GEN Y: ATTRACTING THEMTO THE FINANCIAL ADVISORY INDUSTRY
Date:
11th February 2014
Presenter:
Isaac Peter
Brought to you by
www.fb.com/PeoplePerformance
www.ppl-performance.comInterested to know more? Contact us: +65-63151426 (Singapore)
+603-50219341 (Malaysia)[email protected]
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
People Performance is a learning and organizational development company.
Established in 2012, we are in Singapore and Malaysia.
Isaac PeterManaging Director & Performance ConsultantGen X
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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
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
1. As a business owner, what are you happy about your business currently?
3 Question To Ponder As We Begin
3. Where do you see your business 10, 20 years from now?
2. What is your business reality?
• Can you share more on what you’ve just said.
• Why is that so?
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
1) SHIFT IN CONSUMER DEMOGRAPHIC
2) SHIFT IN BUSINESS RESOURCES
34% of our labour market is Gen Y.Malaysia’s Department of statistics, 2012
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
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
Generation Period Age range
Traditionalist Before 1946 68 and older
Baby Boomer – earlyBaby Boomer – late
Between 1946 and 1954Between 1955 and 1964
50-68
Gen X Between 1965 and 1980 34-49
Gen Y/ Millennial Between1980 and 2000 33 and younger
Gen ?? ??
Generational age spectrum
“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)
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
What do we know or heard about Gen Y
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
Source:Tripartite Alliance Fair Employment Practices (TAREP), Singapore
What the different generation wants in the workplace
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
What research says about Gen Y
Source:Ashridge Business School
1. Intelligent
2. Ambitious
3. Flexible
4. Connected
5. Questioning
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
What would your agency’s challenge be?
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
What about Gen Y who wants to join the selling profession?
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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
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
RECRUITING DEVELOPING TRANSITIONING
• Branding.
• Culture.
• Selection.
• Onboarding
• People management skills.
• Succession planning.
• Performance appraisal conversation.
• Career planning.
• Coaching skills.
A successful strategy to attract and retain Gen Y in your agency consist of:
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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
GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
A Gen Y company case study
© 2014 PPL Performance Sdn. Bhd. All rights reserved
GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
A Gen Y company case study (Malaysia)
© 2014 PPL Performance Sdn. Bhd. All rights reserved
GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
A Gen Y company case study (Malaysia)
© 2014 PPL Performance Sdn. Bhd. All rights reserved
GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
A Gen Y company case study (Malaysia)
© 2014 PPL Performance Sdn. Bhd. All rights reserved
GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
“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.
A Gen Y company case study (Malaysia)
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
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
A Gen Y company case study (Malaysia)
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GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
What about financial advisory agency?
( PERSONAL BRANDING)
What is yourVALUE PROPOSITION
*Hint: It is not sufficient to rely on AIA corporate branding because Gen Y wants to be personal.
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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/
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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
GEN Y: ATTRACTING THEM TO THE FINANCIAL ADVISORY INDUSTRY
END OF PRESENTATION