COMPANIES that will be recruiting employees in 2019 will find a growing pool of Filipino millennials seeking for more work-life integration. This young workforce will also be interested in exploring opportunities in Asian multinational companies and not limit their choices to American and European giants. Ultimately, though, instead of climbing the career ladder to an executive position, many of them will want to put up their own business after they feel confident enough in their skills, experience and network.
That, in a nutshell, is the collective outlook of a majority of Filipino professionals who will either be entering the job market or are already entrenched in it. Business owners and human resource managers seeking to increase their talent base should take note of the following trends:
1) Millennials, who make up more than 30 percent of the Filipino population, need something more than a very attractive compensation package for motivation. Unlike their elders who belonged to the Baby Boomer and Gen-X generations, they want to harmonize their personal and professional lives, and not make a sharp distinction between these. Recognition and a having a significant voice in the office might mean more than cash rewards.
Hardy Jacob, global manager for knowledge management in Lufthansa Global Business Services, elaborated on this development in Training and Development Asia 2018: “About 79 percent of millennials believe that life should be embedded in work. In applying for a job, they look for features in the company that encourage work-life balance, such as telecommuting or a four-hour workweek. They ask if the company holds celebrations if goals have been reached. The advocacies that the company champions in its corporate social responsibility programs are also important to them, because they do want to volunteer in these activities.”
2) Working in an Asian — and not just a Western — company is seen by Filipino millennials as a fast track to advancement. They regard Singapore, Japan, Hong Kong and the Philippines’ other economically dynamic neighbors as premiere employment destinations. According to a 2018 study by global recruitment consultancy firm Robert Walters, they want to be where the action is, and Asia is where it’s at. Financial and technological capabilities, which translate to economic muscle, will be growing in the East in the next few decades.
“The region is home to global giants than any other continent. In the latest global Fortune 500 list, 40 percent of the companies named (197) were Asian, compared to just 24 percent in the 2006 report,” the study pointed out.
Young Filipino professionals will leap at this opportunity and invest to lead in various regional industries, including information technology, healthcare, marketing, education and engineering.
3) Interestingly, though, the one opportunity that many Filipino professionals would inevitably gravitate to is putting up their own business. The 2018 Opportunity Network Index by LinkedIn, the world’s largest professional social media network, reported that 53 percent of the Filipinos they surveyed defined successful entrepreneurship as their ultimate goal. At the same time, they want to maintain work-life balance and not devote 24/7 on the job, as older business owners do. Having a stable, well-paying job that also allows them a lot of free time is only a second choice (44 percent).
Regardless of the individual Filipino’s financial and professional predicament, as a whole our young workforce shows huge confidence when it comes to looking for opportunities and pursuing them. In LinkedIn’s APAC report, the Philippines ranked fourth in this area, following Indonesia, India and China.