Being raised during a time of massive technological growth and an awareness of our natural degradation and climate crisis - the under-40s have a unique worldview. Photo / 123RF
OPINION:
Did you know more than half the globe's population is under 40? We are a young world and in Aotearoa, this generation is bursting with talent, eager to address intergenerational issues such as climate change, biodiversity loss, sexism and systematic racism.
I am one of this group and I can assure you we are not looking for tokenism, publicity or empty promises. We are seeking paradigm shifts and systemic changes because we are the ones with the most to lose if we continue the way we are going. Business as usual simply doesn't cut it when we are faced with issues that threaten not only our future but our very existence.
Yet my cohort is hugely underrepresented in the decision-making process, in strategic conversations and in governance circles. It is an almost inconceivable imbalance that leaves Aotearoa unable to reach its full potential.
We need to think differently. From here on in, we need more bold, brave, and energetic thinkers, thinkers who are not already a product of the status quo. We need them in the room if we are going to adapt in time to deliver the outcomes that are urgently required.
We need to change the way we act, but we also need to change the way we make decisions on how we act. We need to change the way we approach governance and leadership to ensure we are prioritising sustainability and we need to recognise how short-term our thinking has been to date. We need to transition to an intergenerational approach to the way we think about the future, and we need to do it now.
Taking an intergenerational approach requires long-term thinking. It's not about creating five-year strategies, rather it's about developing 50 or 100-year plans. It's about ensuring we protect our planet's future and give future generations a fighting chance at experiencing life like those who have been lucky enough to enjoy this incredible world as it is today.
To do this we need our younger generations in the room, around the decision-making table.
Being raised during a time of massive technological growth, artificial intelligence and the unimaginable rise of social media, witnessing the growing panic and awareness of our natural degradation and climate crisis, and seeing the world come to its knees by an invisible enemy, Covid-19, means we have a unique worldview, and significantly different desires when it comes to where we want to live, where we want to work, and how we want to connect with their communities.
It is also notable that upcoming generations are about to receive the biggest intergeneration handover of wealth in history - largely in property - and estimated at over US$68 trillion globally.
Our under-40s have lived through a world of intense and rapid change, they have seen its impact, and they are poised to bring their knowledge, insights - and money - to implement change.
You might be asking, how does that work in the real world? Jane Taylor, professional director, describes it like this: "Millennials and Gen Z are the core drivers of consumer change - across society, technology, sustainability and the economy.
"Collectively, these generations are shifting social paradigms: creating new norms around activism, wellness and success that have profound implications for business from both a consumer and an employee perspective.
"Working with younger emerging directors and advisory panels has helped to identify and understand these seismic shifts, enabling much better prediction of future trends as input to corporate strategy focused on building resilience and creating long-term sustainable value for all stakeholders. The quality of engagement has been first class and the insights pure gold."
But these are not new learnings. Organisations globally have been leveraging millennials in this way for nearly a decade. In 2015, CEO Marco Bizzarri and creative director Alessandro Michele, of luxury fashion brand Gucci, introduced a "shadow board" of millennials who met regularly to talk through the issues the executive committee were focused on and their insights were described as "a wake-up call for the executives".
It was this shadow board that helped reinvent the 100-year-old fashion house into an ecologically conscious millennial favourite. Gucci experienced a 136 per cent spike in sales by 2019. New Zealand leaders need to recognise this opportunity, or face becoming less relevant as new markets and trends take off.
Another example of the practical implementation of this thinking is reverse mentoring. This is an opportunity for younger demographics and a massive learning opportunity for the mentee. It's easy and comfortable to surround ourselves with like-minded thinkers but to do big things, we need independent-minded value-creators who will push us to rethink the way we approach issues or ideas.
This year, I begin my first governance role on the board of The Aotearoa Circle, an organisation that brings together public and private sector leaders to enable the protection and restoration of New Zealand's natural capital. I will be The Aotearoa Circle's first (of many) emerging director, encouraging the strategic direction to continue its long-term mindset and action-oriented approach to delivering impact for New Zealand.
I am only one of many who can contribute to different thinking. I would challenge everyone in a governance or leadership role: Are you including the generation who will live the future you are creating?
- Izzy Fenwick is the founder and CEO of recruitment and talent management agency Fenwick. She is speaking at this month's Festival for the Future, New Zealand's biggest innovation summit.