Hiring has been described as a challenging process by most businesses, either start-ups or even established businesses in Malaysia especially when it deals with the Generation Y or babies born in the late 1990s to 2000s. This summary report would provide a snapshot of the 3 traits that describe the expectations of Gen-Y Talents or your future employees’ expectations towards their jobs and careers with you. Take note to Malaysian businesses, startups and young entrepreneurs when hiring.
I stumbled upon this report produced by PriceWaterhouseCoopers a few months back, where the Big 4 consulting firms had ran a survey among its employees and students in universities to further understand their demands, expectations and benefits for working in a workplace of choice, meant for the Gen-Y. The summary of the report with its highlighted points can be found here.
Highlights of a Global Gen-Y Worker
- Consistency gets stale. They want mobility throughout their career lifetime, preferably involving overseas stints.
- Job-hopping is overrated. Debunking the portfolio careers myth, our Gen Y will remain loyal to their employer – as long as they feel fulfilled in their role, that is.
- Green is in. Issues of sustainability and climate change are of major concern, and will affect their career choices.
- Can’t live without gadgets. They’ve grown up with technology – it is part and parcel of their lives, which includes the work they do for a living.
- The term work-life balance is passe. Employers can’t just encourage a balance but should provide the means for this balance through more flexible work hours.
- Respect my space, please. The Gen Y maintain clear separation between their work and personal lives, and are unwilling to share too much personal information with their employers.
- Coaching welcomed here. They prefer on-the-job development rather than formalised training, especially working with strong coaches and mentors.
- Cash is king. When it comes to benefits, cash bonuses are valued higher than training and development.
- We are all made the same. They believe in gender equality, where they and their partners will contribute an equal amount of financial support for their households.
- I rely on me. They will take personal responsibility for funding their retirement
The key findings reflect the views and opinions of our Malaysian Gen-Y worker, which for the most part mirror that of their global counterparts:
- The majority hope to experience work life overseas – 88% expressed the desire to work abroad.
- Corporate responsibility (CR) plays a big role for millennials in their choice of employer with 86% choosing employers with similar corporate responsibility values and 77% stating they would leave an employer whose values no longer matched their expectations.
- Strong coaches and mentors are key to development – 98% of the respondents stated working with strong coaches and mentors was important to their personal development.
- 65% indicated that they plan to self-fund their retirement while only 22% expected their retirement to be funded by their employers’ retirement scheme.
- 68% of millennials believe that by 2020, China, Russia and India will have more economic influence than Europe and the USA.
- Job hopping in a portfolio working arrangement is not likely. 86% of millennials believe they will only have between two and five employers and only 3% believe they will have 10 or more employers
Our millennials are hoping for a shift from traditional Asian work practices. 58% expect to work traditional work hours with some flexible hours and 57% selected flexi-hours as the most highly valued employee benefit.
- Our millennials value privacy – only 29% are willing to share more personal information with their employers.
- Cash is king for millennials – 49% value cash bonuses as one of the most preferred employee benefits.
- Our millennials are on the fence on the current Malaysian economic health. However, almost three-quarters (72%) feel that the global economy is worse off.
- They believe in gender equality. Two-thirds (66%) believe that they and their partners will contribute an equal amount of financial support to support the household
Credits go to Chris Leong who compiled this survey results for us to read.
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