20 WAIKATO BUSINESS NEWS <strong>August</strong>/<strong>September</strong> <strong>2021</strong> CONFERENCE AND EVENTS FROM SMALL FAMILY GET-TOGETHERS TO LARGE FUNCTIONS WE'VE GOT YOU COVERED Let ’s talk!
WAIKATO BUSINESS NEWS <strong>August</strong>/<strong>September</strong> <strong>2021</strong> 21 What your youngest employees need PEOPLE AND CULTURE > BY SENGA ALLEN Managing Director, Everest – All about people TM www.everestpeople.co.nz For those unfamiliar with the term Gen Z (Generation Z) these are your youngest employees, born between 1997 and 2012. I bet our current millennials (b. 1980-1994) are feeling a tad old by that stat!! Before we launch into what Gen Z needs in the workplace – just a few fun facts for you. The average Gen Zer received their first mobile phone at age 10.3 years. Many of them have grown up playing with their parents’ mobile phones or tablets. They have grown up in a hyper-connected world and the smartphone is their preferred method of communication. On average, they spend 3 hours a day (pfff I think it’s more than that!) on their mobile device. Members of the Gen Z were just beginning their career journeys when we went into lockdown last year – and those in school were suddenly confined to their homes. Collectively this group is experiencing the greatest national trauma since the Great Depression and World War II. Ultimately, workplaces need to be equipped to move forward and thrive and employers will need to address the fallout resulting from Covid on their youngest, and future employees. How can we support Gen Z employees? Workplace culture is hugely important to Generation Z employees as they care less about the brand or reputation of a business, and more about a sense of community and wellbeing (things like paid time off and a focus on healthier lifestyles and mental health). They feel highly connected to social issues and want to make a difference in their jobs, as opposed to climbing the corporate ladder. In fact, 30% of Gen Z employees would take a pay cut to work for a cause they care about, craving in-person connection and wanting to feel they belong. With all that in mind, Gen Z employees are entering a very uncertain time in the workplace, and so to attract and engage them, businesses must connect their work to purpose, practice modern leadership, and focus on wellbeing. They must also train leaders on modern leadership skills like mentorship, coaching and teaching, as well as having a robust recognition programme. Stress management. For more than a decade, researchers have noted an alarming trend: Gen Z reports higher levels of anxiety and depression than other generations. Studies also tell us that childhood exposure to significant stress can impact brain development and affect mental and social development. If Gen Z’s baseline already shows high levels of stress, what will the impacts of this pandemic be when it comes to their work and careers? Many companies are unaware that unaddressed employee and anxiety can result in higher levels of absenteeism, turnover, and lowered productivity. For Gen Zers many started their career with higher levels of anxiety exacerbated by Covid and business owners should be acutely aware of what impact that may on their business. Emotional intelligence. Research tells us that emotional intelligence; consisting of self-awareness, self-regulation, motivation, empathy, and social skills, is a critical element of effective leadership — and can be taught and learned. In having to cope with a lockdown life at such a young age, many Gen Zers have experienced a massive interruption in their ability to discover what motivates and fulfils them. Because of this, they’ll need more time in their young adult years to undertake this self-exploration. You might consider helping to fill this gap by offering training that helps build emotional intelligence from the outset of their careers -not once they hit 30. Employers will benefit from Gen Z’s entering the workplace with a greater level of empathy and adaptability, qualities that are critical components of emotional intelligence. Right now, businesses have a great opportunity to help Gen Zers become authentic and inspirational leaders. Having been tested at a very young age, they will bring a special blend of resiliency and humanity to the workplace. Just what we all need in our Covid ridden world. Five pillars to connect with your digital customer TAXATION AND THE LAW > BY HAYDEN FARROW Hayden Farrow is a PwC Partner based in the <strong>Waikato</strong> office. Email: hayden.d.farrow@pwc.com The speed of technological change is both an opportunity and a challenge for businesses. Customers experience your company through products and services and this, combined with a constantly evolving digital landscape, has had a dramatic impact on the way businesses need to approach digital transformation. Adapting to the expectations of the digital customer (individual, enterprise, vendor, partner, and distributor) is crucial to success. Most organisations have already digitised to some degree and are seeing productivity gains as a result. In the PwC <strong>2021</strong> CEO surveys, 81% plan to increase long-term investment much more that can be done. in digital transformation initiatives over the next three years as a result of COVID-19. Here in New Zealand, we see this challenge first hand. Many big box retailers can operate online at different levels of lockdown, however the ability to execute the endto-end sale and delivery of the goods is challenged by a non-digital supply chain. This leads to higher overheads and brand challenges when they are unable to fulfill and deliver on an order. <strong>Business</strong>es need to have digitisation across their endto-end process. Having a website can be a start of a digital journey, but it’s only a channel and a window into your organisation. It’s the whole backend solution that’s important to truly understand and get right. Here we look at the five key pillars essential to connect with the digital customer. Evolve your business - form and implement a digital strategy that aims to connect with customers and ensures a positive, dynamic customer experience. Focus on customer experience design, multichannel integration and streamlining operations. Create new value - generate innovative ideas from within the business and priortise the fast identification of products. Test these in the market and use feedback to improve the product, mitigate brand or operational risk, and to identify new revenue streams. Protect - with the increased reliance on digital assets, ensure that you protect your business and reduce the risks associated with online security and cyber crime. Consider performing compliance assessments, security assessments and developing risk mitigation and breach response plans. Accelerate - leverage cloud infrastructure and mobile, social and web solutions to streamline operations and processes. For example, low code automation tools require very little coding knowledge and enable a business to develop customised applications. Know your customers - use available customer data to understand your customers’ expectations. You can use this to formulate a digital strategy that connects with the customer. This isn’t a set and forget though, feedback should be used to ensure continuous improvement. Change is expensive and a full systems pivot may not be an option. Start with a balanced approach that addresses shortterm pain points and plans for long-term digitisation strategies. For example, leveraging low code automation tools can Th be an effective way to alleviate immediate inefficiencies, while the business can perform systems reviews and consider next steps in the implementation of change. You cannot transform a business through technology alone, and neglecting the needs of people is often the single source of failure for technology transformations. Keeping your people and your customers at the heart of everything you do, will enable you to successfully embark on your digital transformation journey. The comments in this article are of a general nature and should not be relied on for specific cases. e rapidly evolving digital customer Having a website can be a start of a digital journey, but it’s only a channel and a window into your organisation. It’s the whole backend solution that’s important to truly understand and get right.