A new normal brings new challenges
For a multitude of reasons, normality is being redefined.
There has been a seismic shift in generational values and needs, a global pandemic with unprecedented responses, and several political shockwaves in a relatively short amount of time.
What this means for CFOs and hiring managers is a new way of thinking about their ‘employees to be’ and what they really want.
Neil Morley, CFO at Handley House, offered his insights into the best ways to deal with these new challenges.
The generation game
Neil asked whether the Covid-19 pandemic has brought about real change or simply accelerated the change that had already begun.
With the latest generation of workers being primarily Generation Z and Millennials, understanding their needs may help elucidate some of the new considerations employers need to be aware of.
| Born | Age today | |
| Alpha Generation | 2011-2025 | 0-10 |
| Generation Z | 2000-2010 | 11-21 |
| Millennials | 1977-1999 | 22-44 |
| Generation X | 1966-1977 | 45-55 |
| Baby Boomers | 1946-1965 | 56-75 |
| Silent Generation | Pre 1945 | Over 76 |
The key factors shaping and defining each generation are technology, economics, and parenting.
Those holding the majority of CFO roles and making hiring decisions fall within the Generation X and Baby Boomers categories.
Neil explained how those two groups are known as being the best workers having accepted that a work/life balance has to be juggled often in favour of work, with a real emphasis on a career path.
However, both generations can be:
- Resistant to change
- Challenged by new technology
- Easily dissatisfied but renowned for keeping issues to themselves
Millennials have undergone many analyses attempting to define this elusive and mysterious group, with consensus being that they are unique within the workforce.
| Positives | Challenges |
| Passion for learning | Nomadic |
| Free-thinking and creative | Impatient, result-oriented |
| Financially astute | Disregard traditional ‘career pathway’ |
| Technologically competent | Values meaningful motivation |
| Openly receptive to feedback and recognition | Needs transparency |
| Confident in own abilities | Conscious capitalists |
This generation’s so-called ‘black swan’ events are considered to be 9/11 and the 2008 global financial crisis.
Generation Z differ from Millennials in a few key ways, with a further emphasis on technology. Namely, they have essentially never been without it in every aspect of their lives.
| Positives | Challenges |
| At ease with multi-tasking | Low loyalty, transactional |
| Diversity is a non-issue | Work/life balance is key in the broadest sense |
| Natural entrepreneurs, everything is a click away | Company has to be authentic |
| Truly digital generation | Reliant on social media as a necessity |
| Highly communicative | Always seeking a new challenge |
| Cautious and pessimistic |
The black swan event for ‘Gen Z’ is still ongoing, Covid-19.
When it comes to recruiting talent, previous philosophies would have dictated that recruiting and retaining is the best way to go. With the new workforce dynamics, it may become a case of recruiting and recruiting again.
Working life after Covid-19
Companies of all sizes, as well as governments, appear split on the correct way to go about the ‘return to the office.’
Even the language has been disputed, with some taking issue with the phrase ‘return to work’ as it implies they haven’t been working for the best part of two years simply because they weren’t in the office.
PwC told their staff to split their hours after the pandemic between the office and home as they see fit, with half days on Fridays throughout the summer months.
Accountancy firm BDO told employees to work wherever they want once Covid-19 is over, with a range of companies across multiple industries also taking this line.
However, UK ministers recently rejected a ‘right to work from home’ post-pandemic, balancing their decision with the idea that flexibility should still be offered.
For many, the work/life balance has been enhanced by the pandemic. In one recent survey, over 95% of workers say they want the flexibility to remain.
However for this to happen, leadership teams have to be clear what hard work is and what teams will look like in this new future.
Some employees are looking to ‘lock in’ the benefits that have arisen during the working from home era, shunning the conditions they previously had readily accepted.
Finding the balance between employee happiness and maintaining productive growth is a fine line for the C-suite to tread.
CFOs act as leaders, operators, scorekeepers, and strategists. Their greatest strength now has to be as listeners.
Securing emotional investment from employees is going to be as important as financial investment from clients, as high staff turnover with even higher new starter demands is a recipe for disaster.
Focusing on making employees feel valued and heard is set to reap greater rewards than ever before, and with the bottom line being to maximize output and results, it has to be the way to go.
