News Story

GENERATION Y AT WORK

Are they really that different?

Whatever label you use, the Millennial Generation, Generation Y, or the ken lao zu generation are the leaders of tomorrow’s business world. But a survey by recruitment agency Hays reveals that in the workforce, Generation Y are not too dissimilar to the remainder of the working population.

“The survey compares the views of Generation Y, Generation X and Baby Boomers across Asia towards workplace issues such as expected tenure, flexible work schedules, preferred management style and ideal employers,” said Emma Charnock, Regional Director of Hays in China and Hong Kong.

“The aim was to paint a picture of Generation Y, the future of our skilled workforce, and compare this view with that of the remainder of the working population.”

Loyalty – the differentiator

The survey results reveal one of the biggest differences between the generations surrounds loyalty. “Loyalty within Generation Y is best achieved through career progression opportunities, while for Generation X it’s achieved through ongoing learning opportunities,” said Emma. “For Baby Boomers, work/life balance is the key to loyalty.

“Another point of difference surrounds average expected tenure, which increases with age.

“The importance of a company’s reputation when deciding to accept or reject a job offer is another key differentiator. A company’s reputation is essential to Generation X joining the organisation. But while it is desirable for Baby Boomers and Generation Y, it isn’t as essential.”

Work/life balance - the link

The research found several areas in which the generations agree. “When asked for their view on flexible work schedules, such as telecommuting and flexible hours, the generations said flexible options are preferred but not essential. But when asked what is most important to their future, work/life balance becomes a priority. Work/life balance was also the key for Baby Boomers’ loyalty.

“The generations also agree a job that is enjoyable and meaningful is more important than a job that pays well or is exciting.

“All three generations want to be managed in a democratic fashion, and while all agree recognition and promotion should be based on merit, the percentage of respondents that feel it should be based on tenure increases with youth, from 4 per cent of baby boomers to 13 per cent of Generation Y.

Regardless of age, all respondents would like an overseas assignment. “More than nine out of ten people from all three generations would prefer to work for a global company with better opportunities for overseas assignments, perhaps because of the value employers place on international experience.”

The findings:

  • 57.9 per cent of Generation Y expects to stay with an employer for between 3 to 4 years. 42.4 per cent of Generation X and 54.5 per cent of Baby Boomers expect to stay over 5 years.


  • 42.8 per cent of Generation Y expects to change careers in their lifetime more than 3 times. This increases to 57.1 per cent of Generation X and 65.9 per cent of Baby Boomers.


  • 34.6 per cent of Generation Y said career progression makes them most loyal to an employer, followed by ongoing learning and development (33.3 per cent). For Generation X it’s ongoing learning and development (28.2 per cent) then career progression (22.6 per cent). For Baby Boomers it’s work/life balance (25.0 per cent) then stability of employment (22.7 per cent).


  • 66.7 per cent of Generation Y, 63.3 per cent of Generation X and 79.5 per cent of Baby Boomers say a job that is enjoyable and meaningful is more important than a job that is exciting or that pays well.


  • When asked what they consider most important in their future, 38.4 per cent of Generation Y, 35.0 per cent of Generation X and 36.4 per cent of Baby Boomers said work/life balance, ahead of career satisfaction and financial freedom.


  • 52.8 per cent of Generation Y and 50.0 per cent of Baby Boomers said the reputation of an organisation is desirable, but not essential in their decision to work for a company. 52.0 per cent of Generation X believe it is essential.


  • If they didn’t believe in what an organisation stood for, but that organisation was advertising their dream job, 66.0 per cent of Generation Y and 57.1 per cent of Generation X would apply anyway. 65.9 per cent of Baby Boomers would not.


  • When asked what is more important in terms of the company you work for, all rated employee support and development ahead of social/environmental responsibility and strong profit results.


  • 60.4 per cent of Generation Y, 64.4 per cent of Generation X and 65.9 per cent of Baby Boomers say flexible work schedules are preferred, but not essential.


  • 87.4 per cent of Generation Y, 91.5 per cent of Generation X and 95.5 per cent of Baby Boomers say recognition and promotion should be based on merit, not tenure.


  • 93.1 per cent of Generation Y, 88.1 per cent of Generation X and 90.9 per cent of Baby Boomers prefer to be managed by a democratic manager, with employees taking part in decisions.


  • 97.5 per cent of Generation Y, 94.9 per cent of Generation X and 90.9 per cent of Baby Boomers would prefer to work for a global company with better opportunities for overseas assignments.


    • Ideal employers named:

  • Google is Generation Y’s ideal employer. Also ranking highly were Goldman Sachs, HSBC, Shell, Citibank, Morgan Stanley, ExxonMobil and GE.


  • Generation X named Shell, then Exxon Mobil, Chevron and Microsoft as their ideal employers. Other popular choices were Coca Cola, Intel, Apple, Worley Parsons, HP, IBM and KPMG.


  • Baby Boomers named Chevron, followed by Bechtel, Worley Parsons, Exxon Mobil, HSBC, Apple and ConocoPhillips as their ideal employer.


    • Survey demographics:

  • 35 per cent of respondents were from China, 13 per cent were from Hong Kong and 52 per cent were from Singapore.


  • 44.1 per cent were born in or after 1980, thus are classified as ‘Generation Y’. A further 44.1 per cent were born between 1965 and 1979, making them a member of ‘Generation X’. The remaining 11.9 per cent were born between 1945 and 1964, classifying them as ‘Baby Boomers’.


  • 1,341 people were surveyed.


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