Understanding The Young Talent Desires In Regards To Salary, Flexibility, Growth, And Development

The younger generation, particularly Generation Z, will undoubtedly form the foundation of the future workforce. The question is, however, how to start engaging this section of the population, which now values more than just money - they want it all.

"Younger graduates tend to look for jobs that pay well, offer opportunities for growth and advancement, learning, and flexibility in the workplace," Stephen Koss, EY Asia-Pacific Workforce Advisory Leader, told HRO.

"Our Work Reimagined Survey 2022 uncovers some intriguing differences between individuals who value office work and those who value remote work." Those who work remotely place a higher value on flexibility than those who work in an office and place a higher value on career advancement."

 

These sentiments appear to be shared in different parts of the world.

The results of research carried out by Gradus Research in collaborative efforts with LEAD Network young talent from Central European countries are most motivated by work-life balance (18%), benefits (15%), flexible working and objective of work (11%), and opportunities for personal and professional development (9%).

Opportunities to develop a career (43% of UK NextGens agree), a flexible and positive atmosphere (37% of young Dutch people agree), and opportunities for personal development (40% of Italian NextGens agree) are the main reasons they stay with their companies.

"Our survey shows that companies should implement flexible work hours to be more 'young talent-fit,'" said Evgeniya Bliznyuk, social scientist, CEO & Founder of Gradus Research."

"The COVID crisis has changed people's attitude towards mobility dramatically. We see that survey participant from all surveyed countries choose the opportunity to work from any location and a positive atmosphere to be the most significant considerations."

 

According to the most recent 2022 Randstad Workmonitor study in Hong Kong, 45% of employees prefer being unemployed to being unhappy at work, and 62% of Gen Zers (aged 18 to 24) agreed.

Around one-third of Hong Kong respondents are pleased that their employers have increased flexibility in the institutional framework (39%) and working hours (31%).

On the other hand hand, 61% of Hong Kong survey participants said that training and growth are important to them; thus, Randstad's research study indicated that companies who are prepared to invest in their employee training are more likely to maintain their workforce along with draw job seekers who seek career opportunities and a sense of purpose in their careers to add value to the company.

 

Flexibility is not a cure-all.

According to Cigna International's recent international wellbeing survey, Exhausted by Work - The Employer Opportunity, flexible and remote work may harm employees' mental health and professional development.

According to the survey, while younger workers value hybrid and flexible work, they are also beginning to experience high levels of burnout and anxiety about the future. Over 97% of 18-34-year-olds are burned out, as well as 40% are concerned about rising living costs.

Over half (51%) of 18-34-year-olds feel they need to be more present and engaged at work, and 48% plan to look for a new job within the following year.

A fifth (20%) said a lack of opportunities for learning and development is also causing stress.

According to Michelle Leung, HR Officer at Cigna International Markets, the findings should raise red flags for employers everywhere. "If we are not careful, this might quickly escalate into a generational divide - those who built great long-term qualifications during years of traditional onsite work, and those who became disempowered during the remote transition - the so-called Great Resignation and Quiet Quitting phenomena," Leung warned.

 

How to Meet Young Talent's Expectations

As a result, EY's Koss advised companies to "think regarding it more like a menu than a set meal" when developing their value proposition for employees (EVP).

"We're seeing younger talent value' trust,', particularly regarding their career choices." "Younger talent wants the freedom to work when and how they want, and they desire their employers to encourage their choices," he said.

To narrow the gap between the demands of young talent and the needs of companies, Koss believes that businesses should concentrate on overall employee engagement, incorporate more options for their people, and have leaders who can lead and start engaging this cohort. A powerful technology workplace experience can enable all of this.

"HR and business leaders must become effective learners to their younger employees, engaging in and co-designing the work experience." "Koss concluded. "Today's young talent brings enormous potential and, in many cases, much-needed digital skills." When ignited, they can act as a catalyst for change."