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EY SIP Business Challenge Presentation - Team LegacEY

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EY SIP Business Challenge Presentation - Team LegacEY

  1. 1. Team LegacEY Business Challenge Final 18 August 2016
  2. 2. Page 2 Face to face? Screen to screen? With advances in technology, EY can provide services anywhere and anytime. Find out more at ey.com/ie
  3. 3. Digital Disruption Team LegacEY
  4. 4. Page 4 Agenda ► Digital disruption: An introduction ► Digital disruption in business: The wealth management industry ► Digital disruption and EY: What can be done ► Conclusion Digital disruption
  5. 5. Page 5 Introduction ► “The constant change and growth technologies that are shaping our world.” ► 1970s: The Age of Information ► 2016: The Age of Automation ► Oxford study: 90% of the work of auditors, analysts, tax preparers and credit analysts in Big Four are likely to be automated within 20 years Digital disruption
  6. 6. Page 6 Digital disruption at a glance “Digital disruption has demolished 52% of the Fortune 500 since the year 2000.” – Constellation Research “Digital disruption means companies can no longer be complacent. They can either seize the opportunity – like game-changers Netflix or Instagram – or see their business disappear – like Kodak or Blockbuster.” – Sumir Karayu, CEO, 1E “Disruption could cost you a third of your business.” – MIT’s Centre for Information Systems Digital disruption
  7. 7. Page 7 Digital disruption in business The wealth management industry New digital investment services are changing the wealth management landscape Digital disruption Customers want greater transparency, simplicity, and cost efficiency Innovative investment advice start-ups
  8. 8. Page 8 Digital disruption in business The wealth management industry ► Most successful amongst millennials ► Peer recommendations using social media sites such as Facebook, Twitter and LinkedIn ► Challenge – Gaining the trust of the older generations. Digital disruption
  9. 9. Page 9 Digital disruption in business The wealth management industry Estimated market share of digital wealth firms is 0.01% of the $33 trillion industry Digital disruption 100% = $33 trillion Digital wealth firms
  10. 10. Page 10 Digital disruption and EY What can be done EY’s actions so far ► EY Summit – Innovation realised; corporate leaders, tech entrepreneurs & start-ups – ‘hyper-creative agenda’ of innovation ► Global Innovation Group ► 6 steps to ‘answer the call to action’ Digital disruption
  11. 11. Page 11 Face it head on Get the right data and insights Empower innovation by making the organisation uncomfortable Find an innovation model – or even better – a portfolio of models Diligently cull and kill ideas Accelerate the possible Answering the call to action Digital disruption Step 1 Step 2 Step 3 Step 4 Step 5 Step 6
  12. 12. Page 12 Conclusion “Disrupt yourself before you’re disrupted from the outside” – Mark Weinberger, EY Global Chairman and CEO Digital disruption
  13. 13. How does the ‘Workplace of the Future’ affect EY’s People Agenda? Team LegacEY
  14. 14. Page 15 ► ‘The right people, with the right capabilities, in the right place, for the right cost, doing the right things’ ► Three trends affecting the Workplace of the Future and EY’s People Agenda: Technology Flexibility Changing face of the workforce How does the Workplace of the Future impact EY's People Agenda Overview 1 2 3
  15. 15. Page 16 Technology How does the Workplace of the Future impact EY's People Agenda Increased demand for mobility Increased demand for technology A threat to the People Agenda? Key questions: ► How do we stop screen-to-screen interaction making face-to-face conversations obsolete? ► How do we monitor the ‘Always Connected’ status that has become the normal standard?
  16. 16. Page 17 Technology Issues Technostress ► ‘Always on’ connectivity ► Leads to heightened stress in the workplace and a less productive environment overall ► A recent survey shows that an office employee will check their email over 36 times an hour ► Affecting productivity, and can serve as a distraction from work Personal relations ► Presence of personal messaging in the workplace can lead to an impersonal environment ► Interpersonal skills are being jeopardised ► Behaviours learned and developed in the office environment, are brought out and utilised when working with clients ► More prevalent among the younger generations How does the Workplace of the Future impact EY's People Agenda
  17. 17. Page 18 How does the Workplace of the Future impact EY's People Agenda ► Involves giving employees more freedom and responsibility to determine their own working schedule ► Examples include Flexi-time and working from home ► Flexibility initiatives lead to positive effects on mental health, sleep quality, as well as reducing stress, increasing employee longevity and boosting morale ► Current flexibility initiatives in EY ► Study leave ► Maternity and paternity leave Flexibility Q Should EY’s Workplace of the Future provide greater flexibility for its people?
  18. 18. Page 19 Flexibility Issues and benefits Issues ► Working at their own times or working from home could affect their ability to get in contact with each other ► Could cause a culture shock, which could negatively impact the people culture in the company Benefits ► Would help EY to attract the best people ► Employees are given more freedom and responsibility to choose their own hours which may make them feel more comfortable and satisfied in their job ► Greater staff motivation and loyalty ► Complements their People Agenda by showing how much they value and respect their people How does the Workplace of the Future impact EY's People Agenda
  19. 19. Page 20 Changing workforce The generations How does the Workplace of the Future impact EY's People Agenda Baby Boomers Generation X Generation Y Generation Z ► Competitive to their own detriment with a ‘work till you drop’ work ethic ► Value hard work and being a team player ► Independent, self-reliant and entrepreneurial individuals ► Work-life balance and protective of family time ► Never known a world without mobile devices and 24/7 connectivity ► Hugely appreciate diversity and inclusiveness ► Focused on their dream job ► Job-hopping is a major concern
  20. 20. Page 21 Changing workforce Issues Motivation ► Inner drive to satisfy needs ► Generation of workers are motivated and demotivated differently ► Lack of motivation had multiple destructive side effects e.g., distracted, complacent etc. Communication ► Difference in preferred communication styles between older and younger generations is clear ► Younger workers using abbreviations, informal language and colloquialisms ► Feedback: Each generation has different requirements How does the Workplace of the Future impact EY's People Agenda
  21. 21. Page 22 Recruitment of Generation Z ► Unique characteristics pose challenges for HR ► Generation Z want to be entrepreneurs rather than employees ► Grown up with technology at their fingertips How does the Workplace of the Future impact EY's People Agenda
  22. 22. Page 23 How does the Workplace of the Future impact EY's People Agenda Proposals The Workplace of the Future poses many challenges but most importantly opportunities. In order for EY’s People Agenda to grow alongside this new era and not be hindered but enhanced by the new changes, EY must learn to adapt. Key solutions 1 - Tech free zones where employees can relax and escape work pressure - IT training for employees to boost confidence and increase efficiency 2 - Improved flexi-time incentives to attract talent and increase employee satisfaction 3 - Reverse mentoring programmes - Clearly promote career progression to younger generations
  23. 23. Page 24 How does the Workplace of the Future impact EY's People Agenda Conclusion “Things change all the time, but your organisation’s purpose transcends any individual product or service.” Mark Weinberger EY Global Chairman and CEO

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