9th European Financial Congress

Sopot, 3-5 June 2019

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25-06-2018

Summary of the plenary debate "The fight for talents. Ageing societies, Millennials, the start-up era and low unemployment rate"

Human capital must be well managed.
 
On 18 June 2018, which was the first day of the Congress, a plenary debate was held entitled “The fight for talents. Ageing societies, Millennials, the start-up era and low unemployment rate.”
 
The debate was hosted by Bank Pekao S.A. in partnership with EY. Roksana Ciurysek-Gedir, Vice-President of the Management Board of Bank Pekao S.A., made introductory remarks regarding the debate’s topics.  
 
The debate participants included: Katarzyna Godlewska, co-founder and member of the Management Board of the Absolvent Group, Michał Grzybowski, EY Partner and People Advisory Services Team Leader, Lutfey Siddiqi, Professor at the London School of Economics and National University of Singapore and Sebastian Skuza, Sub-secretary of State at the Ministry of Science and Higher Education.
 
The participants attempted to answer key questions regarding the role of humans in the contemporary automated world. Will artificial intelligence, technological progress and automation result in job losses? If yes, to what degree will the labor market change and how can society get ready for such scenario? The role of the Millenials in contemporary models of corporate management and motivating them to perform at work were important issues discussed during the debate. The debate was preceded by a video material documenting recruitment which showed how generation gap can become an effective barrier preventing mutual understanding and communication. That job interview did not go well.
 
As Roksana Ciurysek-Gedir stated opening the debate, human capital should be managed wisely and innovations and talents will be key to success. At present, companies must get adjusted to employees and not the other way round. Referring to recruitment procedures, Katarzyna Godlewska stated that the Millennials must feel that they continuously develop. It is in their DNA to keep searching for shortcuts and new solutions. However, they need a leader of their organization. Numerous management boards and senior managers have been affected by cultural and generational changes. 
 
On the other hand, Michał Grzybowski pointed out three aspects pertaining to young people which should be remembered: motivation or personal growth, flexibility or the choice of a manner, place and time of work and empowerment or being co-responsible for the company’s business growth.
 
Then discussion moved on to education and artificial intelligence. How to educate people, how does artificial intelligence affect the labor market? Sebastian Skuza concluded that there are still many unknowns as regards the degree to which artificial intelligence will replace humans in the future. He mentioned jobs and significant funds spent on research both in the EU and, e.g. China. He is of the opinion that IT education has been developing dynamically at schools and colleges/universities (including those focusing on liberal arts). Roksana Ciurysek-Gedir expressed her the opinion that fields such as banking and arts or musicology will more and more often blend. Guests stressed that there is no future without education and that science must remain the foundation for development.
 
Another issue discussed was 50+ citizens as they are an invaluable group. They are perceived as reliable and loyal to employers, which may not be so obvious in the case of younger people. However, based on research, until 2020 the Millennials will have accounted for 75% of the workforce. The generation change is unavoidable. It is important, on the one hand, to take advantage of the potential that those young people have, and on the other hand, to remember about the experienced older people.