Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Top Stories > THE GENERATION GAME: BRIDGING THE KNOWLEDGE GAP
    Top Stories

    THE GENERATION GAME: BRIDGING THE KNOWLEDGE GAP

    THE GENERATION GAME: BRIDGING THE KNOWLEDGE GAP

    Published by Gbaf News

    Posted on September 8, 2017

    Featured image for article about Top Stories

    Chris Ducker, Senior Director of global proposition strategy at Sungard Availability Services

    The Generation Game – soon to be revived on our TV screens – was the British game show of the 1970s stealing baby boomers’ hearts and Saturday nights. Two members from the same family, but different generations, competed to win prizes –  both bringing a different perspective and skillset to the show’s tasks. Sixteen years since it last graced our screens, technology has been playing its own generation game with us and the difference in approach and capabilities between users of all ages remains a point of interest.

    Today, across mainstream, technical and social media, we hear a lot about what the millennial generation are bringing to the workplace; a hunger for progression and purpose, a flexible approach to working, and an affinity with the digital world. Growing up in a world of rapidly changing technology, it is widely thought that this generation adapt better to new tools and techniques, mocking previous generations for their supposed ‘digital dyslexia’.

    The senior brain drain

    But how much weight does this stereotype hold in reality, and how does the millennial generation fare when faced with traditional tools? As part of a long-term strategy, organisations are building sophisticated IT estates with the addition of external services to their traditional on-premise solutions, rendering environments increasingly hybrid. Younger generations – who have not been educated in the disciplines underpinning so-called mainframe and mid-range computers – are often ill-equipped to operate such older, legacy technologies that for many organisations remain the cornerstone of their IT strategy. Despite this, findings from our inaugural The Little Book of IT research found that nearly one in four organisations (23%) have said that educational investments in legacy technology are not a priority[1].

    New technologies are portrayed as the gateway to innovation for organisations and a pathway to foster growth. Unlike legacy technology training, organisations are devoting their dollars to changing infrastructure (58%) and new market technologies (56%) as a matter of priority. As the expression goes “you can’t teach an old dog new tricks”, but can you teach a young dog old ones? As workers who have been at the organisation for years depart or retire, so too does their expertise and very likely their intellectual capital.  Thus, they leave behind a generation who may well struggle to maintain the legacy infrastructure upon which the business was built. What’s more, The Little Book of IT reveals that legacy modernisation is leading to increased redundancies in 23% of cases; demonstrating that those with these skills are being let go in favour of new blood.  A false economy of skills is being created.

     Out with the old, in with the new?

     With the demands of bimodal IT calling for organisations to manage both traditional, and new, more agile technologies at the same time, organisations will be hard pressed staffing across both types of environments. And, with the UK in the midst of a pressing digital skills crisis, this gap in generational skills adds yet another challenging dimension for companies looking to recruit those deemed suitably fit for the job. How can they ensure their staff are well-equipped to deal with this hybridity?

    On the quest for innovation, organisations will need to understand that, while recruiting candidates who are adept with new and upcoming technologies will be highly beneficial, preparing for the inevitable legacy technology brain drain is an equally crucial part of their IT strategy.

    A conveyor belt of staff

     With technically skilled employees increasingly scarce, neglecting to keep your existing staff ‘in-the-know’ could have devastating consequences for staff retention. There is no doubt that employees of all generations recognise the value of old and new technologies, but failing to upskill could see them sliding out the door as rapidly as the items on the Generation Game conveyor belt.

    If the above seems unlikely, consider this: employees named ”having the right technical skills” and ”receiving appropriate training” as the two biggest challenges hindering digital transformation, in our research which looked at the importance of providing the right digital tools and training for attracting and retaining talent.  Further study showed that 34 per cent of workers found there wasn’t enough training, whilst 23 per cent also said the training they had had was inadequate. The message is clear.  In order to get employee buy-in for new technologies, organisations need to drive an internal cultural change and provide the necessary educational tools for both new and traditional technologies.

    Sourcing External Skills

    While nurturing your in-house talent is vital to both employee satisfaction and to the success of your IT estate, all is not lost if your organisation simply does not have the resources for an internal training programme that is comprehensive enough to keep pace with digital developments. For whatever reason, if plugging the legacy skills gap amongst your existing staff has to be put on the backburner, outsourcing skills is an option for those who need to run and maintain legacy platforms. This could involve hiring in resource, or outsourcing legacy workloads to third party managed service providers. In fact, the latter of these options is one of the driving forces behind predictions of up to 60 per cent of IT infrastructure moving off-premise.

    With 61 per cent of UK businesses being impacted by internal budget cuts, IT leaders will need to gain the confidence and backing of their fellow board members to make these necessary investments in training or outsourcing, if they are to unleash technology’s potential to transform their businesses.  This will involve dedicating a proportion of the training budget to traditional, on-premise infrastructure, or to sourcing these skills externally. In a time when budgets are strapped, this will inevitably translate into a financial hit. However, ensuring your legacy IT is optimised and supported will ultimately render the digital transformation process more successful and place you ahead of the competition.  It will also protect you from the ticking time bomb of a legacy IT skills shortage!

    As organisations juggle the varied skills of a diverse workforce and seek to deploy them most advantageously for future growth, digital transformation will be no mean feat. With so many businesses relying on a legacy environment, ignoring the needs of the older components of their hybrid IT estate would be foolish.  And whilst it may well be able to continue running in the background with minimal technological impact for the time being, neglecting it will mean minimal positive commercial impact to the business too. Ensuring your legacy technologies tick over efficiently in the context of a digitally transformative IT strategy will require more patience, time and training than you realise. But taking advantage of the cross-generation IT capabilities and hunger for skills at your disposal will go far to make your organisation’s innovation process seamless.

    Done well, it should take you into a new generation of business success and employee growth too.

    [1]The Little Book of IT: Sungard Availability Services (Sungard AS) commissioned independent technology market research firm Vanson Bourne to conduct interviews with 1,350 IT decision makers from around the globe and across multiple sectors, ranging from medium to large enterprises. The research took place from October to December 2016.  www.littlebookofit.com

    Chris Ducker, Senior Director of global proposition strategy at Sungard Availability Services

    The Generation Game – soon to be revived on our TV screens – was the British game show of the 1970s stealing baby boomers’ hearts and Saturday nights. Two members from the same family, but different generations, competed to win prizes –  both bringing a different perspective and skillset to the show’s tasks. Sixteen years since it last graced our screens, technology has been playing its own generation game with us and the difference in approach and capabilities between users of all ages remains a point of interest.

    Today, across mainstream, technical and social media, we hear a lot about what the millennial generation are bringing to the workplace; a hunger for progression and purpose, a flexible approach to working, and an affinity with the digital world. Growing up in a world of rapidly changing technology, it is widely thought that this generation adapt better to new tools and techniques, mocking previous generations for their supposed ‘digital dyslexia’.

    The senior brain drain

    But how much weight does this stereotype hold in reality, and how does the millennial generation fare when faced with traditional tools? As part of a long-term strategy, organisations are building sophisticated IT estates with the addition of external services to their traditional on-premise solutions, rendering environments increasingly hybrid. Younger generations – who have not been educated in the disciplines underpinning so-called mainframe and mid-range computers – are often ill-equipped to operate such older, legacy technologies that for many organisations remain the cornerstone of their IT strategy. Despite this, findings from our inaugural The Little Book of IT research found that nearly one in four organisations (23%) have said that educational investments in legacy technology are not a priority[1].

    New technologies are portrayed as the gateway to innovation for organisations and a pathway to foster growth. Unlike legacy technology training, organisations are devoting their dollars to changing infrastructure (58%) and new market technologies (56%) as a matter of priority. As the expression goes “you can’t teach an old dog new tricks”, but can you teach a young dog old ones? As workers who have been at the organisation for years depart or retire, so too does their expertise and very likely their intellectual capital.  Thus, they leave behind a generation who may well struggle to maintain the legacy infrastructure upon which the business was built. What’s more, The Little Book of IT reveals that legacy modernisation is leading to increased redundancies in 23% of cases; demonstrating that those with these skills are being let go in favour of new blood.  A false economy of skills is being created.

     Out with the old, in with the new?

     With the demands of bimodal IT calling for organisations to manage both traditional, and new, more agile technologies at the same time, organisations will be hard pressed staffing across both types of environments. And, with the UK in the midst of a pressing digital skills crisis, this gap in generational skills adds yet another challenging dimension for companies looking to recruit those deemed suitably fit for the job. How can they ensure their staff are well-equipped to deal with this hybridity?

    On the quest for innovation, organisations will need to understand that, while recruiting candidates who are adept with new and upcoming technologies will be highly beneficial, preparing for the inevitable legacy technology brain drain is an equally crucial part of their IT strategy.

    A conveyor belt of staff

     With technically skilled employees increasingly scarce, neglecting to keep your existing staff ‘in-the-know’ could have devastating consequences for staff retention. There is no doubt that employees of all generations recognise the value of old and new technologies, but failing to upskill could see them sliding out the door as rapidly as the items on the Generation Game conveyor belt.

    If the above seems unlikely, consider this: employees named ”having the right technical skills” and ”receiving appropriate training” as the two biggest challenges hindering digital transformation, in our research which looked at the importance of providing the right digital tools and training for attracting and retaining talent.  Further study showed that 34 per cent of workers found there wasn’t enough training, whilst 23 per cent also said the training they had had was inadequate. The message is clear.  In order to get employee buy-in for new technologies, organisations need to drive an internal cultural change and provide the necessary educational tools for both new and traditional technologies.

    Sourcing External Skills

    While nurturing your in-house talent is vital to both employee satisfaction and to the success of your IT estate, all is not lost if your organisation simply does not have the resources for an internal training programme that is comprehensive enough to keep pace with digital developments. For whatever reason, if plugging the legacy skills gap amongst your existing staff has to be put on the backburner, outsourcing skills is an option for those who need to run and maintain legacy platforms. This could involve hiring in resource, or outsourcing legacy workloads to third party managed service providers. In fact, the latter of these options is one of the driving forces behind predictions of up to 60 per cent of IT infrastructure moving off-premise.

    With 61 per cent of UK businesses being impacted by internal budget cuts, IT leaders will need to gain the confidence and backing of their fellow board members to make these necessary investments in training or outsourcing, if they are to unleash technology’s potential to transform their businesses.  This will involve dedicating a proportion of the training budget to traditional, on-premise infrastructure, or to sourcing these skills externally. In a time when budgets are strapped, this will inevitably translate into a financial hit. However, ensuring your legacy IT is optimised and supported will ultimately render the digital transformation process more successful and place you ahead of the competition.  It will also protect you from the ticking time bomb of a legacy IT skills shortage!

    As organisations juggle the varied skills of a diverse workforce and seek to deploy them most advantageously for future growth, digital transformation will be no mean feat. With so many businesses relying on a legacy environment, ignoring the needs of the older components of their hybrid IT estate would be foolish.  And whilst it may well be able to continue running in the background with minimal technological impact for the time being, neglecting it will mean minimal positive commercial impact to the business too. Ensuring your legacy technologies tick over efficiently in the context of a digitally transformative IT strategy will require more patience, time and training than you realise. But taking advantage of the cross-generation IT capabilities and hunger for skills at your disposal will go far to make your organisation’s innovation process seamless.

    Done well, it should take you into a new generation of business success and employee growth too.

    [1]The Little Book of IT: Sungard Availability Services (Sungard AS) commissioned independent technology market research firm Vanson Bourne to conduct interviews with 1,350 IT decision makers from around the globe and across multiple sectors, ranging from medium to large enterprises. The research took place from October to December 2016.  www.littlebookofit.com

    Related Posts
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    A Notable Update for Employee Health Benefits:
    A Notable Update for Employee Health Benefits:
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    Hebbia Processes One Billion Pages as Financial Institutions Deploy AI Infrastructure at Unprecedented Scale
    Hebbia Processes One Billion Pages as Financial Institutions Deploy AI Infrastructure at Unprecedented Scale
    Beyond Governance Fatigue: Making ESG Integration Work in Financial Markets
    Beyond Governance Fatigue: Making ESG Integration Work in Financial Markets
    Why I-9 Verification Matters for Financial Institutions: Building a Culture of Compliance and Trust
    Why I-9 Verification Matters for Financial Institutions: Building a Culture of Compliance and Trust
    Curvestone AI partners with The White Rose Finance Group to enhance compliance file reviews
    Curvestone AI partners with The White Rose Finance Group to enhance compliance file reviews
    LinkedIn Influence in 2025: Insights from Stevo Jokic on Building Authority and Trust
    LinkedIn Influence in 2025: Insights from Stevo Jokic on Building Authority and Trust
    Should You Take the Dealer’s Bike Insurance or Buy Online Yourself? Here’s the Real Difference
    Should You Take the Dealer’s Bike Insurance or Buy Online Yourself? Here’s the Real Difference

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    More from Top Stories

    Explore more articles in the Top Stories category

    ID-Pal Unveils ID-Detect Enhancements to Counter Surge in Digital Manipulation and Deepfakes

    ID-Pal Unveils ID-Detect Enhancements to Counter Surge in Digital Manipulation and Deepfakes

    TRUST TAKES THE LEAD: HALF OF UK SHOPPERS HAVE ABANDONED ONLINE PURCHASES OVER SECURITY CONCERNS

    TRUST TAKES THE LEAD: HALF OF UK SHOPPERS HAVE ABANDONED ONLINE PURCHASES OVER SECURITY CONCERNS

    Why Choose Premium Driver Service in Miami Over Rideshare Apps for Business Travel and Special Events?

    Why Choose Premium Driver Service in Miami Over Rideshare Apps for Business Travel and Special Events?

    Over 30 Million Users Benefit From Ant International’s Bettr Credit Tech Solutions

    Over 30 Million Users Benefit From Ant International’s Bettr Credit Tech Solutions

    Side-Hustle Economics: How Part-Time Service Work Can Strengthen Your Financial Plan

    Side-Hustle Economics: How Part-Time Service Work Can Strengthen Your Financial Plan

    London to Host Major Summit on “New Horizons” for Islamic Economy in the UK

    London to Host Major Summit on “New Horizons” for Islamic Economy in the UK

    BLOXX Launches World’s First Home Equity Subscription, Creating a New Residential Asset Class

    BLOXX Launches World’s First Home Equity Subscription, Creating a New Residential Asset Class

    LiaFi Addresses Gap Between Business Transaction and Savings Accounts

    LiaFi Addresses Gap Between Business Transaction and Savings Accounts

    Ant Group Chairman Eric Jing Outlines Strategy for Inclusive AI, Collaboration on Tokenised Settlement

    Ant Group Chairman Eric Jing Outlines Strategy for Inclusive AI, Collaboration on Tokenised Settlement

    Deeply Cultivating the Syndicated Loan and Cross-Border Financing Fields: Empowering Chinese Banks’ Global Expansion with Professional Excellence

    Deeply Cultivating the Syndicated Loan and Cross-Border Financing Fields: Empowering Chinese Banks’ Global Expansion with Professional Excellence

    Ant International’s Antom Launches AI‑Powered MSME App for Finance and Business Operations

    Ant International’s Antom Launches AI‑Powered MSME App for Finance and Business Operations

    A Gateway for U.S. Capital: Inside Kazakhstan’s Expanding Financial Hub

    A Gateway for U.S. Capital: Inside Kazakhstan’s Expanding Financial Hub

    View All Top Stories Posts
    Previous Top Stories PostREAL-TIME FRAUD DETECTION WITH AI SET TO SAVE BANKS MILLIONS
    Next Top Stories PostFORMER CEO OF KPMG SWEDEN TO JOIN ALVAREZ & MARSAL’S STOCKHOLM OFFICE