4. Page 4
Agenda
► Digital disruption: An introduction
► Digital disruption in business: The
wealth management industry
► Digital disruption and EY: What can
be done
► Conclusion
Digital disruption
5. Page 5
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
6. Page 6
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
7. Page 7
Digital disruption in business
The 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
8. Page 8
Digital disruption in business
The wealth management industry
► 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
9. Page 9
Digital disruption in business
The wealth management industry
Estimated market share of digital wealth firms is 0.01%
of the $33 trillion industry
Digital disruption
100% =
$33 trillion
Digital
wealth
firms
10. Page 10
Digital disruption and EY
What 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
11. Page 11
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
13. How does the ‘Workplace
of the Future’ affect EY’s
People Agenda?
Team LegacEY
14. Page 15
► ‘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
15. Page 16
Technology
How does the Workplace of the Future impact EY's People Agenda
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?
16. Page 17
Technology
Issues
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
How does the Workplace of the Future impact EY's People Agenda
17. Page 18 How does the Workplace of the Future impact EY's People Agenda
► 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
Q Should EY’s Workplace of the Future provide greater flexibility
for its people?
18. Page 19
Flexibility
Issues 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
How does the Workplace of the Future impact EY's People Agenda
19. Page 20
Changing workforce
The generations
How does the Workplace of the Future impact EY's People Agenda
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
20. Page 21
Changing workforce
Issues
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
How does the Workplace of the Future impact EY's People Agenda
21. Page 22
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
How does the Workplace of the Future impact EY's People Agenda
22. Page 23 How does the Workplace of the Future impact EY's People Agenda
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
23. Page 24 How does the Workplace of the Future impact EY's People Agenda
Conclusion
“Things change all the time, but
your organisation’s purpose
transcends any individual product
or service.”
Mark Weinberger
EY Global Chairman and CEO
