Decoding the DNA of the Future Workforce
The latest data from the Philippine Statistics Authority (PSA) show that 27.5% of employed persons are 25 to 34 years old, making Gen Y or millennials the largest working group in the country. Meanwhile Gen Zers aged 18 to 24 years old currently make up 14.7% of the workforce, a figure expected to grow to 35% by 2025. Often misunderstood, these younger generations of workers are set to comprise majority of the future workforce. But just what do millennials and Gen Zers value? Through a recent survey of more than 18,000 Filipinos across 25 industries entitled “Laws of Attraction” (LOA), JobStreet.com, the number one online job portal in the Philippines, offers an in-depth look at the future workforce and the things that matter to them.
Key drivers of attraction
The LOA study identifies salary/compensation, career/development and work-life balance as the top three drivers of attraction among the younger generation of Filipino workers and job candidates. But while millennials ranked salary/compensation as the number one driver of attraction, Gen Zers ranked it second only to career and development opportunities. In spite of Gen Y’s focus on high salary and Gen Z’s clamor for career advancement, they agree on work-life balance as the third key driver of attraction.
Gen Y and Gen Z also differ in their perception of three other vital drivers of attraction. For millennials, job security is decidedly important; not so for Gen Z talents who have a higher regard for management/leadership style. Nevertheless, both age groups want employers who are professional, respectful, and collaborative/supportive.
The LOA study also reveals that corporate social responsibility (CSR) is more relevant to Gen Y and Gen Z respondents than to other generations. Millennials and Gen Zers both believe that employers must value and contribute to its people as well as help nurture and protect the environment, but more Gen Zers clearly wish to work for organizations that make a positive impact on society and the environment compared to their Gen Y counterparts (70% vs 60%).
For millennials and Gen Zers, a job is not just work and a means to earn, but a passion and expression of themselves. To help the future workforce find the right career for them, JobStreet.com is holding a Career Fair from October 8 to 9 at SM Megamall Megatrade Hall 3 in Mandaluyong. Participants will get the chance to sign up for companies in a variety of industries like IT and tech (Amazon), real estate (Alveo Land and Megaworld Corp.), hospitality (Resorts World Manila), fashion, retail and ecommerce, and more.
Competitive salary and benefits
More than 90% of Generations Y and Z believe that mandatory government benefits and health/life insurance plans should be the top two inclusions in any compensation package. While double pay during public holidays is the third most essential factor for both of them, a competitive base income appears to be of greater importance to millennials (84%) than to Gen Z professionals (77%).
In comparison with Gen Y, more Gen Zers view guaranteed 14th month pay (67% vs 63%) as a must-have. Meanwhile, practically the same number of both generations affirm the essentiality of high night differential (Gen Z 61% vs Gen Y 59%) and bonuses or profit sharing schemes (Gen Z 60% vs Gen Y 58%).
Almost 60% of Gens Y and Z strongly approve of allowances in the form of meals or rice and for purposes of travel, shift work, and entertainment among others. Between the two generations, Gen Z is the one that is expected to ask for a sign-on bonus (53% vs 44%). When compared with older generations, these young talents are more likely to look for equity in the business or stock options.
Career development and training
A notable 78% of this young workforce say that promotion opportunities are definitely a “must” when evaluating any company or job proposal. Employers would do well to assure them of clear growth and succession plans, self-development programs, and on-the-job skills development – all compelling factors for 58% to 71% of Gens Y and Z.
Despite having the same career goals, a higher number of Gen Z professionals put more emphasis on those objectives than Gen Y respondents do. However, mentoring programs are deemed very significant by more millennials than Gen Zers (63% vs 55%). When set side by side with Gen Y, Gen Z seems to be keener on overseas employment (34% vs 29%) and overseas training opportunities (36% vs 32%).
For career hopefuls who dream of working overseas, Career Fair by JobStreet.com is partnering with WorkAbroad.ph to bring 5 agencies with job openings all around the world. There will also be companies that offer on the spot hiring for people who are in a rush to find the job of their dreams.
Flexibility and work-life balance
When it comes to work-life balance, 83% of these age groups maintain that fair compensation for overtime is their most pressing consideration. Both of them express preference for companies that allow employees to cash out unused annual leaves, adhere to public/general holidays, and implement a five-day work week. As opposed to millennials, Gen Zers are more inclined to look for daytime working hours (52% vs 48%) but Gen Y candidates would more likely demand for flexible working hours (51% vs 45%). Contrasting the two age groups, Gen Z appears to favor high frequency of business travel more than Gen Y or any of the other generations.
The future workforce
Gen Y and Gen Z have their fair share of differences. While millennials value a more competitive base salary, Gen Zers are more inclined to jobs with more incentives. Millennials value job security whereas Gen Zers place more importance on quality of leadership. Gen Z is also more experiential, looking for more growth and travel opportunities compared to their Gen Y counterparts.
Regardless of this contrast, the future workforce looks to be one that is growth-centric, balance-oriented and values-driven. Both millennials and Gen Zers are driven by career growth, with Gen Y valuing more mentorship opportunities and Gen Z looking for capacity- and skill-building programs. Both Gen Y and Gen Z look for jobs that give them work-life balance, with flexibility as a key factor for Gen Y and daytime working hours for Gen Z. And both have a strong sense of responsibility, expecting their employers to be professional and supportive, and their companies to contribute to society and the environment in meaningful ways.
“For companies looking to attract and retain young talent, competitive compensation packages, inclusive career development opportunities and work-life balance are crucial. This younger generation of workers also find great purpose in values-driven companies that take corporate social responsibility seriously,” says Philip Gioca, Country Manager of JobStreet.com Philippines.
For fresh graduates and young talents, Career Fair by JobStreet.com is not only a chance to find the perfect career but also a one-stop source for all their job hunting requirements. Agencies like BIR, SSS, NBI and Pag-Ibig will have booths to help process government documents, and JobStreet volunteers will also be on-site to assist in printing ID photos and even preparing resumes and credentials.
For more information or any updates, visit the Career Fair event page at www.facebook.com/events/1674961259304779/.
JobStreet.com is a leading online job board presently covering the employment markets in Malaysia, Singapore, Hong Kong, Thailand, the Philippines, Indonesia and Vietnam. JobStreet.com currently services over 230,000 corporate hirers and over 15 million jobseekers in its database. Go to JobStreet.com.ph or check out JobStreet Philippines on Facebook for the latest updates.