Cape Talk – Our CEO comments on PwC’s NextGen Study

February 4, 2017
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In a recent interview on Cape Talk, our CEO, Ryan Ravens commented on PwC’s NextGen study. Technology is evolving rapidly, disrupting industries and introducing new ways of working. It is impacting on business models, revolutionising business processes, and allowing businesses to make informed decisions by tracking and responding to real-time data. Employees now use multiple devices and access corporate information from remote locations, causing concerns about cybersecurity. A new breed of employee has also entered the workforce i.e. the digital native, meaning workforces are multi-generational and one-size-fits-all HR models are no longer suitable.

Businesses need to adopt progressive technologies to transform their organisations and attract the right employees. However, digital planning needs to be an integral part of an organisation’s strategy and should be led from the top. By adopting design thinking, both within the organisation and externally, organisations should look at what devices and technologies are required to perform jobs more efficiently, how these devices connect to your network and mobilise your ERP systems. Globally, the security issues are less about managing the devices, but rather the apps which can be controlled remotely.

Workplaces are now made up of three generations: Baby Boomers at 21%, Generation X (born from 1965) at 29%, Generation Y (or Millennials born from 1980) at 45% with Generation Z starting to enter the workforce (born from 1994). These generations have different motivations and values relating to work, which requires greater understanding and communication. Millennials, who will make up 50% of the workforce by 2020, value job satisfaction, training and personal development above financial rewards, but can appear to be less loyal and more self-focused. Dealing with a multi-generational workforce requires breaking down the stereotypes and encouraging discussion.

The PwC survey also shows that businesses understand the need to innovate, which means adopting different approaches in order to encourage smart thinking. With automation and robots being future disruptive business trends, businesses also need to factor in which jobs robots and artificial intelligence are going to take over as part of their strategies. Interestingly for PwC, one of the highest likely skills to be automated is accounting – the question is, which people skills do you require to support this transformation?

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