Bhd. All rights reserved
  12. 12. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY If money is still the top motivator, then what is their problem? Source: Vortsight & The Bridge Group © 2014 PPL Performance Sdn. Bhd. All rights reserved
  13. 13. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY A successful strategy to attract and retain Gen Y in your agency consist of: RECRUITING DEVELOPING TRANSITIONING • Culture. • Performance appraisal conversation. • People management skills. • Selection. • Career planning. • Succession planning. • Onboarding • Coaching skills. • Branding. © 2014 PPL Performance Sdn. Bhd. All rights reserved
  14. 14. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY Motivational Maps™ for recruitment It is an online diagnostic tool for the purpose of: • Recruitment. • Development. • Personal development. • Performance improvement. • Motivating. © 2014 PPL Performance Sdn. Bhd. All rights reserved
  15. 15. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY A Gen Y company case study © 2014 PPL Performance Sdn. Bhd. All rights reserved
  16. 16. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY A Gen Y company case study (Malaysia) © 2014 PPL Performance Sdn. Bhd. All rights reserved
  17. 17. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY A Gen Y company case study (Malaysia) © 2014 PPL Performance Sdn. Bhd. All rights reserved
  18. 18. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY A Gen Y company case study (Malaysia) © 2014 PPL Performance Sdn. Bhd. All rights reserved
  19. 19. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY A Gen Y company case study (Malaysia) “At that time I didn’t realize that paying £2 for a sandwich is quite different from paying RM10, because it involves value proposition perception! It was a multi-million ringgit mistake,” Yong shares with myStarjob.com. © 2014 PPL Performance Sdn. Bhd. All rights reserved
  20. 20. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY A Gen Y company case study (Malaysia) Different brands for different customer • Ben’s • Barn BBQ • Hits & Mrs • Botanical • Beast • The Langford • guEST • Gen B • Mrs • Page 2 • Tate • Mr Brooks • Ben Independent Grocer • Benquet © 2014 PPL Performance Sdn. Bhd. All rights reserved
  21. 21. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY What about financial advisory agency? *Hint: It is not sufficient to rely on AIA corporate branding because Gen Y wants to be personal. © 2014 PPL Performance Sdn. Bhd. All rights reserved
  22. 22. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY Checkout how some financial advisory group is attracting the Gen Y http://www.finexis.com.sg http://www.vka.com.my https://www.crowehorwath.net/MY/services/advisory/Advisory.aspx http://www.jennyyeoh.com/ © 2014 PPL Performance Sdn. Bhd. All rights reserved
  23. 23. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY WHAT YOU WILL GAIN FROM THE 1/2 DAY WORKSHOP At the end of this half-day workshop, you will be able to: • Understand how Gen Y differs from other generation when it comes to work. • Recognize personal inhibition/ barriers with regards to Gen Y. • Appreciate that the Gen Y are motivated differently. • Identify useful mindsets when dealing Gen Y. • Identify useful skills when grooming Gen Y. © 2014 PPL Performance Sdn. Bhd. All rights reserved
  24. 24. GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY END OF PRESENTATION © 2014 PPL Performance Sdn. Bhd. All rights reserved

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