NEWS | Employee Engagement


millennial-proof their organisations and make this transition easier? With advances in automation


technology progressing at lightning speed, it would be fair to assume that AI and automation will soon become the norm in the workplace. But our research suggests that millennials are generally unwilling to fully automate the organisations they run. These future leaders – who will likely have an array of automation technology at their fingertips – are less likely to want to automate business functions than current leaders, their Gen X colleagues. Whether this is down to concerns about the impact rapid automation could have on jobs, or general scepticism about the value of automation over human resource, we could be facing an automation slow-down in the next five to ten years. Automation clearly has a place in the future of the business, but its adoption needs to be carefully thought out to avoid resistance from future generations. Future millennial leaders want to run employee-centric businesses. When asked what the biggest challenges are to businesses of the future, the top answer given by millennials in our survey was paying employees fairly, closely followed by retention of talent.


over 2,300 global leaders and millennial managers to find out what their priorities for the workplace and business leadership are – and more importantly, how they differ. Our research found that when millennials become leaders, the businesses they run will change dramatically. From the way they treat their workforce to how they pursue profit, millennials are set to redefine how organisations engage with their partners, customers, employees and shareholders. With so much change to come, it is all the more important that current leaders are acting now to set their businesses up for success in the future. A huge part of this comes down to investment, and where businesses need to be prioritising their spending today to achieve the best results tomorrow. So, how can finance directors help to


dofonline.co.uk


e also found that millennials are likely to lead businesses that are driven by profit and purpose. While 76% of millennials think that in order to be successful in the future businesses will need to have genuine purpose, they are also more likely to agree that driving shareholder profit is important for successful businesses than their Gen X counterparts. For finance directors looking to make smart investments for the future, they need to align how money is spent with the values driving businesses in the future. For millennial leaders, employee welfare will be a top concern, so it is important that FDs are looking at how they will evolve employee benefits and compensation. FDs will also need to work with other senior leaders to identify, agree and measure alternative parameters for the success of businesses. In the future, this won’t just be about which company reports the biggest earnings, but demonstrating how the business is investing in people and giving back to the communities they are a part of. Our data clearly shows that millennials don’t just


W


‘ While millennials are set to disrupt leadership in business when they take the hot seat, the increasing retirement age means that it will become more and more common for different generations to work under one roof’


see the success of the business measured in pounds and pence. While millennials are set to disrupt


leadership in business when they take the hot seat, the increasing retirement age means that it will become more and more common for different generations to work under one roof. CFOs will need to be mindful of this when investing to make the workplace a more productive one for the future. Our research indicated that 83% of Gen X workers think that a good work- life balance is important, and flexibility is more important to Gen X-ers than millennials. Faced with an ageing workforce, it’s important that CFOs take note of this and consider technology that supports increased flexibility for older workers. In fact, American Express’ 2017 Global Business and Spending Outlook – which captured the mood and views of 100 of the most senior financial leaders in the UK – found that many are already doing this. At the start of this year nearly a quarter (24%) of FDs were planning to increase spending on mobile technology designed to promote remote working over the next 12 months. While no organisation can fully predict


the future, we do know that we can expect millennial leaders to change the way business is done. To make sure that they are set up for the future, it is crucial that FDs are investing in changes now – to ensure that the transition to the next generation of senior managers and directors is a smooth one. n


Jose Carvalho is Senior VP and General Manager at American Express Global Commercial Payments Europe


DIRECTOR OF FINANCE 11


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52