Comprehensive Analytical Data for Businesses and Talent Recruitment Amidst the COVID-19 Shadow
JobStreet Malaysia today announced the Laws of Attraction recruitment study, with insightful data from more than 10,000 local candidates, cutting across over 25 industries. The study is especially timely for organisations seeking to build and retain teams that agilely combine skills and mindsets needed in the path toward post-COVID economic recovery.
The Laws of Attraction study not only offers insights by JobStreet at a Malaysia-specific level but also crystallised information in terms of specialisation, industries, age groups and job levels with an overview comparison for each finding. The collective data is unlike any other as it is customisable, allowing organisations to explore and extract different candidates from any industry, based on their organisational as well as skills requirements.
For Malaysian organisations seeking to navigate their way forward after the lifting of Movement Control Order, these findings go hand in hand with the government stimulus package which is designed to help retain existing workforce and secure new talents toward rebuilding. Staying close to JobStreet’s mission as the trusted talent partner for organisations, the study is available online as a microsite with easy-to-use navigation tabs, categorised by segments to narrow down the specialisation the organisations require. This further solidifies JobStreet’s position as Asia’s Best Talent Sourcing Partner with user-friendly tools to find the right candidate.
The study reveals thinking driving four generations of jobseekers from Gen Z: aged 18-23, Gen Y: aged 24-34, Gen X: aged 35-54 up to Baby Boomers aged: 55-65.
Salary and Compensation along with Work-life Balance applied to all Malaysian talents but not for Gen Z. They prefer Personal Growth and Career Development as they are just starting to enter the workforce.
Gen Y focuses on Career Development in an organisation when it comes to choosing a job – this includes overseas training and promotion opportunity.
Job Security drives Gen Y, X and Baby Boomers due to factors such as commitments or family. Majority of Malaysians in the workforce are currently from Gen X and Gen Y, which comprises 45% and 40% respectively.
The key drivers also differ according to industries. Salary and Compensation are high priorities for the Banking/ Finance and Consulting (IT) industries, whereas Work-life Balance is important for Advertising and IT industry. For talents in the Auto, Electronic & Manufacturing and those in Oil & Gas, they are driven more by Career Development.
The Laws of Attraction at a glance: Detailed priorities for 10,000+ Malaysian candidates across > 25 Industries
With more Gen Z, Gen X, Gen Y and Baby Boomers working together, organisations today face unprecedented challenges in managing a multigenerational workforce. This is where the Laws of Attraction data help organisations make the right recommendation and hire with precision.
Organisations are also faced with issues of retaining talents during this challenging time due to cash flow and income issues. To help organisations retain rather than retrench staff, the Malaysian government announced its RM250 billion Prihatin Rakyat Economic Stimulus Package (PRIHATIN). This package includes a range of financial assistance, ranging from deferment of payments for tax instalments up to six months to subsidising employee salaries. This initiative is targeted at assisting SME businesses which are especially prone to choosing this short-term solution due to their vulnerable cash flow, but such decisions tend to extract a higher cost when it comes in the recovery-19 crisis.
As Mr Gan Bock Herm, Country Manager of JobStreet Malaysia, explained, “With the current economic pressures brought about by the COVID-19, more than ever, employers need stronger recruitment and retention efforts. This is where data and local insights are important to understand what Malaysian organisations and workers need to form teams critical for their economic recovery after the pandemic. The Laws of Attraction harnesses insights on important motivators across four generations of talents. These insights provide a clearer overview for an organisation and recruiters to attract and retain top talent.”
As organisations move toward recovery, the working environment is faces transformation in response to uncertainties brought about by the pandemic.
The two major factors of driving changes in the multigeneration workforce are demographic and technological transformation. In terms of demographics, each generation has different ways of communicating, different ways of working, and each with different expectations for employers. It is necessary to manage such an expectation in order to be able to work efficiently. The Laws of Attraction give insightful detail for organisations to understand these generational characteristics and enable them to effectively attract, building teamwork while adapting to economic changes.
As underlined by Mr Gan, “With four generations working together, organisations and recruiters need to pay attention to the subtleties of multi-generational cooperation so that the organisation can successfully maximize integration, collaboration and engagement toward business recovery as well as sustainability.”
The COVID-19 pandemic has fast-tracked digital transformation in organisations. It has rapidly reshaped the way organisation and employees communicate and work as well as the deployment of technologies such as Big Data, Internet of Things (IoT), Artificial Intelligence, Machine Learning and Robotics to cope with the pandemic’s onset.
These changes also impact the skills that are required in the workforce as well as how recruitment processes are done. Almost overnight, organisations not only had to speed up their digital transformation but more importantly, maintain a humanised recruitment process.
The Laws of Attraction study found that 34% of Gen Z find it acceptable to have interviews through video calls than other generations, as compared to Gen Y at 32% and Gen X at 30%. For contrast, just 19% of Baby Boomers found video interviews acceptable. This further signifies the importance of organisations humanising the whole recruitment process. For example, a smart organisation would adapt to provide an immersive experience and making the session feel more like a two-way conversation. Talents, in turn, can get a real feel for the company values, culture or even team members as they would be “there in person”.