Google is the Millennial favourite in Singapore. No surprises there.
With 8,800 participants from local universities such as SMU, NUS, NTU, SIM, participating in this survey by Universum, there were some distinct observations from Singapore’s future talent pool of Millennials (Business and Engineering backgrounds only)
1: The Career Goals of Singapore Millennials seem to indicate a preference for:
- Work Life Balance
- Job Security
- Leadership Positions
- Social Cause serving a greater good
- International Career
- Competitive or Intellectually Challenged
- Entrepreneurial or Creative/Innovative
- Technical/Functional Expert
This is partially in-line with the Future-Ready Research Report 2017 from NUS – Centre of Future-ready Graduates (CFG) which indicates Millennials (from NUS only) desire the following:
- Growth (No. 3 – Leadership positions)
- Corporate Social Responsibility (No. 4 – Social Cause serving a greater good)
- Challenge (No. 6 – Competitive or Intellectually Challenged)
- Autonomy ( No. 8 – Autonomous/Independent)
It is safe to say that the common findings (bolded above) are an accurate representation of what Millennials want from the workplace. Further research remains to be explored to identify and understand the reasons for differences between these research results. Possible reasons for the differences may be attributed due to research population (Faculty – Business & Engineering only) or even the Research Methods used.
The Universum study also found that there is a high demand to recruit talents in Singapore.
According to Joakim Strom, CEO APAC, Universum,
“The war for the right talent among employers in Singapore has never been so intense. This past year we have seen that the only way for employers to gain an understanding of what their target talent finds attractive, and to match that with what they can offer as an employer, and make sure they have a distinct value proposition.”
2: The preferences of Millennials can be grouped into Hard-Soft Skills as well as Intrinsic-Extrinsic Motivations
The other interesting find based on this survey is that Singapore Millennials want to look out for 4 main characteristics when they pick their choice for their career. The report shares that they are looking for
- Employer Reputation (Do you take good care of your tribe?)
- People and Culture (Will I be able to fit in?)
- Remuneration and Advancement Opportunities (Can I expect to grow with this Organisation?)
- Job Characteristics (What is expected of me in terms of work?)
3) If Banking can drop, so can you
And lastly, there seems to be a drop in the Banking industry as a top choice for Singapore Millennials. In the past, many business graduates preferred to enter the banking line but it seems that the banking industry has not been listening to the preferences of the Millennials.
They have yet to provide the kind of employment experiences that the local Millennials seek today in the job market. They have suffered, in terms of ranking, a significant drop from 23rd in 2014 to 40th in 2017.
Suffice to say that it is vital for all organisations to start tuning in to what the Millennials want. Even something that was considered a safe haven as Banking is now seem with a different regard today.
The infographic below showcases the amount of activity that happens in 1 Internet Minute. We live in incredible times where industries are being disrupted. Information is very easily accessible and negative reviews of companies can be fatal, especially if written by employees within the organisation.
Organisations need to keep their antennas tuned into the Millennial Generation or it will inevitably be a case of ‘Shape up or Ship Out’
ABOUT: Based in Singapore, Vivek Iyyani is the go-to person when it comes to everything around Millennial Leadership. As a Millennial himself, his unique approach to simplifying concepts and research around Millennials has enabled him to bridge the gap between Non-Millennials and Millennials.
He combines his background in Psychology, along with his Millennial creativity to help companies, C-Level executives and business professionals navigate through the Millennial Question to accelerate the growth of their business and improve the bottom line.
To learn more on Millennials in Asia, feel free to follow Vivek on LinkedIn, Twitter, Instagram, Facebook and YouTube. The links to all of the above can be found here on his website www.vivek-iyyani.com
Vivek runs in-house and public training programs across APAC on how to leverage the Millennials – find out more here.