Singapore. In a survey conducted by Reeracoen Singapore, a leading recruitment agency, in partnership with Rakuten Insight Global, it was found that local Gen Z and Millennial workers are prioritising their income over free time.
The way young people perceive the work culture in Singapore is truly changing, and for HR professionals, it has been challenging to keep up with it. Companies are also contending with changing expectations and attracting young talents.
More from OMY: How to Earn Passive Income in Singapore: Your Ultimate Guide
“As companies worldwide recover from Covid-19, the demand for global talent will intensify. Companies in Singapore have no choice but to up their game if they want to compete. To do this effectively, they must have an effective strategy to attract the best talent. Only through understanding the needs of job seekers will businesses be able to do this effectively,” shared Reeracoen’s Group CEO, Kenji Naito.
The survey involved Gen Zers (18-25), Millennials (26-41), and Gen Xers (42-57), and it was done to understand the shift in workers’ attitudes and enable companies to tailor their recruitment strategies better.
More from OMY: Mental wellness market now lucrative in SG
The following were highlighted as the most pressing factors that affect people’s choice of employer:
- Work-life balance at 42%
- Income at 41%
- Potential Career Growth at 13%
- Learning opportunities at 10%
- Company’s public image at 4%
Other significant differences between generations that were found were:
- For Gen Xers, “Work-life Balance” is their top priority, followed by “Income” in second place, and “Accessibility/Location” in third.
- For Gen Zers “Income” is their highest priority. This is followed by “Work-Life Balance,” and “Learning Opportunities,” respectively.
- For Millenials, “Income” and “Work-Life Balance” were equal top priorities, followed by “Potential Career Growth.”
- According to respondents who work in the “publishing/ printing/ advertising/ broadcasting,” “tourism, leisure, hospitality, F&B,” and “human resources” industries, they were more likely to prioritise work-life balance over other factors such as income.
“In Singapore, Gen Zs are rethinking their approach to work, prioritising income over free time. This is in contrast to trends in other markets,” said Naito, adding that conducting studies will enable companies to understand what is happening in Singapore. This will make them aware of changing trends and bridge the gap in expectations between employers and job seekers.
More from OMY: Average Savings Of Singaporeans: How Much Money You Should Save According To Age