How will the varying mindsets affect Malaysian companies working on a post-COVID recovery?
A new study revealed what’s driving four generations of jobseekers in Malaysia.
Interestingly, salary and compensation along with work-life balance applied to all Malaysian talents – except for Gen Z.
“For Malaysian organisations seeking to navigate their way forward after the lifting of Movement Control Order (MCO), these findings go hand in hand with the government stimulus package which is designed to help retain existing workforce and secure new talents toward rebuilding,” said JobStreet.
Post-COVID 19, organisations are faced with issues of retaining talents during this challenging time due to cash flow and income issues. To help organisations retain rather than retrench staff, the Malaysian government announced its RM250 billion Prihatin Rakyat Economic Stimulus Package (PRIHATIN).
This package includes a range of financial assistance, ranging from deferment of payments for tax instalments up to six months to subsidising employee salaries.
This initiative is targeted at assisting small and medium-sized (SME) businesses which are especially prone to choosing this short-term solution due to their vulnerable cash flow, but such decisions tend to extract a higher cost when it comes to the recovery post-crisis.
READ MORE: The 10 most popular countries for jobseekers
JobStreet’s study surveyed over 10,000 local candidates from Gen Z, Gen Y, Gen X and Baby Boomers. It aims to help organisations seeking to build the most optimised teams to keep businesses on the path to economic recovery.
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In terms of demographics, each generation has different ways of communicating, different ways of working, and each with different expectations for employers. It is thus necessary to manage expectations to ensure that the team works efficiently.
The recent study found that Gen Z prioritised personal growth and career development as they are just starting to enter the workforce. They are also most concerned about having a modern working environment.
READ MORE: COVID-19 to have 'devastating' impact on Gen Z
Gen Y candidates looked for career development when deciding on an organisation – this includes overseas training and promotion opportunities. This group are also more likely to prioritise benefites such as leave entitlements and healthcare.
Gen X prioritised job security and work-life balance. Their ideal leave entitlement differed from Gen Y, with most preferring to have 21 days off.
Job security is similarly favoured by Gen Y and Baby Boomers due to factors such as personal commitments like family. It should be noted that majority of Malaysians in the workforce are currently from Gen X (45%) and Gen Y (40%).
The highest priority for majority jobseekers is a favourable pay package. Second most common factor across all generations is work-life balance, with many seeking flexibility from potential employers, such as remote working arrangements. This has especially proven important following the MCO.
Findings revealed that most desired to work from home:
- 72% of Gen X
- 71% of Gen Y
- 66% of Baby Boomers
- 64% of Gen Z
Malaysians have grown receptive toward working from home or remotely, given the higher than 50% approval rating from all generations.
“With the current economic pressures brought about by the COVID-19, more than ever, employers need stronger recruitment and retention efforts,” said Gan Bock Herm, country manager at JobStreet Malaysia.
“With four generations working together, organisations and recruiters need to pay attention to the subtleties of multi-generational cooperation so that the organisation can successfully maximize integration, collaboration and engagement toward business recovery as well as sustainability.”