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25 Aug 2008 GENERATION Y: A NEW WORKFORCE CATALYST? Recent SHRI Study Reveals Gen Y Workforce Motivators
1. Approximately 20% of the economically active* Singapore population are the Gen Y, making up of more than 350,000 of the economically active. It is vital that employers learn to ropes of motivating, understanding and managing the Gen Y’s distinct personalities. This generation will help to bridge the workforce gaps for talent shortages that the Singapore workforce is currently experiencing.
2. According to a recent survey conducted by the Singapore Human Resources Institute (SHRI) research centre, the Generation Y is a potential pool of talent that Singapore can bank on in today’s tight labour market. Ranging from the age of 14 to 30 years old, they have a reputation for being pampered and high-maintenance. Nurture under a different education system, they are an educated group, boast high self-confidence and are tech-savvy.
3. The survey highlighted that the Gen Y are individualistic, proud, disloyal and job-hoppers. Could these characteristics be the reasons for the high turnover in companies? Are there cultural or generational gaps that employers and HR practitioners need to address to retain this pool of talent? The Gen Y is also intrinsically motivated. Their performances are not highly determined by what is offered to them but are more likely the instant gratification of the task. 4. SHRI Executive Director Mr David Ang shares his views, “Employers have to be creative in tackling workplace challenges as Singapore is facing manpower shortage. The Gen Y is a ready pool of talent that we can tap on. From this study, remuneration packages may not be the best option to attract and retain the Gen Y talents. HR practitioners will then need to explore and adopt differentiated HR practices and solutions to help them fit in the changing employment landscape which is robustly changing. We need to engage, orient and accelerate the young workers.” 5. The key findings of the Harnessing the Potential of Generation Y Workforce in Singapore survey report will be release by SHRI Executive Director, Mr David Ang. Below are the event details: Name of Event:
SHRI Leading HR Practices Summit 2008
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