PWC WANTS TO KEEP GEN Y HAPPY

Excerpts of interview with PWC Chairman

When Dennis Nally started at PricewaterhouseCoopers LLP 37 years ago, the business was simpler, says the chairman of the accounting and management-consultancy. Back then nearly 80% of firm revenue stemmed from PWC audit work in the U.S.

Today, the company has 175,000 employees operating in 154 countries. And about half of PwC's global revenues derive from tax and advisory work, which includes consulting on operations, human resources and M&A, among other things.

About 18% of the firm's revenue comes from work for clients in developing markets in Asia, the Middle East, South America and Africa. Over the next five years, the company expects this to grow to 40%, as its clients become increasingly focused on emerging markets.

Recruiting and hiring, particularly in those markets, is the biggest challenge the firm and its clients are facing, says Mr. Nally. As evidence, he quotes from PwC's annual global CEO survey, released in April, in which more than 90% of the business leaders surveyed said that they are focused on making significant changes to their human-resource policies in the next 12 to 18 months.

The Wall Street Journal spoke with Mr. Nally in London where he talked about hiring and the importance of keeping the so-called millennial generation happy. Edited excerpts:

WSJ: How do you define talent?
Mr. Nally: Having the technical skills is important but that's almost a given these days. [Talent is also] having the right softer skills in terms of being [able] to work in a collaborative environment, teaming with people, good communication skills, good sensitivities to cultural diversity.

WSJ: What's the biggest challenge for companies when trying to recruit talented staff?
Mr. Nally: The competition for talent in the emerging markets has never been greater and that's placing a lot of pressure on salaries. Having a competitive compensation base is really important. It's [also] about how to create an environment where people want to be. This millennial generation is not just looking for a job, they're not just looking for salary and financial benefits, they're looking for skill development, they're looking for mobility, they're looking for opportunities to acquire different skills and to move quickly from one part of an organization to another. How you manage that sort of talent and how you deal with their expectations is very different from what's been done in the past.
So, clearly articulating your people strategy, what you can deliver and importantly what you expect in return is key. Connecting with your employees so they understand you can deliver the career they want is key.

WSJ:How do you go about creating that connectivity?
Mr. Nally:The human capital agenda has to be driven by the CEO. It's so strategic today that you want to have great support coming from the HR organization, but if this isn't viewed as just as strategic as new products and services or research and development, [it] won't be successful.

WSJ: Why is this thirst for talent more evident now than before?
Mr. Nally: The opportunities are so significant, coming from all different directions in all parts of the world that the demand for talent is at an all-time high. In today's global competitive workplace, you can't think just in the context of your own territory.

WSJ: What sort of policies will companies need to put in place?
Mr. Nally: The millennium generation is probably the most technological group of people ever joining the workforce. How they want to work, use social media and team within a company is very different than the prior generation. If your human policies aren't responsive to what they are looking for, they are going to go to a company that is. They want less-hierarchical structures, they want more flexibility, they want to work as hard but they want to define how they do their work. If you can't figure out a way to accommodate that kind of flexibility, you're not going to be able to retain that talent.

WSJ: What [is PwC] doing to attract and retain talent?
Mr. Nally: We have adapted both how we recruit and how we work with people once they join us to suit the millennial generation. For example, in the U.S. we have set up a LinkedIn application that allows students to track the career paths of existing graduate trainees already in the firm so a student can see how a career with PwC develops. In the U.K., we use a Facebook application to connect recruits together before they join so they can begin to build their own PwC community.
We also provide mentors for our people from day one both formally and informally and encourage people to actively use their mentors to build skills and experience. We understand that flexibility and the ability to gather useful experience are key, as a result we actively encourage our people to move both between different business areas and around the world to gain experience. We also provide career breaks, flexible working, cycles of experience outside PwC and we actively encourage volunteering.

For full article, click below.
http://online.wsj.com/article/SB10001424052702303365804576434223787503598.html

Moderator

GEN Y Travel Trends

News Analysis: Gen Y travel trends

As the age-old Spanish proverb goes — the belly rules the mind. That truism is certainly borne out in Contiki Holidays’ 2011 Style Miles report, which shows food dictates the travel habits of most young Australians.

It appears that fast food is losing its appeal at the expense of local cuisine and restaurants, with the report finding 97% of 18 to 35-year olds agree food is the most important element of travel. They’re also keen to let the taste linger a little, with 57% replicating local dishes at home, and a quarter of travellers even changing their dietary habits to incorporate foods they ate while on holidays.

Music and art also ranked as high priorities while on holiday. Most respondents said they had visited local museums and galleries while holidaying in the past three to four years, while 88% went to see local bands or music. Fashion was less popular, however, with about half of travellers having seen a fashion show, and buying souvenirs fell off the radar altogether.

THE TREND SHIFT

The findings came as a surprise to Contiki’s managing director, Fiona Hunt, who said the report confirmed that the profile of 18 to 35-year old travellers was changing. “Young travellers are no longer happy to sit and watch their holiday go by from the traditional tourist hotspots,” she said. “They want to get involved, get immersed in local culture, and they want their holiday to be based on what they find interesting in their daily life.” Labelling overseas travel before the 1990s a “predictable venture” where travellers stuck to popular spots to avoid nasty surprises, Hunt said today’s 18 to 35s want to get a taste of the unknown. “They want to get their hands dirty, get off the beaten track and bring a little bit of their experience home with them,” she said.

Hunt point ed to the internet as the force driving the change in attitudes, but admitted that there could be other factors involved. She can’t be far off the mark though, with the findings also showing Australian globetrotters send an average of 10.8 emails, as well as making 7.9 Facebook updates each holiday. “We’re not entirely sure what’s driving the change, but technology has revolutionised how people are travelling,” she said. “People are researching their holidays more, they know where they want to go, and more than ever, they know what they want.”

WHERE TO NEXT?

Young Australians are also visiting new places. While Europe has been Contiki’s flagship destination in the past, 18 to 35s are increasingly fascinated by Asia, with 53% of the survey’s 1005 respondents visiting Asia in the last three to four years. Almost one third visited Europe, 26% holidayed in the Pacific and 23% travelled to the US.

Excited by the growth in Asia, Hunt revealed plans to launch into the China market. Breaking into the South American market later this year is also on the cards.

Although tight-lipped on the exact details, Hunt said that there will be a “string of announcements” in the coming months. “We’re taking this research under our belt so we can respond to our customer base, but I can say there will be more to come as we continue to engage with the youth market,” she said.

Extracted from the Travel Weekly. For full report, please click below:

http://www.travelweekly.com.au/news/news-analysis-gen-y-travel-trends

Singapore Head Hunter

Communicating With Gen Y

Communicating with Gen Y employees can be a challenging task, but with the right communications strategies and approach in place, Gen Y can offer organizations an innovative, energetic, committed and tech savvy addition to the workforce.

Give them cutting-edge technology.
Generation Y grew up with computers, ipods, and PlayStations and this techno upbringing shapes their work expectations. Organisations can successfully motivate Yers by structuring their work so that it is congruent with their technical prowess. For a start, allow them to communicate with customers via instant messaging, provide training on-demand in multi-media formats, and give them Internet access for research and resources.

Rewards and incentives with immediate payout.
Gen Y are skeptical of long-term commitments from employers. Many younger workers have seen their parents lose jobs to downsizing and outsourcing and this has led to doubts about their own futures. For any reward to work with a Gen Y, it has to be very short term. So instead of an annual review with a huge payout, consider a monthly review with a moderate payout.

Keep them posted
Generation Y has grown accustomed to accessing information instantly through such leading edge technologies as Wi-fi, Ti-Vo, Google, and podcasts. They expect to be in the know and in the know immediately. Give them company information through digital channels and also deliver training in high-tech digital mediums.

Present information/goals in very very small bit-size.
Gen Y work most productively when big tasks are broken down into small steps with goals that are realistic. They respond very well to training programs that allow them to pick and choose the subjects that they need most, especially when those subjects are presented in short, high-impact, media rich formats.

Frequent feedback.
Experts assert that Gen Y are used to reinforcement at a rate that is 50-100 times greater than Boomers. A lot of Yers grew up spending hundreds of hours each year playing video games and these electronic games provided immediate, clear feedback on their performance. In the workplace Generation Y expects supervisors and managers to provide immediate clear feedback frequently and promptly.

Work flexibility.
Gen Y grew up in flexible times and as adolescents they had a lot of say over their world. They want say in everything from benefits to scheduling to the option of telecommuting. Generation Y expects work to accommodate their personal and family life.

Getting involved with Gen Y.
Managing from behind a desk will be most ineffective with Gen Y. They want to see managers roll up their sleeves up and get the feet/hands wet. This keeps management in touch with the challenges their people experience everyday.