JP Morgan Justin Nelson’s Insights on the Shifting Workforce Dynamics with Millennials and Gen Z

While Baby Boomers and Gen X make up 54.5% of the workforce, Millennials (39.4%) and Gen Z (30%) are catching up. Younger workers are rising through the ranks and increasingly joining financial firms like J.P. Morgan. 

As the Managing Director and Head of the Asset Management and Financial Principals Coverage Team for J.P. Morgan Private Bank, Justin Nelson knows what it takes to hire and manage the next generation of employees. “As I have worked with and hire people over time, there has definitely been a generation shift in preferences,” he explains. 

While some managers shy away from accommodating the expectations of a younger workforce, Nelson believes that leaders need to understand these generational nuances. In his experience leading a 20-person team and more than $15 billion in client assets, he believes that new perspectives, diversity, and age differences are crucial to generating impressive results. 

Justin Nelson breaks down his thoughts on the shifting workforce dynamics and how leaders can retain and manage Millennial and Gen Z employees. 

Millennials vs. Gen Z: Different Needs, Different Approaches

Born between 1981 and 1996, Millennials are now in their mid-40s and 30s. They have a reputation for valuing work-life balance and seeking out opportunities more than material possessions. For this generation, traditional markers of success are replaced by personal fulfillment and meaningful work. 

Gen Z (born 1997 to 2012), on the other hand, is even less likely to climb the corporate ladder than Millennials. They want to be happy at work; anything less than that isn’t a fit. This generation isn’t afraid to push back, challenge the status quo, or advocate for change. Employers need to invest in these employees to develop rich talent pipelines, but that will require flexible work arrangements, clear paths to promotion, and supportive, inclusive cultures. 

Justin Nelson’s Hiring and Retention Strategies for the Next Generation

Justin Nelson doesn’t fight against the tide of change — he embraces it. In fact, his Millennial and Gen Z workers have taught him the value of thinking outside the box. 

For example, Nelson stopped exclusively recruiting talent from traditional finance schools. In fact, he’s only become more involved in his alma mater, Tufts University, where he regularly chats with students about work, finance, and everything in between. “I love speaking with students to help them find their own path and explore job opportunities,” he explains. 

Connecting with Gen Z students taught Nelson the value of assessing not just someone’s skills, but their mindset. “I really look for great students who are interested in finance. That doesn’t mean they need to be a finance or economics major,” he explains. That means thinking beyond a candidate’s resume and experience. 

He evolved his hiring practices to attract more Millennial and Gen Z workers, but Nelson also emphasizes the need to adjust team culture to fit this generation’s expectations. “Pay is always important to people, it’s an real factor,” he says. “But people today care just as much about their experience at work, the mentoring, the training, and working with people who care about their career path.”

By focusing on results and treating younger employees as the adults they are, he can trust his team to get results without hand-holding or micromanaging.

Building a Future-Proof Workforce Strategy

Change is the only constant, and change is happening rapidly in the financial industry. Justin Nelson knows that the only way institutions can keep up is to stay flexible and meet the new generation where they are. “We do expect a lot from people at work but I think we do a good job to adapt to what’s important to them,” he says. “If you don’t do those things, you will lose them.”

Learn more about Justin Nelson managing director at J.P Morgan here: https://www.crunchbase.com/person/justin-nelson-a8e8

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