Young workers belonging to Generation Z look for values-driven companies that take corporate social responsibility seriously, according to a study by JobStreet.com.
Based on government data, 27.5 percent of employed persons are 25 to 34 years old, making Gen Y or millennials the largest working group in the country while Gen Zers, with ages 18 to 24, make up 14.7 percent of the workforce, a figure that is expected to grow to 35 percent by 2025.
In the “Laws of Attraction” survey conducted by JobStreet.com, millennials ranked salary/compensation as the number one driver of attraction in looking or landing for jobs. Gen Zers put it second only to career and development opportunities.
JobStreet.com surveyed more than 18,000 Filipinos across 25 industries. The study offers an in-depth look at the future workforce and the matters that affect their preferences and work habits.
Results show that despite Gen Y’s focus on high salary and Gen Z’s clamor for career advancement, they agree on work-life balance as the third key driver of attraction.
“For companies looking to attract and retain young talent, competitive compensation packages, inclusive career development opportunities and work-life balance are crucial. This younger generation of workers also find great purpose in values-driven companies that take corporate social responsibility seriously,” said Philip Gioca, country manager of JobStreet.com Philippines.
Gen Y and Gen Z also differ in their perception of three other vital drivers of attraction. For millennials, job security is decidedly important; not so for Gen Z talents who have a higher regard for management/leadership style.
The study also reveals that corporate social responsibility is more relevant to Gen Y and Gen Z respondents than to other generations. For both, a job is not just work and a means to earn, but a passion and expression of themselves.
About 70 percent of Gen Zers made it clear they would want to work for organizations that make a positive impact on society and the environment compared to 60 percent of their Gen Y counterparts.
More than 90 percent of Generations Y and Z believe that mandatory government benefits and health/life insurance plans should be the top two inclusions in any compensation package.
Jobstreet.com sales manager Paul Tuazon said that while double pay during public holidays is the third most essential factor for both of them, a competitive base income appears to be of greater importance to millennials at 84 percent than to 77 percent of the Gen Z professionals.
In comparison to 63 percent of Gen Y, about 67 percent of Gen Zers view guaranteed 14th month pay as a “must-have”. Meanwhile, practically the same number of both generations affirm the essentiality of high night differential and bonuses or profit sharing schemes.
The survey also finds that almost 60 percent of Generations Y and Z strongly approve of allowances in the form of meals or rice and for purposes of travel, shift work and entertainment among others. Between the two generations, 53 percent of Gen Z expect for a sign-on bonus compared to 44 percent of Gen Y.
The young workforce, about 78 percent of them, consider promotion opportunities as a “must” when evaluating any company or job proposal. Assurances of clear growth and succession plans, self-development programs and on-the-job skills development are of high importance for 58 percent to 71 percent of Gens Y and Z.
“Despite having the same career goals, a higher number of Gen Z professionals put more emphasis on those objectives than Gen Y respondents do. However, mentoring programs are deemed very significant by more millennials at 63 percent than Gen Zers’ 55 percent,” Tuazon said.
Moreover, compared to Gen Y, Gen Z seems to be a bit more interested on overseas employment and overseas training opportunities.
When it comes to work-life balance, 83 percent of these age groups maintain that fair compensation for overtime is their most pressing consideration.
Both have the preference for companies that allow employees to cash out unused annual leaves, observe public/general holidays and toil for a five-day work week.
As opposed to millennials, 58 percent of Gen Zers are more inclined to look for daytime working hours but Gen Y would demand for flexible working hours.
Moreover, Gen Zers are more mobile as they favor business travel more than Gen Y or any of the other generations.
The survey shows that both work brackets have a strong sense of responsibility, expecting the same from their employers.