 |
- Generation Z prioritise income over free time as millennials consider work and income of equal importance, while Generation X continue to place work-life balance as their top priority.
SINGAPORE, Dec. 12, 2022 /PRNewswire/ — Reeracoen Singapore, a leading recruitment agency, conducted a new survey in partnership with Rakuten Insight Global, finding local millennial and Gen Z workers in Singapore prioritize income over free time, highlighting nuances over global debates on the need for younger generations to have a healthier work-life balance.
Overall, work culture is changing alongside young people’s attitude towards it, and for human resources professionals, things have never been more challenging. Companies, meanwhile, must contend with demographic changes, changing expectations, and the challenge of attracting other young talents.
“As companies worldwide recover from Covid-19, the demand for global talent will intensify. Companies in Singapore have no choice but to up their game if they want to compete. To do this effectively, they must have an effective strategy to attract the best talent. Only through understanding the needs of job seekers will businesses be able to do this effectively,” said Reeracoen’s Group CEO, Mr Kenji Naito.
Reeracoen’s Group CEO, Mr Kenji Naito
Reeracoen’s Group CEO, Mr Kenji Naito
Shifting Attitudes Towards Work and Career
Reeracoen commissioned the survey to understand shifts in worker’s attitudes post-pandemic and help employers tailor their recruitment strategies to attract the best talent across three demographics: Gen Z (18-25), Millennial (26-41), and Gen X (42-57).
Their responses highlighted five Top Factors Affecting their choice of employer.
- Work-life balance (42%)
- Income (41%)
- Potential Career Growth (13%)
- Learning opportunities (10%)
- Company’s public image (4%)
In addition, the results found several significant differences between generations.
- Unlike other age groups, Gen Xers places “Work-life Balance” (46%) as their top priority, with “Income” second and “Accessibility/Location” third.
- Gen Zs chose “Income” (43%) as their highest priority, followed by “Work-Life Balance” and “Learning Opportunities.”
- Millennials weighted “Income” and “Work-Life Balance” an equal 43%, followed by “Potential Career Growth”.
- Respondents in the “tourism, leisure, hospitality, F&B”, “human resources” and “publishing/ printing/ advertising/ broadcasting” industries were likelier to prioritise work-life balance over other factors including income.
“In Singapore, Gen Zs are rethinking their approach to work, prioritising income over free time. This is in contrast to trends in other markets,” added Mr Naito. “By conducting studies like these, we hope to help companies understand what is happening locally. Make them aware of changing trends and close the gap in expectations between job seekers and employers.”
About Reeracoen Singapore Pte Ltd
Reeracoen Singapore Pte Ltd is one of Singapore’s leading recruitment agencies. Our extensive network allows us to source and match high-calibre talent to opportunities. Our clients enjoy peace of mind knowing that as part of the Neo-career group, Reeracoen is committed to delivering the same Japanese professionalism and service quality across our 12 offices in 8 Asian countries. For more information, visit https://www.reeracoen.sg/.
About Rakuten Insight Global, Inc.
Rakuten Insight Global, Inc. (“Rakuten Insight”) is a wholly-owned online market research subsidiary of Rakuten Group, Inc., a global leader in internet services headquartered in Tokyo. Rakuten Insight, established in 1997, has offices in 11 countries and regions, providing market research to over 500 leading companies worldwide. For more information, visit https://insight.rakuten.com/.
