5 Ways The Gen X Executive Mindset Is Changing Retail Banking
The office of Raymond Chun, the Senior Vice President Pacific vicinity for TD Canada Trust is open, and bright, much like the occupant. Fresh faced at forty Chun represents the new copy of executive that is influencing a new way to think, rule and a new way to do business.
I had the privilege of interviewing Mr. Chun on the future of the financial industry and discovered that the success of the BC vicinity is directly related to the leadership from the top. Here are the 5 ways Gen X Executive mindset is changing the workplace:
1. Gen X Respects Value of Experience
When asked about TD Canada Trusts current demographic of its executive leadership Chun explained that right now there are an increasing number of executives in the Gen X range (30’s to mid 40’s) and then there is a large number towards their mid to late 50’s. He went on to explain further that he does believe that TD Canada Trust, like other organizations will experience an increase in the number of Executives and Managers that could potentially retire in the next 5 years. However one idea that they are working on to further include the large pool of experienced leaders is the concept of ‘gradual retirement’ versus traditional retirement models.
Chun gave the examples of leaders that have retired and then been rehired as part time or project based consultants. This benefits the employer and also allows the retired Baby Boomer to work on identify projects and then be able to take time off for extended periods.
2. Gen X Willing to Shake Up The Existing position Quo
TD Canada Trust is very focused on the customer and Raymond pointed out that their move to being open on Sundays is a clear sign that they do not to pay attention to the 9:00 to 5:00 form that has been so common in banking.
Competitors of TD Canada Trust may criticize the move to open on Sundays and call it a scheduling nightmare but Chun sees it as a competitive advantage not only from the customer’s point of view but also from a scheduling point of view. He would argue that scheduling part-time work to adjust to Sundays attracts higher quality talent and creates a greater value proposition for employees in regards to scheduling their life around work.
3. Gen X Focused on Recruiting Top Talent
Raymond Chun is so energized about TD Canada Trust and his role as Senior VP that his excitement is contagious. He thoroughly believes in the direction of the company and credits the TD culture, values and commitment to creating an extraordinary place to work as the keys to why TD Canada Trust has become a Top 50 Employer of Choice in Canada. Chun stated that in the next few weeks he will be speaking to University groups to talk about TD Canada Trust as an employer and why highly talented Gen Y’s want to come and work for them and tend to stick around. He proudly states that TD Canada Trust attracts top performing students and feels that the schedule form fits the Gen Y sensibilities very well. He gets that Gen Y’s are eager to learn and move around in addition as have control over their schedules and TD Canada Trust provides all of this and more. With the 8:00 am to 8:00 pm banking hours plus being open 7 days a week it is possible to fit almost any individual schedule of an employee to suit his or her lifestyle.
4. Gen X Believes They Must form Work-Life Balance
When I asked Raymond about his own work life balance he mentioned that he has a young family with two small children and he and his wife relocated to Vancouver from Toronto three years ago. When he and his wife made the decision to move to Vancouver they both also decided to focus on ‘living’ and ‘immersing’ themselves into the city instead of believe they were only here temporarily.
Chun says that when he is at work – work gets his attention and he has ‘given over’ his weekends to his wife. She gets to schedule their weekends and she is in charge- in other words the family gets his complete attention. He credits his ability to balance family time and work time to advice he received from his mentor in Toronto who had told him to ‘give his weekends’ to his wife. Raymond says she is a very wise mentor!
With a smile, Chun goes on to say that he must behave in a way that models work and life balance to his team- something he says that the complete executive team in the vicinity does well.
5. Gen X Confident that Future Will Be a Part-Time Workplace
While other banking organizations continue to follow the standard 9 to 5 form Raymond Chun believes that the workplace of the future will be one that will need to embrace and leverage part-time work. He states that in the future there will be much more need and need for part-time work.
According to my research Raymond is right on the money with part-time work alluring to Gen X and Y and as an option for Boomers not quite ready to fully retire.
The part-time workplace allows workers of any demographic to choose to work for one employer or as may Gen Y’s do, choose to work for two to three employers.
The world is changing at such a rapid speed now that the form of finding one employer and staying there for a decade is not as palatable to a global minded and change seeking Gen X or Y. The assistance to the Boomer is that they now have more options than ever before to nevertheless work and contribute in addition as to have a life and enjoy extended periods of time away from work.
In the work world the two generations that get the most ‘air time’ are the Boomers and Gen Y. Often Gen X gets left out because they are the ‘squeezed’ generation between the two largest demographic groups the Boomers and Gen Y.
What cannot be ignored is the drastic ways in which Gen X leaders and their counterparts see the world and the ideas and solutions they bring to the table that inevitably will assistance all of us in spite of of our generation. Raymond Chun is a visionary Gen X who along with his TD Canada Trust counterparts is proving to be a major influence on the changes happening in retail banking.