What happens when you bring together a group of Australia’s top business leaders to consider the big issues? Current media headlines would have you think the TPP, China FTA, a lumpy economy, risk, governance, or the AUD would be front of mind.
In fact the headline challenges turn out to be multi-generational workforce management, the link between organisational culture and productivity, immigration, regional development, and security – both information and personal.
Economic growth, fresh political leadership and national security also featured in the discussion hosted by TRANSEARCH International Australia.
Less publicised issues also got a good hearing around the table; the debate from the over 50s corner heated up when the conversation focused on understanding the work expectations of the next generation: “We have a young team in their 20s… they’re so distracted by what’s on their phone!” and “Young women are driven, they are totally underestimated. They’re probably going to shock us all…” (46% of the participants at the TRANSEARCH Boardroom Lunch were women).
Are we too complacent about our security? Cyber security and bio security were perceived to be greater threats for Australia than brutal terrorism. The feeling around the boardroom table was that we are well protected but complacent. Two CEOs with insider knowledge feel that at best we’re well protected, at worst we’re living in a fool’s paradise, blind to the Dark Side. A security expert amongst the group highlighted that executive protection is also soft in Australia: executives could be held for ransom as is common in other parts of the world. There’s also a very fine line between genuine concerns about security and those motivated by pitching fear based on xenophobia and racism.
A stable economic environment may have benefited professionals, but our group was careful to consider opportunities for those who also do a valuable job that is not ‘sexy work’. The truck drivers, process workers and administration employees who will be a necessary part of the future workforce.
Purpose and Meaning is understood to override salary and job titles, and many recognise that people need, regardless of their age “an understanding of where they fit in”. Brand, engagement and corporate culture, were some of the real reasons behind why people do what they do. We talked about creating very good ‘whys’ as a great way of attracting good people and engaging employees, regardless of generation stereotypes. The fact that some younger employees don’t worry so much about risk was also raised as a positive. It allows them to risk exploring new ventures and they are much quicker to recognise opportunities. As one participant said, “What a gift!”
On the subject of risk one executive stated, “I hold traditional values about personal privacy, but my son said to me, ‘technology has made privacy irrelevant.’”
Participants went on to talk about opening our borders and welcoming diversity at the executive table. We cannot underestimate the importance of finding the right immigration solution, they said. We need to consider populating our country with skilled and educated migrants, make resources available and provide humanitarian support to displaced refugees.
Focusing on regional centres, education was raised as a way of supporting regional growth. “Successful cities are diverse, safe educational centres. Education is something Australia does well,” it was said. Success stories, such as Deakin in Geelong and Monash in Bendigo mean more young people are making lifestyle choices to leave the big cities, or not to leave regional areas for the city.
In support of our bright young stars in Australia, we heard from one executive who was mentoring MBA students. These start-ups with their own businesses don’t have a lot of capital, but they are positive and have great ideas. Raising capital has been a problem, so where is the connection between entrepreneurs and investors? Some thought we need a Silicon Valley in Australia. All agreed employment growth will come from these new businesses, from those people who want to have a go. If we don’t support them, they will go abroad to places like the USA to get a break.
If you had any preconceptions about what’s been on the minds of our senior executives, I’m pleased to report it isn’t all negative. They do seem to be getting some sleep.