MANILA -- Times have indeed changed, if we are to look at the preferences of today's young workforce.
While they still consider salary as a top factor when looking for a job, Filipino millennials (aged 25 to 34) and Gen Z-ers (aged 18 to 24) also place great value on companies that will give them career growth, flexibility, and work-life balance -- a far cry from the priorities of their Gen X and baby boomer predecessors.
These were among the findings of Jobstreet.com's Laws of Attraction (LOA) survey, which covered more than 18,000 young working Filipinos across 25 industries.
"Staying loyal has taken a backseat as compared to, maybe, more learning or work-life balance, for example," Jobstreet.com sales manager Paul Tuazon told ABS-CBN News on Thursday.
He went on: "In the past, your choices for employment are primarily very limited. So in order to move up in terms of your career ladder, you had to stay in a position in that same company. Fast forward to today, you have many different ways to get a job -- you can even have a regular part-time job already."
"So the economic factors and the technology most likely caused these changes. For example, with the likes of Jobstreet, we have more than 100,000 jobs available for these job-seekers. They simply have to go there and apply."
Below are some of the key findings in the LOA survey, with the full results available on Jobstreet.com:
- Seventy-eight percent (78%) of millennials and Gen Z-ers say promotion opportunities are a must when evaluating a job proposal.
- Eighty-three percent (83%) of these age groups say fair compensation for overtime is a main consideration in accepting a job offer. They also prefer cash-out options for unused leaves and flexible working hours.
- More than 60% (67% for Gen Z-ers, 63% for millennials) consider guaranteed 14th month pay as a must-have in the company they will work for. Both groups are also attracted to high night differential, sign-on bonuses, and profit-sharing schemes
- Both millennials and Gen Z-ers are drawn to mentoring programs (63% and 55%, respectively), overseas employment (29% and 36%), and training opportunities abroad (32% and 36%).
Tuazon said the challenge now for companies is to strike a balance in providing the needs of millennials and Gen Z-ers versus the older generations, who value hard work and loyalty over "quick rewards."
When asked to react to the perception that millennials and Gen Z-ers are "entitled," he replied: "I've attended several other talks and conferences [on the topic] and they didn't want to use the term 'entitled,' but this generation values rewards right away. It's more like quick rewards, the speed of getting the rewards."
"We're not saying that all companies should have a sign-on bonus, but if they have other things that they think they can fluff up, that would be great... Some companies, they have all these different drivers already, they just don"t know which ones to highlight. So that's what were trying to drive at."
Meanwhile, Tuazon announced that Jobstreet.com will hold a career fair from October 8 to 9 at the SM Megamall Megatrade Hall in Mandaluyong City to help Filipinos find the job that suits their needs and preferences.
Here, participants can apply for companies in industries like information technology, real estate, hospitality, and retail, to name a few.