KUALA LUMPUR, Malaysia, December 6, 2017, presidentpost.com – A new study launched today by the Asian Institute of Finance (AIF) reveals that nearly half of Gen Y professionals in the Singaporean financial services industry (FSI) expect to remain with their current employer for at least three years or more.
This bucks the prevailing stereotype which suggests that Gen Y employees are likely to be job hoppers with poor organizational loyalty.
The AIF study, entitled ‘Gen Y in the Workplace: a Perspective from Singapore’, aims to explore the workplace attitudes, expectations, and aspirations of Gen Y finance professionals in the country. More than 200 Gen Y professionals (aged between 20 to 34 years) and 70 managers from financial institutions in Singapore took part in the survey.
As of 2016, Singapore had about 1.2 million individuals belonging to Gen Y, representing 22 percent of the nation’s resident population and constituting the largest generation within its workforce. The importance of this generation is felt strongly in Singapore, an island nation with little natural resources where human capital is a major asset.
The study reveals that nearly half of the Gen Y professionals surveyed have been working with the same employer for more than three years, and 25 percent for more than five years. It also found that they were as dedicated to their organizations as their managers from earlier generations. However, they are passionate about not allowing work to intrude into their personal time. They are pragmatic about the time and effort needed to move up the corporate ladder and are willing to make the investment.
AIF findings show that managers of Gen Y are well-attuned to their professional needs and what they were looking for in a manager. However, they could do more to coach and mentor them. It found that organizations may need to look more closely at their career advancement plans and the competitiveness of their entry stage compensation levels to better attract and retain Gen Y professionals.
“Clearly Gen Y professionals are more willing to ask ‘what the organization can do for them’ than older generation professionals. But the values are often no different. Employers just need to know how to engage them better,” said John Lee, Country CEO & CEO Maybank Singapore.
“This is the fourth study in AIF’s regional series exploring the work values, job expectations and career outlooks of Gen Y, with earlier studies covering Malaysia, Thailand, and Indonesia. We hope that this report can shed light on areas in which financial institutions in Singapore could better engage with this generation of employees to more fully realize their potential,” said Dr. Raymond Madden, CEO of the Asian Institute of Finance.