The Singapore Human Resources Institute (SHRI) has conducted a study in an effort to gather information on the Gen Y workforce in Singapore.
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.
This study attempts to understand general characteristics, strengths, weaknesses, opportunities and threats, likes and preferences of Generation Y’s in Singapore. It is also a reflection of perspectives on Generation Y from their parents and non-GenY bosses and colleagues. The study attempts to discover ways to harness the potential of Generation Y workforce in Singapore.
A summary of the key findings
- Gen Y represents approximately 20% of the economically active population of Singapore.
- Gen Y’s in Singapore are confident, restless, tech-savvy and prefer an unconventional approach.
- Gen Y’s biggest fear is losing their family while their bosses and colleagues feel Gen Y’s biggest fear is to lose their job.
- 27% of Gen Y respondents have yet to identify their profession of choice.
- 57% of Gen Y respondents earn less than SGD 1500 and spend less than SGD 500.
- Tobacco/alcohol, mobile phone and food are listed as top three items that Gen Y prefer to spend the most.
- 45% of Gen Y respondents would prefer a Gen X supervisor.
- Gen Y’s are mostly intrinsically motivated.
- Gen Y’s score low in the General Role Stress index.
- Parents, non-Gen Y colleagues and bosses have conflicting perceptions about Gen Y than Gen Y themselves, which could be a threat!