How different are Work-Life Demands of Millennials in Singapore from their Global Counterparts?

December 22, 201611:48 am848 views

Speaking of the “strawberry generations” of today, they are very much generalised regards their career aspirations, work-life expectations, behaviours, job search and longevity in a job, while drawing close comparisons with the global counterparts. However, this is seldom true in case of Millennials in Singapore.

While most millennials step into a career with dreams of saving the world or creating their own enterprise in future, the millennials in Singapore think and act differently regards work-life demands.

To further testify the above, a study conducted by UBS on more than 200 high-earning Singaporean millennials making more than $100,000 a year, revealed some startling insights. Here are the three main reasons how millennials in Singapore are different. They have a lot more in common with their parents than they would like to admit:

  • Need for Stability and Job Security Tops the List

While bosses in Singapore are pulling out their hair over the unreliability and flexibility demands of the millennial workforce, who seem to be running away from job responsibilities at any second point of time. This turns out to be untrue, especially with Baby Boomers who need to worry about kids and family.

However, millennials on the contrary are seen to be taking their jobs seriously, since they are worried about career and incomes during the economic slowdown. They are quite attached to the traditional ways of working. This means high-earning Singaporean millennials need stable job with a steady paycheck as in comparison to their global counterparts.

See: Attracting Top Talent and Improving Employee Engagement are Top Priorities for HR in 2017

This generation is highly pragmatic despite the superfluous display of becoming notorious and sticking to idealism in life.

  • They are Unlikely to Dream of Starting their Own Business or Look for a Job Overseas

While many reports have alarmed HR professionals on the risks associated with hiring millennials in the workforce and the need to rethink their stance before making an offer. This is partially untrue, as many high-earning Singapore millennials not keen on starting their own business or looking for a job overseas.

They seem to be contented in their space, looking for career growth plans with their respective companies. In fact, 30% of the respondents in the survey thought they were less entrepreneurial than their own parents.

While there are increasing numbers of young Singaporeans freelancingentering the start-up scene or dreaming of going overseas to work, they are but a small minority, Yahoo! Singapore reports.

  • They are Pessimistic about the Future

With slump in the Singapore economy and uncertainty prevailing across the region, with increasing number of layoffs and artificial intelligence soon penetrating industries, thus creating need for continuous skill upgradation, the millennials in Singapore seem to be acutely aware of their job growth prospects in the current times.

According to a survey by UBS on millennials in ten markets, Singaporean millennials showed the least confidence about achieving their financial goals. 37% respondents felt that their financial aspirations were thwarted by limited social networks, which is significantly lower than 28% global average. It seems long-working hours put by Singaporeans in the office, have been taking a toll on their social and personal lives.

 

Also read: How Do Process Posters Help During Onboarding New Talent?

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