millennials at work - final - pwc .our global millennials at work report – shows that millennials
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Millennials at workReshaping theworkforce
Theyre light on loyaltyexpect to have
employers throughouttheir working lives
Their main reason forchoosing an employer
Rewards Career progression& opportunities
Malaysian millennials Global millennials
Malaysian millennials: a quick look
say its veryimportant
They want to work overseasTop countries of choice:
#3 USA#2 Australia
The traditional corporate view
The millennials view
Malaysian millennials: a quick look
Malaysian millennials: a quick look 2
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.
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.
About the survey
Continuing in full time education
Due to start work for an employer shortly
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.
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 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
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