More than half executives in Singaporean companies agreed that to adapt to a changing workforce and welcome the Milennial, companies need to refine their hiring processes, recent survey found.
As the Millennial generation (those who were born between 1977 to 1995) are growing up and graduating from school and university, we can expect to see an influx of Millennials coming to the workforce for years to come. According to the new research commissioned by recruitment firm Robert Half, the Millennial generation is expected to bring positive and progressive impacts on Singaporean businesses.
According to the research, 57 percent finance executives believe that Millennials will put increased emphasis on soft skills such as communication, problem-solving, and interpersonal skills. Another 48 percent sees that flexibility, which refers to the growing acceptable of flexible working arrangements will be brought by Millennials. Meanwhile, 44 percent expects there will be an increased emphasis on collaboration and transparency to enhance sharing of best practices and 39 percent increased mentoring programs to foster supportive work relationships.
Known for their tech-savviness and appetite for learning, Singaporean companies need to put efforts to adapt their businesses to the new generation. In order to secure and leverage these qualities, they need to adjust their hiring practices to attract and fetch the best talents.
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To adapt to the changing workforce, 59 percent respondents have increased collaboration among all generations in their workplace, which includes a greater focus on teamwork, brainstorming, and relationship building across al companu teams. Another 53 percent have taken further step to refine their hiring strategies to attract top candidates, 48 percent implemented open lines of communications, 40 percent initiated mentoring programs, and 30 percent have tailored their retention and professional development programs.
Matthieu Imbert-Bouchard, Managing Director of Robert Half Singapore said that as technology is drastically changing businesses landscape, companies need to attract the necessary talent who possess the skills required to keep up in a heavily competitive and technology-based environment.
He said, “Singaporean workplaces are invariably multi-generational, however the workforce will inevitably be dominated by millennials as Baby Boomers gradually retire. In the midst of this transition, companies will need to adopt multi-generational collaboration and (reverse) mentoring programs as a way to share best practices and knowledge.”
“In terms of attracting and retaining top millennial talent, employers will need to adapt –and fast. Millennials thrive in a flexible and transparent workplace, and remuneration is not always their top priority, so employers will need to adjust their hiring practices and tailor their talent management programs to attract the workforce of the future,” he concluded.
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