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Sunday, February 5, 2023

Difficult to retain talent in your business? Here’s what Gen Z and millennials want from employers

NewsDifficult to retain talent in your business? Here's what Gen Z and...

Ever since the Covid-19 pandemic, employers in the country have been facing workforce shortages. Unfortunately, the Great Resignation that is currently ongoing had make it more difficult for employers to attract and retain talent.

In like of the working population in Malaysia being represented by Gen Zs and millennials, international professional services network Deloitte conducted a survey to find out what these groups of talents want from employers in Malaysia.

For the purposes of the survey, Gen Zs were defined as anyone born between January 1995 and December 2003, while millennials are those born between January 1983 and December 1994.

The survey, titled “Global 2022 Gen Z and Millennial Survey” found that Gen Zs and millennials feel deeply concerned about the state of the world and their own futures. 

Amid the ongoing crisis, they are reassessing their priorities and are actively trying to balance the challenges of everyday lives with their desire to drive societal change.

Among the top concerns of Gen Zs and millennials were:

Cost of living and better compensation

While wages in the country had remained stagnant for over a decade, Gen Zs and millennials are concerned that their take-home pay is not enough to cope with the rising cost of living. Many who are living paycheck to paycheck are not confident they will be able to retire comfortably. 

In addition, more than 4 in 10 Gen Zs and a third of millennials have a part- or full-time side hustle in addition to their primary job to make ends meet.

On a broader societal level, many expressed concern about the increasing wealth inequality and are not optimistic that the economic situation will improve.

Flexibility in work

The survey found that over 3 quarter of Gen Zs (75%) and millennials (77%) prefer hybrid or remote work, but less than half have the option to do so.

It is understood that flexible working arrangement helps them save money, frees up time to do other things they care about and allows them to spend more time with family.

Having a good work-life balance is among the top reasons why they choose to work for an organisation.

Mental health and workplace well-being

Over half of Gen Zs and millennials expressed that they feel stressed all or most of the time. The stress comes mainly from their longer-term financial future, day-to-day finances and job and workload.

Meanwhile, most say employers were actively trying to address workplace mental health issues but they focused more on workplace well-being and mental health since the start of the pandemic.

Many believed that this focus has not resulted in any meaningful impact on employees.

Other factors

Apart from these, the report also pointed out the weakening of the Ringgit against other currencies, thus making Malaysia at a higher risk of losing talent.

“The Great Resignation signals a breaking point in response to ongoing dissatisfaction, increasing distrust in business and shocking events like the pandemic that have made many reassess their priorities.”

“Business leaders now have an opportunity to drive the sustained workplace changes that Gen Zs and millennials have long been asking for.” the report reads.

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