It's More Than the Brand! What Filipino Millennial/Gen Y Talents Really Look For in a Job
We've got news for you. The Philippine workforce is dominated by millennials/Gen Y, the generation born in the 1980s to 2000s. According to the Employment Situation in January 2019 report released by the Philippine Statistics Authority (PSA) in July 2019, "the largest number of employed persons were in the age group 25 to 34 years, with 27.5% of the total employed." What does that say? That we have a younger workforce than we actually realize; even younger than our Asian and Australian counterparts.
The data, drawn from JobStreet's Laws of Attraction survey of over 18,000 Filipino candidates across industries, uncovered that millennials occupy the largest segment of our talent pool, and are still growing. But now, the question is, do employers know how to engage this growing force?
Recruitment's generation challenge
Millennials have been stereotyped as "notorious job hoppers" They have been labeled as "impatient", "unfocused", "entitled", "easily dissatisfied", and "the most difficult to manage and retain." Such misrepresentations have led the public to blame this generation for the high staff turnovers in companies. But let's step back to study the scenario.
The problem is not that millennials are different, but that they are misunderstood. It stems from the truth that employers may have overlooked some glaring facts about millennials, which has made it difficult to understand and engage them.
There is a "generational gap" in recruitment because the strategies that have been working with senior generations do not seem to work with the younger ones. To bridge this gap, you have to tailor your recruitment strategies to the Gen Y candidates and their intrinsic desires.
Brand is not everything
Millennials, also known as "net generation" and "digital natives", came of age during the internet explosion. They grew up using social media, smart phones, and computer applications all their lives, and do not know a world without these technologies.
Being tech-savvy and having information at their fingertips made them active and discerning candidates who don't just follow the bandwagon. They don't easily fall for a prestigious company or a popular brand or a costly ad. They do their own research, browse for options, search for positive experiences, and listen to the voices on the digital platform.
So, what do millennials look for beyond brand?
1. Security and financial stability
The millennials, comprised of 61% female, hold junior executive positions (junior level 47.1%, junior management 36%), and receive a monthly income of less than Php20,000. This base salary is disproportionately low, considering their relative experience and specialization in the healthcare/medical and consulting (IT, engineering, science, technical) fields.
Understandably, 17.6% of the respondents cited salary/compensation as the most important driver to look at when considering a job. They have a desire that is higher than cross industry average of 16.8%. What's interesting to note is that base salary only ranks fourth in their preference at 84.3%. Their top three "musts" are their employer's contribution to mandatory government benefits like SSS and PAGIBIG at 94.8%, health and life insurance coverage for themselves and their families at 93.4%, and double pay during public holidays 89.5%.
Their lack of preference for commission-based income further underscores the value of stability for them.
Complement competitive base salary with a thoughtful benefits package and you will go a long way in successfully attracting competent millennials to your organization.
2. Career advancement and skills development
What motivates millennials is the prospect of furthering their careers and their leadership skills. 78.3% of the respondents consider promotion opportunities crucial to signing off. Along with this, 69.6% assert their strong desires for clear growth and succession plans, 60.6% for self-development programs, and 58.7% for on-the-job skills development and coaching or mentoring programs.
On top of compensation, entice them with opportunities that would accelerate their careers and develop their skills to keep them on top of their game.
3. Flexibility and rewards
Though technology has enabled millennials to integrate work and personal life, they value afterwork hours and prefer to be rewarded for extra time doing work.
Working shifts is not at all appealing, but earning extra cash for the family would be helpful for 84.3% of the respondents who value overtime pay, and 61.6% who are keen to cash out their unused annual leaves. Ample breaks are valued by 71.1% of the respondents who assert adherence to public holidays, and 62.6% who would be delighted to stick to a five-day work week.
For the millennials, an employee-centric rewards package would be another draw that would help, not just attract them, but keep them happy and satisfied with their company.
There is no such thing as one-size-fits-all when it comes to sourcing talents. Employers must know the story of younger candidates, like the millennials/Gen Y, to be able to connect with them more effectively. The Laws of Attraction's Data Lab and Spotlight can help solve your recruitment woes. It provides data and insights that could help you attract and retain the millennial talents who could propel your business to the future.