Thursday Nov 28, 2024
Thursday Nov 28, 2024
Wednesday, 21 January 2015 00:00 - - {{hitsCtrl.values.hits}}
Key takeaways from the findings show:
Gen Y seeks career growth and advancement whereas for Gen Z job satisfaction is a priority.
Gen Z prefers greater workplace flexibil
ity, better balance between their work and home life with telecommuting facilities or a work-from-home arrangement, whereas Gen Y favours traditional hours and method of working. 95% of Gen Z and 85% of Gen Y cited their ideal manager as a coach or mentor figure. They also expect their leaders to be effective communicators and good listeners.
75% of Gen Y and Z indicated they expect to remain with an organisation for less than five years. Gen Z generally expects to stay in their current position for at least 3 to 5 years. Gen Y, however, is less hopeful.
While both generations value company leadership and employer’s branding, job titles and inhouse training are not major areas of consideration for them.
Gen Y tends to switch jobs if they are promised higher pay, while Gen Z is more swayed by better perks and benefits.
Gen Y favours working with a supervisor that they can respect and learn from, Gen Z places working with people they enjoy as a top priority for an ideal work environment.
Both Gen Y and Z involve themselves in causes outside work. They are drawn to organisations that are socially responsible.
According to Professor Sattar Bawany, CEO of Centre for Executive Education (CEE), who is also the Principal Investigator for the Research, the study highlight attributes that distinguish Gen Z and Gen Y employees from a talent management perspective. “This study provides an insightful picture and practical recommendations of what Singapore employers can use to inspire, motivate and engage this n
ewest generation as part of their overall talent recruitment and retention strategy.”
Entitled ‘Inspiring Your Future Workforce: How to Lead and Engage Gen Y and Z Effectively’ the study queried both Gen Y and Z respondents whose views were obtained via an online survey and with the results further validated during focus group interviews. The study both confirmed and dispelled stereotypes about Gen Y who are also known as the Millennials – who increasingly are making up a larger part of the today’s workforce; and also shed new insights on Gen Z who are on the verge of joining the corporate world.
“Managers should be authentic and lead from the front and by example or adopt servant leadership, instead of a commanding or directive style. These younger generations need guidance through coaching and mentoring rather than control and micro-management. A highly engaging and interactive management style characterised by open communication works best for this generation,” says Bawany.
He notes that in light of the desire of both generations to be involved in activities and initiatives related to various societal issues, employers are recommended to tap into that interest by involving them in charitable activities. Come up with a sabbatical policy that would allow these employees to embark on paid leave in support of worthwhile causes.
Additionally he says, “Flexibility is vital to managing Gen Y and Z, especially if your organisation comprises a multigenerational workforce. By understanding these next generations of employees and adapting your management styles accordingly, you can effectively harness their potential while maintaining the loyalty of other staff, thus effectively attracting and retaining employees, building high performance teams, dealing with change and increasing employee engagement.”
The Research aims includes identifying the unique values and belief systems that Gen Y and Z embody, their attitudes to work and life, their highly ambitious and inquisitive nature, and how to best fit them in organisation locally and around the world in the context of today’s economic reality and diverse workplace.
Survey data was collected from 304 respondents from both Gen Y and Z in Singapore during the period of September 2014 to January 2015. Their views were obtained via an online survey and the results were further validated during focus group interviews.
Centre of Executive Education (CEE) is a premier network of established human resource development and consulting firms around the globe which partners with clients to design solutions for leaders at all levels who will navigate the firm through tomorrow’s business challenges. CEE suite of executive development programs includes talent management & succession planning, management and leadership development, executive coaching, CEO and board mentoring and advisory services. CEE assists corporate leaders and small business owners to optimise their performance and accomplish their business and professional objectives.
