Job security is Gen Z’s main concern

The views came amid expectations in Malaysia that it will be tough to secure a new job due to the economic recession

by AZREEN HANI / Pic by MUHD AMIN NAHARUL

JOB security is the main concern for Generation Z — those between the ages of 18 and 23 — based on the UOB Asean Consumer Sentiment Study recently.

According to the survey, 94% of respondents within this age range also believed that employers will retrench staff to cut costs if needed.

The sentiment was echoed by Generation X (aged 40 to 55) and Generation Y (aged 24 to 39) at 77% and 76% respectively.

In addition, nine in 10 Malaysian, or 90% employees, see the need to reskill or upskill to stay relevant post-pandemic, according to the survey.

Meanwhile, 85% of Malaysian respondents believed that companies will prefer hiring people who can perform multiple functions and 83% think employers will reduce headcount by stepping up their digitalisation efforts.

The majority of the respondents (78%) expect companies to resort to retrenchment exercises as cost-cutting measures.

According to the study, the views came amid expectations in Malaysia that it will be tough to secure a new job due to the economic recession.

“This year has rapidly changed the way we work and these changes will continue to influence how organisations are run in a post-pandemic future.

“It is imperative for companies to have a workforce that is agile and adaptable in order to weather the ever-changing working conditions brought on by uncertainty and disruptions,” United Overseas Bank (UOB) (M) Bhd ED and country head of human resources Lai Tak Ming said in a statement.

“At UOB Malaysia, we are committed to training and developing our people continually to ensure they are equipped with futureready skills. The crisis has accelerated digitalisation and it is important that our people have the necessary skills to meet the needs of a new generation of increasingly tech-savvy customers,” he added.

To address these issues, UOB Malaysia has several training programmes that provide on-the-job experiences for new graduates and mid-career professionals.

These programmes create opportunities for participants to develop the necessary skill-sets that will help them succeed in the banking and finance industry.

Through its “Better U” programme launched in March, UOB Malaysia said it has helped more than 5,000 of its employees build successful careers.

The programme is centred on five core competencies that are important for the bank’s employees to remain relevant and future-ready.

For graduates or first-timers, the bank is offering the UOB Malaysia Management Associate (MA) Programme and UOB Malaysia Smart Bankers Internship Programme as they embark on a new career in banking and finance.

In the last three years, the bank has accepted 20 graduates under the 18-month UOB Malaysia MA Programme, which provides these individuals with an opportunity to develop and fast-track their banking careers.

Jobseekers who are interested to know more about traineeship programmes and career growth opportunities at UOB Malaysia should visit UOB’s LinkedIn page.

 

Read our previous report here

Jobs abound, but no takers