Posted September 28, 2017 by Julia Binder
New roles in marketing are harbingers of significant changes we believe the industry can expect to see in the asset management workforce over the next few years. SEO specialists, UX designers, data artists, and social community managers are just a few of the part-time functions that have morphed into full-time jobs as marketing becomes more digital and experiential to address customer demand.
These new roles are increasingly filled by younger employees with specific skill sets developed during internships and first jobs in other industries. Their expectations for work-life balance, performance management, and career development are very different from those of previous generations. Managers and executives need to adapt their recruiting and management practices to integrate these young employees into the workforces of the future.
The sharing economy of Airbnb, Uber, and TaskRabbit has found its way into the workforce with job-sharing, freelancing, and project-based work playing growing roles as work becomes portable and workers mobile. Work-life balance is also taking on new facets with employees expecting more time away from work for family, volunteering, and vacation in return for comparatively lower salaries and untraditional career paths.
“Home” is a mobile concept, too. A conversation with a fellow concert-goer in Barcelona who works in video production illustrated that: my new 30-something friend spends part of the year in Bogota (where he was born), another part in Stockholm (where he grew up), and another in Barcelona (because he loves it there). His employer doesn’t care where he is located as long as he is accessible, responsive, and delivers quality work on time. Asset management marketing executives need to adapt their expectations and reimagine their teams as a blend of full-time and project-based, office-based and virtual, flex-time, and telecommuting.
Blended workforces require new communication options that replace physical meetings with virtual collaborative spaces. Enterprise collaboration technology is an essential investment and its use has to be mandated from the top and integrated throughout the distributed organization. The best solutions include social features showing who is online, display what updates have been liked and shared, and enable idea-sharing and collaboration across functional and business lines in order to foster business growth and innovation. Enterprise collaboration also introduces a level of transparency into the organization that younger employees especially expect and value. They want to feel like they are part of the company fabric and mission.
Digital natives have grown up with social and learning skills very different from previous generations. Nourished on video games, Google, and Wikipedia, their deep immersion in digital experience, reliance on online social community resources, and expectations for quick skill mastery and frequent rewards are different from the experiences of previous generations. This has implications for enterprise talent management (in-house and virtual) as well as performance reviews (frequent, if not instant, feedback instead of annual reviews).
Leading firms are not only adapting to the different expectations of their younger employees, but also actively nurturing their ability to teach and lead in their areas of expertise. These firms are investing in the skills they know they will need to compete in the coming world of intelligent machines and the industrial internet of things.
categories: big data, branding, industry trends, marketing strategy, millennials, social media
The views expressed in this publication are solely those of the author and do not necessarily reflect the position or policy of DST Systems, Inc. or its affiliates, subsidiaries, joint ventures, officers, directors, or management.