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Tomorrow's Worth

  
Introduction

Tomorrow’s Worth is a programme set up by WCoMC to identify practical action that can be taken to address the issues of intergenerational inequality.

There is a widening gap between the millennial generation and their baby boomer parents. The Intergenerational Centre reports that millennials are pessimistic about their chances of improving on their parents' lives, while the burden for future increases in social care spending on baby boomers is currently set to fall mainly on the younger generations of working age.

Lord David Willetts, President of the Intergenerational Centre, said in a recent report, "We have shown that generational progress has indeed stalled. Moreover, we face significant challenges in providing the health and care that older generations expect," and continued, "If the evidence is so powerful then that means there is an obligation to act." The report concluded that intergenerational rebalancing will require increased taxation of the elderly and wealthy cohorts in society and increased spending on both care and young people.

Lord Willetts dilated on this in WCoMC's October 2019 Change Lecture. Subsequently we launched the Tomorrow’s Worth programme.

The project concept

As management consultants, members of our Company constitute a considerable body of knowledge of how to introduce and successfully implement massive change. More broadly, the Company can function as a link between the financial interests of the City, of which it is an integral part, and the consulting industry.

The Change Lecture was conceived therefore as a launch event for a project in which the Company might engage its knowhow and connections to consider original and viable approaches to addressing the challenge of intergenerational inequality. Our Centre for Management Consulting Excellence also provides a useful vehicle for activities in support of this.

The Association of Chartered Certified Accountants (ACCA) sees this project of value, not only in itself, but also as a means of engaging with its membership and creating an impact. It is therefore partnering with the Company and Centre in defining and carrying out this project. Other organisations may also join in sponsoring the project during its course. 

The project is expected to be completed by the end of 2020, culminating in a report. In the meantime the execution of the project itself should provide benefits to all those engaged, through a supporting programme of activities and events, accompanied by appropriate publicity.

Progress

Following the Change Lecture, those who expressed interest met at a couple of project definition workshops to explore where to focus their efforts. The conclusion was with three initial projects which focus on issues of intergenerational inequality in the workplace:

  • Improving intergenerational collaboration in the workplace
  • Providing the HR department with the language and tools to address intergenerational issues
  • Intergenerational knowledge transfer

Other projects may follow on; the aim is to have useful deliverables by the end of 2020 for all projects.

Getting engaged

There is scope to initiate projects within the programme and there are seminars and other events expected during the course of 2020 at which Tomorrow’s Worth will be promoted and discussed. There is the opportunity for individuals and organisations to become involved in these. For more information, contact the programme managers: Calvert Markham or Rhonda Best.