EY SIP Business Challenge Presentation - Team LegacEY

Team LegacEY

Business Challenge Final

18 August 2016

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Digital Disruption

Team LegacEY

Agenda

► Digital disruption: An introduction

► Digital disruption in business: The

wealth management industry

► Digital disruption and EY: What can

be done

► Conclusion

Digital disruption

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

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

Digital disruption in businessThe 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


► 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


Estimated market share of digital wealth firms is 0.01%

of the $33 trillion industry

Digital disruption

100% =

$33 trillion

Digital

wealth

firms

Digital disruption and EYWhat 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

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

Conclusion

“Disrupt yourself before you’re

disrupted from the outside”

– Mark Weinberger, EY Global

Chairman and CEO

Digital disruption

How does the ‘Workplace of the Future’ affect EY’s People Agenda?

Team LegacEY

► ‘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

Technology


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?

TechnologyIssues

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



► 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

QShould EY’s Workplace of the Future provide greater flexibility

for its people?

FlexibilityIssues 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


Changing workforceThe generations


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

Changing workforceIssues

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


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



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


Conclusion

“Things change all the time, but

your organisation’s purpose

transcends any individual product

or service.”

Mark Weinberger

EY Global Chairman and CEO

EY SIP Business Challenge Presentation - Team LegacEY

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