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