millennials at work - final - pwc .our global millennials at work report – shows that millennials

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  • Millennials at workReshaping theworkforce

    www.pwc.com/my

  • Theyre light on loyaltyexpect to have

    employers throughouttheir working lives

    %

    Their main reason forchoosing an employer

    sectors appealing

    Rewards Career progression& opportunities

    Malaysian millennials Global millennials

    Government& publicservices

    MetalsInsurance ChemicalsDefence

    Malaysian millennials: a quick look

  • say its veryimportant

    They wantwork/lifebalance

    %

    They want to work overseasTop countries of choice:

    #3 USA#2 Australia

    United Kingdom#1

    The traditional corporate view

    LOYALTY

    The millennials view

    CreativityCreativityCreativity

    Malaysian millennials: a quick look

  • Contents

    Malaysian millennials: a quick look 2

    Foreword 5

    About the survey 6

    Why are millennials important? 7

    Report highlights 8

    Modern millennials 10

    Attracting millennials 18

    Developing millennials 25

    Managing millennials 29

    What can employers do? 32

    Key contacts 34

  • This report an extension ofour global Millennials at Workreport shows that millennialsbring some very interestingperspectives to the table. Theseperspectives will be (and insome cases, already are) gamechangers for recruitmentand talent retention. This istrue across most industries,including ours. A key questionfacing CEOs and managementteams everywhere is not whatthe organisation should dotomorrow it is what you needto do today.

    insightful.

    Sridharan NairManaging Partner (designate)June 2012

    There is a Chinese proverb thatsays a childs life is like a pieceof paper on which every personleaves a mark. Vibrant coloursmark the happy moments,while dark and sombre colours

    Ultimately, the colours create apicture of the individuals life.

    As employers, we too will havethe opportunity to add colour tothat piece of paper. Throughoutmy career, Ive been fortunateto have bosses and colleagueswho have left bright colours onthe picture of my life. And muchof it has to do with the time andeffort they took to connect withme, understand my ideals, mygoals and the things I value.

    As generations evolve, valuesand attitudes change. Thereality is that many companiesdont know who their key talentare never mind how engagedthey are or whether they havethe right incentives to keepthem. By the year 2025, it isestimated that Generation Y or millennials - will compriseabout 75% of the globalworkforce. Employers cannotignore or fail to address thedifferent dynamics this uniquesegment brings.

    Foreword

  • About the survey

    86%

    2%1%

    7%

    4%

    Employed

    Continuing in full time education

    Unemployed

    Due to start work for an employer shortly

    Self employed

    Four years ago, PwC began a global study into the future of peoplemanagement with our report, Managing tomorrows people thefuture of work 2020, which explained how globalisation, technology

    businesses operate in the future. In a follow-up report in 2009, PwCMalaysias People & Change team decided to take a closer look at theleaders of the future in a report titled Malaysias Gen Y Unplugged,which highlighted the characteristics of the new generation ofworkers.

    This latest report aims to provide some insight into the minds of recentgraduates in Malaysia and highlights their evolving preferences. Asthey begin their working lives, what are the hopes and expectationsof this generation? More importantly, do business leaders and humanresource practitioners need to revise their workforce strategiesaccordingly?

    This report takes a look at the aspirations andpreferences of millennials in Malaysia . It isintended to complement the global surveyreport which can be accessed from thelink below:www.pwc.com/gx/en/managing-tomorrows-people/future-of-work/download.jhtml

    For this survey, PwC Malaysiaconducted a survey of 515millennials across thecountry in the last quarter of2011. Of the respondents,more than 50% ofrespondents were underthe age of 25. All wereaged 31 or under and morethan 60% had graduatedafter 2008. 80% of thosewith a job said it was agraduate role, while 20% hada job which did not require adegree. For the global report,responses of 250 millennialsfrom Malaysia were included.

    Quotes from the millennials whoparticipated in this survey are includedthroughout this report.

    survey respondents

  • Why are millennialsimportant?

    The millennial generation nowentering the workforce in vastnumbers, will shape the worldat work for years to come.Sources indicate that presently,Malaysian millennials make up40% - 50% of the workforce.*

    They will also be more valuable this generation will work

    larger older generation as lifeexpectancies increase. CEOs tellus that attracting and keepingyounger workers is one of theirbiggest challenges. It is clearthat the millennials will be

    a powerful generation of

    how and where they work,and how they operate atthe workplace.

    They may also representone of the biggestchallenges that many

    organisations will face.

    Are millennials reallydifferent?

    world clearly sets them apart.They respond poorly to rigid

    hierarchical structures, believethey can learn quickly and getturned off by information silos.

    They expect rapid progression,wide and interesting careersand constant feedback.Globally, the companieswhich have been able tosuccessfully attract talentedmillennials - Google and Adobeamong them, are naturallyinnovative companies whichnever get restrained by howthings used to be done. These

    target millennials but theirculture, management styleand approach to talent hiringand retention appeals to themillennials. And because ofthat, they are able to pick thebest of the younger talent.

    Regardless of the long termaims and ambitions of anindividual organisation, theability to attract and retainmillennial talent will be a keystep towards achieving them.

    Who are the millennials?

    The term millennials, or GenY, describes someone bornimmediately after Gen X. Inboth, the global as well as theMalaysian cuts of this survey,we refer to the millennials asthose born from 1980 onwards.

  • Report highlights

    report reinforce many ofthe features of Malaysian

    previous report. We have alsohighlighted the differences inthe attitude and expectationsof the Malaysian millennialsin comparison to their globalcounterparts.

    Loyalty-lite: The globaleconomic crisis has hada gradual impact on themillennials view on thelength of time they think theywill stay with employers. Theproportion of respondentswho believe they will have

    employers throughout theircareers has reduced by 16%between 2009 and 2011. Thenumber of respondents whobelieve that they will havemore than six employers hasincreased by 4% between2009 and 2011.

    Money matters: Millennials inMalaysia are very concernedabout the earning potentialof their jobs. Globally,opportunities for careerprogression was thenumber one drawfor millennialsin selecting theiremployers. However,Malaysian millennials

    by the rewards

    choosing their employers.

    Work/life balance continuesto be very important: Thisyears results show thatwork/life balance is apriority for millennials whoare already employed, with97% of respondents sayingthat it is important to them.

    working hours more thancash bonuses when it comesto seeking employment

    and development was the

    cash bonuses.

  • Government jobs are losingtheir charm: One in everyfour respondents in Malaysia(the highest for any sector)said that they would avoidworking in the governmentand public services sectorsolely because of its image.Globally, the oil and gassector was seen as mostunappealing, with 14% ofthe respondents choosing toavoid the sector.

    A technology drivengeneration avoiding facetime? With technologydominating every aspect of

    their lives, it is perhapsnot surprisingthat 36% saythat they preferto communicateelectronically atwork than face-to-face or even over thetelephone. However,technology is oftenthe catalyst forintergenerational

    workplace. Manymillennials feel held

    back by rigid or outdatedwork styles.

    I expect my career to be

    previous generation. Less rigid.More challenging.

    Male graduate, Malaysia

    Wanderlust: Malaysianmillennials have a strongappetite for working overseas.88% want an assignmentoverseas at some point intheir career. Globally, 71% ofmillennials aspire to do so.

    For Malaysian millennials,the UK is the most preferreddestination followed byAustralia and the USA. Inspite of their preferences,one half of all respondentsare ready to work in lessdeveloped countries tofurther their careers.

    Generational tensions:Millennials say they arecomfortable working witholder generations and valuestrong coaches and mentors.But there are tensionsbetween the generations.50% of the millennialssay that the older seniormanagers do not relate wellto the younger workers.More than 30% say that theirpersonal drive is intimidatingto older generations. Almost42% felt that their managersdid not always understandthe way they use technologyat work.

  • Is the concept of loyaltychanging?

    In 2009, we argued thatMalaysian millennials wereloyal to their employer, butonly as long as it suited them.The results of this yearssurvey suggest that the globaleconomic turmoil over thepast three years has had animpact, albeit a gradual one,on the length of time theythink they will stay.

    In 2009, 86% of therespondents expected to

    employers only, during theirworking lives. Today, theproportion has reduced to70% indicating an increasingtendency to switch employers.The proportion of

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