Baby Boomers and Gen X still make up the bulk of the workforce (54.5%), but Millennials and Gen Z aren’t far behind. In fact, experts predict Gen Z alone will make up 30% of the workforce by 2030. While generational differences are often overblown, experienced managers like Justin Nelson, Managing Director and Head of the Asset Management and Financial Principals Coverage Team for J.P. Morgan Private Bank in Connecticut, take a different approach.
Nelson believes it’s time for leaders to accommodate the preferences of young workers — or risk losing them altogether. Millennial and Gen Z workers are digital natives with different working styles and preferences than any preceding generation. For Justin Nelson, effective leadership means recognizing and adapting to these generational shifts to attract the workforce of tomorrow. With decades of experience managing a diverse team of twenty, Nelson has a unique perspective on bridging generational divides in finance departments.
Flexibility and Individual Focus
Managers can’t be as inflexible about management as they were in decades past. Millennials, for example, often value experiential work and seek greater work-life balance. Meanwhile, Gen Z prioritizes happiness and purpose, often challenging traditional workplace norms and placing less importance on in-office presence. Research by Statista shows that 44% of Gen Z workers believe it’s crucial to put their needs above their employers. “Millennials and Gen Z want different things from their workplace experience and careers and we need to adapt,” Nelson notes.
In practice, this shift means offering hybrid or remote work options as well as flexible schedules. What matters most, according to Nelson, is that managers fulfill the needs of their employees, even if it means upending tradition or the status quo.
Justin Nelson Redefines Hiring
Millennials and Gen Z don’t follow the typical patterns associated with success in the financial industry. Many managers in the finance sector struggled with this change, but Justin Nelson’s multidisciplinary background made it easy to embrace more nuanced ways of hiring. “We care less about what your major is and more about what drives your interest in finance,” he explains. “Most of what you need to know is taught on the job”
Mentorship and Inclusion Matter — A Lot
It’s no secret that talent gaps are already creating problems in the finance industry. Many employers bemoan the challenges of training a less-prepared workforce to fill in these gaps. That’s why Justin Nelson encourages leaders to take a more active role in preparing the younger generations for success in the field.
For Nelson, that means returning to his alma mater, Tufts University, to share his experiences with students interested in finance. As a Tufts University graduate who took an unconventional path to a career in finance, he actively supports students through recruiting initiatives and mentorship. His work with Tufts fostered a new generation of finance graduates, ensuring they have the tools and connections necessary to succeed.
Justin Nelson’s mentorships might be a drop in the bucket in terms of solving the skills gap. However, when more finance leaders take on these roles, more Millennial and Gen Z employees will benefit from their wisdom.
Laying The Groundwork For Gen Z
Not all managers welcome the changing tides of business and finance as we know it, but Justin Nelson believes these are welcome changes. Instead of insisting on doing things the old-fashioned way, Nelson argues that it’s time for leaders to embrace better ways of working that attract and retain more young workers. By acknowledging generational differences, maintaining flexibility, and fostering an inclusive workplace culture, organizations can better meet the needs of both Millennials and Gen Z employees.
