The Asian financial services industry face the risk of losing 50,000 workforce in the next 10 years if it cannot address the issue of generational gap in the industry, according to Asian Institute of Finance (AIF) CEO Dr Raymond Madden.
He said the challenges in the case of generational gap include the issue on attracting and also retaining some of the best people in the financial services industry.
“People come from a diverse range of backgrounds and the whole question is how the industry attracts the very best people. When they are inside the industry, then there are issues around younger people, the Generation Y (Gen Y). The issues include their aspiration, their needs, the areas that they want to develop, and then the bigger aspirations of the companies or their managers which may be different.
“That is why you see the different generational gap but it is actually purely a mixture of different ages working in a corporate environment. It is a very real and serious problem that we should get this right, which is why we are organising the AIF International Symposium 2013,” he told The Malaysian Reserve in an interview in Kuala Lumpur yesterday.
The AIF International Symposium 2013, to be held on Aug 23 and Aug 24, 2013, at Sasana Kijang, Kuala Lumpur, will focus on the global trends and challenges that are shaping the workforce strategies in today’s fast-changing business environment.
Dr Madden said AIF will be bringing in a wide variety of business leaders as speakers at the two-day event which include AirAsia X Bhd CEO, Azran Osman-Rani, CIMB Islamic Bank Bhd advisor Datuk Noripah Kamso, Nikko Asset Management chairman Takumi Shibata and The Global University of Islamic Finance president and CEO Daud Vicary.
“Some of the issues that we are going to highlight at the symposium are the issues of gender diversity, succession planning, how organisations engage, empower and enrich their workforce and the talent ecosystem as a whole. We are also going to look at traditional things such as learning and development.
“We have a very different business context and basically we want to hear what are the experience of the same issue across different markets. We try to be innovative by bringing in the Gen Y to the symposium,” he said.
Dr Madden is also the chief editor of AIF Asian Link which is published quarterly. Asian Link is the official publication of AIF that highlights on the latest thinking and cutting edge ideas relating to the financial services industry.
Dr Madden added that as people are very mobile nowadays, conventional organisations are sometimes too restrictive for the young bright people coming in.
“So it is an opportunity and chance to develop them along the line of their aspirations. The Gen Y prefers to be given a stretch. They like to be given assignments, to be recognised and to be given a career development path,” Dr Madden said.
AIF, established by Bank Negara Malaysia and the Securities Commission in 2009, focuses on developing human capital across the financial services industry in Asia. The institute is mandated to lead capacity building and standards setting for the financial services industry.