KUALA LUMPUR, Malaysia, Dec. 6, 2017 /PRNewswire/ — A new study launched today by the Asian Institute of Finance (AIF) reveals that nearly half of Gen Y professionals in the Singaporean financial services industry (FSI) expect to remain with their current employer for at least three years or more. This bucks the prevailing stereotype which suggests that Gen Y employees are likely to be job hoppers with poor organisational loyalty.
The AIF study, entitled ‘Gen Y in the Workplace: a Perspective from Singapore‘, aims to explore the workplace attitudes, expectations and aspirations of Gen Y finance professionals in the country. More than 200 Gen Y professionals (aged between 20 to 34 years) and 70 managers from financial institutions in Singapore took part in the survey.
As of 2016, Singapore had about 1.2 million individuals belonging to Gen Y, representing 22 per cent of the nation’s resident population and constituting the largest generation within its workforce. The importance of this generation is felt strongly in Singapore, an island nation with little natural resources where human capital is a major asset.
The study reveals that nearly half of the Gen Y professionals surveyed have been working with the same employer for more than three years, and 25 per cent for more than five years. It also found that they were as dedicated to their organisations as their managers from earlier generations. However, they are passionate about not allowing work to intrude into their personal time. They are pragmatic about the time and effort needed to move up the corporate ladder and are willing to make the investment.
AIF findings show that managers of Gen Y are well-attuned to their professional needs and what they were looking for in a manager. However, they could do more to coach and mentor them. It found that organisations may need to look more closely at their career advancement plans and the competitiveness of their entry stage compensation levels to better attract and retain Gen Y professionals.
“Clearly Gen Y professionals are more willing to ask ‘what the organisation can do for them’ than older generation professionals. But the values are often no different. Employers just need to know how to engage them better,” said John Lee, Country CEO & CEO Maybank Singapore.
Dr Raymond Madden, CEO of the Asian Institute of Finance said, “This is the fourth study in AIF’s regional series exploring the work values, job expectations and career outlooks of Gen Y, with earlier studies covering Malaysia, Thailand and Indonesia. We hope that this report can shed light on areas in which financial institutions in Singapore could better engage with this generation of employees to more fully realise their potential.”
To download a copy of the report, visit www.aif.org.my.
About the Asian Institute of Finance
Asian Institute of Finance (AIF) is a think tank jointly established by Bank Negara Malaysia and the Securities Commission Malaysia to enhance human capital development and talent management across the financial services industry in Asia.
The Institute believes in the importance of attracting, developing and retaining talented individuals towards ensuring the development and sustainability of the industry. It advocates these principles via domestic and regional alliances with industry, multilateral organisations and applied research institutes with the sole aim of researching and producing thought leadership on human capital and talent management.
AIF works closely with our Affiliate Institutes, namely Asian Banking School, Asian Institute of Chartered Bankers, Chartered Institute of Islamic Finance Professionals, Islamic Banking and Finance Institute Malaysia, The Malaysian Insurance Institute and Securities Industry Development Corporation, through our research, thought leadership, professional standards and capacity building initiatives.
For more information, please visit www.aif.org.my.
Asian Institute of Finance
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SOURCE Asian Institute of Finance