GEN Z is expected to work for at least a decade longer than millennials, and contrary to popular belief, they are prioritising salary and financial benefits over meaningful experiences and well-being when looking for work.
Money, however, is not the most important criterion when it comes to talent retention. While salary, benefits, career advancement, networking opportunities and work-life balance are important, most young talents are most likely to stay put if they like the workplace culture and environment.
As for their preferred work arrangement, 71% say they prefer a hybrid model, with most of them stating that a three-day on-site and two-day remote setup is best.
Additionally, 17% favour a fully remote work setup, which could be seen as a lasting impact of the Covid-19-era adjustments (see infographic).
This indicates that they see the value in having face-to-face interactions with their supervisors and their peers.
According to the recent “Navigating a 100-Year Life: Preparing for 50 Years of Career and Beyond” study by Monash University Malaysia’s Southeast Asian Centre for Workplace Well-being, 38% of the respondents say they prioritise salary and benefits when it comes to employer expectations, with 19% citing flexibility in work arrangements as an important criteria.
Gen Z, said centre co-founder and co-director Prof Dr Jane L.Y. Terpstra Tong, is a realistic lot when it comes to workplace expectations.
Regarding the factors that would keep them in a job for the long term, both money and flexibility are equally important.
“Their strong belief in mental health and work-life balance also leads them to expect that employers and educational institutions provide resources to help manage their mental health,” Prof Tong, who led the research, said.
Malaysian Employers Federation (MEF) president Datuk Dr Syed Hussain Syed Husman said bosses who take into account Gen Z expectations and understand their needs will be able to attract and retain top talent, and nurture a dynamic, future-ready workforce.
He, however, said balancing the needs of Gen Z employees and the company’s need to maintain productivity requires well-planned strategies and adequate resources.
Both parties must also be willing to adapt, he said, adding that the capacity of employers must be taken into account.
Employers, he said, can match industry benchmarks but whether they are able to meet all the expectations and desires of Gen Z with regard to salary and benefits depends on the financial capacity of the individual employer.
As for flexible work arrangements, Syed Hussain said the Employment Act 1955 has been amended to allow hybrid work models.
“Where feasible, employers implement models such as the three-day on-site, two-day work-from-home model,” he said, adding that arrangements for remote work require investments in technology, which might be challenging for micro, small and medium enterprises due to cash flow constraints.
