Events

Banker Launches Report on Millennial employees. Tasks Leaders on Innovation

  • CIBN auditorium - Lagos
  • February 04, 2019
  • 10:15am
employee-marketplace-27

The CIBN auditorium in Lagos last week played host to Nigerians from all works of life as Mr Nduneche Ezurike, a Marketing Communication professional and employee with one of the leading commercial banks delivered the report of his research report titled: ‘Employee MarketPlace’ a study on employee engagement and workplace innovation in the Millennial age.

The report showed how leaders can take advantage of the creative energies and talents of the millennials to achieve innovation within the organization. The three-part

Presentation include: a video documentary of professional perspectives on employee engagement, theoretical reviews of the subsisting practices of employee engagement as well as quantitative survey report which the convener conducted in partnership with the Chartered Institute of Bankers of Nigeria.(CIBN) titled “The Millennial Voice’

Undertaking a review of the current practice of employee engagement, Mr. Ezurike questioned the practical relevance of some of the existing theories on employee happiness, employee motivation and the Employee Engagement- Profit- Chain.

Citing recent researches in Positive Psychology and Emotionomics, Mr. Ezurike cautioned that organizations seeking to create happy moments and fat pay cheques as a strategy for achieving improved productivity are in for hard times in the era of the millennials. He advised that they should instead pay greater attention to creating enabling environment which harnesses individual talents in the work place. “In the era of innovation, there is little correlation between organizations with the highest wage package and its net productivity’ he declared.

Speaking further on the Employee Marketplace, Nduneche revealed that the Employee Marketplace is an engagement design which seeks to harness employee self-interest to unlock organizational benefits of innovation and business growth. ‘Employee Marketplace” as a management model he continued, provides a new paradigm on multi-teaming, employee self-interest and enterprise innovation. Continuing, he noted that forward-looking organizations must deliberately renew their attention on the traditional three Cs: communication, collaboration and community, stating that since engagement remains essentially an emotional activity involving passion, empathy and creativity, hence efforts to advance digital transformation must first understand employee self- interest and emotional intelligence.

Ezurike later presented ‘The Millennial Voice’, a survey of millennials within the Nigerian banking industry. According to some highlights of the report which was done in partnership with CIBN, 41% of the millennials state that competitive salary will make them put in their best whilst 59% believe that manpower development, reward and recognition will enable them offer their best service. On the operating culture within their organization, 41% of the millennials express dissatisfaction with it whilst 11% express confidence with their corporate culture

The report also showed that 41.4% of banks current employee engagement activities are focused mainly on employee awareness higher than product adoption (20.7%), regulatory information (13.8%), and change management (13.8 %|) respectively.

Later in the presentation, stakeholders representing varied generations bared their minds on the workplace conflict created by intergenerational gaps.

Mr. Biodun Adedipe, the MD/CEO of Abiodun Adedipe and Co commended the research initiative stating that it is one of a unique kind of research; an incisive effort to unravel the seeming mystery of the generation X and their work attitudes.

Femi Awoyemi MD/CEO, Proshare expressed his excitement, stating that ‘the matter which had always been discussed in hushed tones is now brought to the center of agenda’. He notes the role of generation X to be that of supporter, facilitator and mentor to the young generation’ rather than competitor.

Charles Aigbe, President of Association of Corporate Affairs Managers of Banks (ACAMB) lauded the depth of research undertaken by Mr Ezurike noting that it is in line with the association’s current effort to build the capacity of marketing communication professionals in the banking industry

Mr. Michael Ebia a millennial and CEO of Ade Digital confessed he has never witnessed a conversation centered on millennials praised the session as an insightful one. ‘Overall, I now see a wide difference between collaboration and co-operation; I also understand communication more as listening to the millennials.

The term Millennials is usually considered to apply to individuals who reached adulthood around the turn of the 21st century. Millennials are estimated to constitute over 72 per cent of the global workforce by the year 2025, whilst 0ver 50% of employees in the banking sector are estimated to be in the millennial generation.

The initiative according to the convener, Mr Ezurike was designed to arm business leaders with the winning strategies in engaging millennial and Afrilennial employees as well as contribute to the global conversation on the role of millennials in the workplace, especially in mid to large organisations. 

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Banker Launches Report on Millennial employees. Tasks Leaders on Innovation.  

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Self interest

Self interest is an interesting concept here too. Gone are the days when employees are focused only on achieving organizational goals alone. Today’s workplace want to achieve their self interest and at the same time the organizational interest. This buttresses the concept of consumerised employee where employee also sees himself as a customer of the organization and hence deserved to be served like one.

It is getting increasingly impossible to build an organization from the vision of the founder anymore because the millennial employee sees their personal interest as important as the organizational interest. They want to get a lot of benefits that the customers get. If customers are treated like kings, they also want to be treated like king. So we need to look for ways to create excitement within the organization.

In all of this, employee marketplace is saying that if you’re able to build a very unique employee experience, it becomes a template of achieving a very sustainable customer experience.

These and many more we will experience as you journey with us.

Take a seat. 

Brand Communities

Brand Communities is a unique subject that seek to migrate organisations from communities of origin to communities of aspiration. Getting employees to work is not strictly about being able to mobilise them using the platform of religion, ethnicity, cultural ties, etc. We need to find a better way of building a lot of strength around differences to build an organization where individuals are motivated and willing to work.

Reverse Mentoring

Reverse mentoring theoretically sees more of the young people teaching the older people. This is a very effective strategy of managing intergenerational conflict, as well as enables sharing and understanding each other in a very subtle manner. It is a very balanced component of employee marketplace in terms of collaboration.

We will also deal with the Multi teaming concept, which is not just about co-creation but deliberately surrendering what you know to generate a more wholesome outcome. In multi teaming, you’re conscious of the fact that the outcome might not necessarily represent your agenda, a sharp deviation from cooperation where you’re trying to mobilize people around your agenda.

We will also deal with Social Intranet. Most of what we have today are cluttered corporate intranet but now, focus are shifting to social intranet which speaks the lifestyle of the employees within the organization.  

Grapevine Management

is also an important component of communication, surprisingly. Grapevine management is not just rumour as it was previously defined; with the era of viral messaging, soft messaging and alternative facts, the ascendency of grapevine has become so strong and institutions of the future must find structures to be able to harness the grapevine culture.

Under collaboration, we will look at how employee marketplace is beginning to pay attention to how institutions and corporate organizations maximize the value of  

The 3Cs

What are the deliberate and implementable strategies to get the best of out of these talents? This is what the employee marketplace call the 3Cs: communication, collaboration and community.

3Cs helps us understand the fact that employees in the millennial era needs to be addressed and taken seriously, and very differently.

Under Communication, we will focus more on the areas where only few people have given attention. For instance issues like *listening* . Listening is not just an English word as we know it but putting your whole attention in a way that makes the person talking to you very confident that you’re actually giving attention required.

We also have effective communication which is based on feedback. Communication has become so important more than ever before that feedback mechanism are deliberately built into organisational communication models. As we all know it, body language is even more important than what you actually say. 

Innovation for the Future

The organization of the future is not the one that is trying to be productive alone; innovation must be seen as a very pivotal factor for the organization to be perceived as competitive in the nearest future.

So, organisations of the future must understand its talent force because we are in an era where talents are creating a lot of disruptions; the era of internet of things, where you sit in your house and food comes to you, you ride a taxi or even shop globally from your smartphone. So this is the era where things change on the go, and so, organisations should make a lot of investment in understanding its talents force. 

Employee Engagement Vs. Employee Marketplace

Looking at it critically, the major difference between employee engagement and employee marketplace is the fact that we are in the era of the millennial; a unique set of talents that have been largely influenced by innovation, digitisation, revolution in the open economy, globalisation and the talent economy. In Africa, they are called Afrillenials.

What is important here is that the process of trying to harness them for productivity has changed, and there must be a deliberate strategy to do that. Engaging them is not just a correlation of activity or events which virtually leads to an expected conclusion. No. You must strategically activate the process and get the outcome you seek to achieve.

It is like a marketing campaign which is deliberately targeted at an objective. This group of people with their attitudes, attributes, values and expectations are radically different from the traditional era of ‘the humanist’ or the digital migrants. So to motivate and galvanize these sets of individuals, you must be deliberate about it. 

Why Employee Engagement

Human resources as we currently know has a lot of role to play in employee engagement, from the point of attracting employees, to hiring, and re-training such employee. However, what is very important is that in building process of engagement, the HR professional is placing a lot of focus on creating employee happiness, welfare, and building a higher level of remuneration and retention.

Now, the major point of departure where employee marketplace comes is that it recognizes employee engagement as a deliberate design which harnesses employee interest to long organisational benefits of innovation and business value

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