Wanted: strong leaders
New research has shown that over the last decade many Australian organisations have not invested in developing the management and leadership capabilities of their younger staff.
With Australia in the midst of a skills shortage, employers need to focus on developing leadership, coaching or mentoring programs to attract and maintain good staff, said Fund Executive Association (FEAL) chief executive officer Michael Baldwin.
“It is imperative that fund executives understand that the workplace has significantly changed,” he said.
“Employees are not just interested in earning money, they want to be motivated by inspiring leaders and to be challenged in an environment that supports creativity and innovation.”
Leadership consultant Avril Henry said it was ironic that leadership was not being properly invested in, since “strong leadership is the number one motivator for the two youngest generations in the workforce … who make up 60 per cent of the workforce”.
The research showed that the majority of board and senior executive positions in Australia are veterans or baby boomers.
According to Henry, this group often have a different understanding of what motivates younger employees.
“As employers, baby boomers need to understand how to recruit and retain good people,” she said.
“These days, managers need to take a collaborative approach if they are to win the war on resourcing — it’s an investment into the future.”
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
