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to take this industry to the next level and
maybe newer technology will automate
the process more down the road.
TORNOW: Regions hires an analyst pool
every year, which is primarily made up
of Millennials, so they are becoming a
bigger percentage of Regions’ employee
base. I think the key for Millennials
is retention. I heard a statistic that
60 percent of Millennials leave their
company in less than three years and so,
as an employer, you need to be aware of
that trend. Like all employees, Millennials are interested in jobs that will train
them and improve their skills. They want
to know how their job matters to the
overall organization and that you are
providing them with the tools that they
need to be successful. They’re looking
for constant active feedback.
Millennials are also important customers of the bank and, as a customer group,
Millennials want to do much more online.
They go to their mobile app and want to
be able to take a picture of their check
and have it deposited. Everything needs
to happen right away. Therefore, larger
banks like Regions have an advantage in
meeting the needs of Millennials in that
we can afford to make the investment
that it takes to stay current on systems to
meet Millennials’ needs.
DEPLEDGE: Citi definitely embraces
cutting-edge changes. In business if you
cannot adapt, you will become extinct.
Not only can we adapt, but we can also
mold some of that change. Each year
we hire groups of new employees out of
undergraduate and graduate programs
to join our organization. We’re very fortu-
nate to have highly motivated, intelligent
and technologically savvy individuals
help us run our business better. I see
many aspects where the younger genera-
tion is enhancing business practices. It’s
With the commencement of the CFA
40 Under 40 Awards recognition program,
our industry is making a concerted effort
to make sure there is continued talent
development for all levels of employees.
The next wave of leaders in the asset-based industry is right down the hall
from all of us.
PHILBRICK: We have a whole generation
of people who work in our industry who
have never experienced high interest
rates, let alone rising interest rates. If
you joined the workforce in ’07, all you’ve
experienced is a steady decline in rates.
When I started working during the early
‘80s, we had double-digit interest rates.
It’s up to people like us to educate our
workforce to make sure they’re ready
When I think about this generation,
I have incredibly high expectations
concerning the positive impact they’re
going to have on the workplace, and I
think in the economy in general. They
are interested in teamwork and being
collaborative, whether it is in the learning
environment or the work environment.
There is a real focus I find with them
around creativity and thinking about new
ways to do things and challenging the
status quo. They’re really going to have a
positive impact in terms of what they can
do in the workforce.
I think the other thing that gives them
that ability to take that path is technology. When I think about their expectations of the workplace, they’re looking
for a very flexible work environment and
they’re really looking at not so much
work/life balance, but they’re really looking at work/life integration. With technology, everyone can be far more flexible in
terms of where they are, how they work,
what their daily workday looks like, and
where it is.
In terms of the middle companies and
the asset-based lending market, I view
this as the cornerstone of our industry
in terms of the value we bring to the
marketplace. Certainly all the headlines
get garnered by the large deals, the billion dollar-plus executions or the big M&A
transaction, but the sole-lender deal supporting the needs of the middle-market
is really the foundation of our business
and I know it’s the foundation of the ABL
industry in general.
Despite the sluggish economy, the
remainder of 2016 and coming year for
asset-based lenders in the middle-market
space looks to be filled with continuous
innovation to face any obstacles that will
come their way. TSL
Eileen Wubbe is senior editor of The Secured
We;have;a;whole;generation;of;people;who;work;in;our industry;who;have;never;experienced;high;interest;rates, let;alone;rising;interest;rates.;If;you;joined;the;workforce in;’07,;all;you’ve;experienced;is;a;steady;decline;in;rates. When;I;started;working;during;the;early;‘80s,;we;had ouble-digit;interest;rates.;It’s;up;to;people;like;us;to educate;our;workforce;to;make;sure;they’re;ready;for;it.