Survey debunks (and confirms) workplace myths on millennials

Home Credit’s HR survey reveals interesting data about tweens—and thirtysomethings, too.

Much has been said about millennials, the segment of the population that typically falls in the 18-29 age range. Every aspect of their behavior, from their TV viewing habits and shopping preferences to home and workplace behavior, is constantly being scrutinized.

With many applicants and new hires coming from this segment, companies are eager to know what makes millennials tick, what motivates them, and perhaps most important of all, what would make them stay with the company. To do this, we need to separate the facts from the myths, the conclusions from the assumptions, and confirm or debunk them as needed.

This is exactly what Prague-based fintech company Home Credit—itself an employer to more than 4,800 millennials, or 82% of the Home Credit PH workforce—did, as it recently surveyed close to 600 applicants about their career and workplace preferences (you can check out the survey here).

With close to 80% of the respondents falling under the 18-29 range, it gave plenty of interesting insights about millennials, while shedding some light on the other/older respondents, too—allowing us to determine whether the following are simply myths, or solid facts:

Myth or fact: work location is everything

It is almost universally agreed by all Filipino workers, young and old, that traffic is no fun—and no good. But some say that millennials don’t mind a few hours of commute daily if it means working at a fast-paced business district, where all the action is (and where the top companies are).

Home credit survye

According to the Home Credit survey results, millennials are virtually split between preferring to work close to home (48%), or work in a top business district (52%). A similar split is seen in the 30-something segment, with 49% wanting their office to be near home.

Myth or fact: it’s all about the money

It’s no surprise that salary is a top consideration for employees, especially young ones, while older workers—many of which might have families to support—also want good benefits for their loved ones. In fact, 67% of Home Credit’s 30 years old and above respondents chose having good benefits for their families over simply having a high basic salary.

Home Credit survye

But what might be surprising is that an even higher percentage of millennials—73%– chose good benefits for loved ones over high basic pay, possibly an indicator of Filipinos’ strong family-oriented culture, even among modern millennials.

Myth or fact: work is life

There are those who say that millennials are hooked on long work hours, especially those in creative-driven industries, while some say that young professionals are actually averse to overtime work, and want to have some “me” time after 6.

Home Credit survey

But it seems that workaholics comprise a very small minority, as an overwhelming 76% of surveyed millennials put a premium on work-life balance, almost equal to the 77% preference rate of the 30-and-above group.

Myth or fact: size (and name) matters

Another seemingly obvious ‘fact’ is that employees care about the name or image of the company they work for. A big-name company is good, while a small, obscure company is not-so-good. Right?

Home Credit survey

Not quite—while 54% of young respondents did say that they’d rather word for a big company than a start-up, 46% said that they prefer helping a start-up grow. The discrepancy is even smaller for thirtysomethings, with 48% preferring to work at a big company and 52% wanting to offer their services to a start-up.

Myth or fact: millennials = job hopping + quick promotion

The last (and perhaps one of the most popular) myth/fact: millennials are prone to moving from one job or company to another. And while this is not uncommon, 86% of Home Credit’s millennial respondents said that they prefer to grow their careers in the same company—with the 30-and-above group having the exact same rate.

Home Credit survey

Moreover, 84% of millennials said that they prefer to become specialists or experts in their field before moving up the ladder, while only 16% indicated that they prefer quick promotions.

So what do you think, millennials? Do you agree with the results? Share your thoughts in the comments section!

 

 

 

 

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Home Credit named “Employer of the Year” in PH, APAC

Research group Aon Hewitt cites employee engagement as key driver for HCPH

Home Credit, a Prague-based company that offers in-store financing of gadgets, appliances and other goods, has been recognized by Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE: AON), as a 2016 Aon Best Employer in the Philippines and in the Asia-Pacific region.

The Aon Best Employers program measures and recognizes employer excellence worldwide, comparing organizations to identify those that strive to create a competitive advantage through their people and become employers of choice.

Under the program, Home Credit Philippines (HCPH) was assessed on several measures, including employee engagement, leadership index, performance culture index, and employer brand index. HCPH scored high marks across all categories based on employee surveys, along with other Home Credit offices throughout APAC.

“When we did our rebrand earlier this year, we said that we are transitioning from a product-focused company into a people-focused company. And by people, we don’t just mean our customers; just as important, we put even greater focus on our own people, underscoring the important role that employee engagement plays in achieving our goals,” remarked Annica Witschard, CEO of HCPH.

“This award illustrates Home Credit’s strong commitment to growing together with its workforce, and we are thankful to Aon for this recognition,” she added.

home credit

“The Aon Best Employers program recognizes the outstanding achievements of organizations that demonstrate excellence in the workplace and consistently deliver strong, sustainable business results,” said Neil Crawford, partner, the Aon Best Employers Program leader, Aon Hewitt. “These exceptional organizations stand above the rest because they empower results through high employee engagement, a compelling employer brand, effective leadership and a high performance culture. We congratulate Home Credit Philippines on being recognized with this distinct honor.”

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What kind of employee are you?

The months of March to May are not just associated with summer (although this is hard to ignore considering the high temperatures lately), but also graduation season. And this also means that many new grads are now busy browsing through Jobstreet or LinkedIn looking for job openings—or at the very least, trying to figure out what careers they want to pursue.

But before asking yourselves which employer is best for you, you might want to ask first and foremost a more basic question—what kind of employee are you? This is a very important question to ask and answer, since all too often, employers are looking for specific qualities in applicants that will give them an edge over other job hopefuls.

And what’s more, knowing what kind of employee you are can guide you on which companies or industries to look for in your job search, and increase the chances of you finding your dream job.

Consumer finance company Home Credit Philippines, which currently has more than 5,300 employees in the Philippines, has come up with a cool survey to help you determine what kind of employee you are. Take the nicely designed quiz here, or answer it below. The mechanics are simple: just choose between A or B!

Which do you value more?

  1. home creditWorking in a high-profile business district
  2. Working close to home

 

 

 

  1. home creditHigh basic pay
  2. Good benefits, including for your family

 

 

 

  1. home creditGetting a lot of overtime pay
  2. Getting good work-life balance

 

 

 

  1. home creditWorking inside a cubicle
  2. Working in an open workplace

 

 

 

  1. home creditWorking for a big, well-known company
  2. Helping a small, startup company get started

 

 

 

  1. home creditGetting a quick promotion
  2. Becoming an expert in your position

 

 

 

  1. home creditMoving from one company to another to increase your market value
  2. Growing with a company, and growing your market value along the way

 

 

So what kind of employee are you? 

According to Home Credit, if you selected “A” more times than “B”, then you are an Achiever. You put high importance on your career, and very ambitious in achieving your personal goals. You would do especially well in a fast-paced corporate environment.

On the other hand, if you selected “B” more times than “A”, then you are a Dreamer. You put great value on career success, and at the same time put great importance on work-life balance. You get along well with people, and this helps you move forward in your career. You could do very well in startups or compact companies, or even as a self-starting entrepreneur!

So are you an Achiever or are you a Dreamer? Share your results in the comments section!

philam life

Are we at the tail end?

If one were to consult sellers, the probability of the benchmark PCOMP Index reaching “bottom” is low. So, the question remains, why are Foreign-domiciled funds still selling? The simple answer is: sellers are taking profit.

Sellers are taking profit because they know that Philippine stocks cannot outperform other stock markets all the time. Thus, this opportunity to take profit now when Philippine stocks are doing well is irresistible. To recall, Philippine stocks “disconnected” from the rest of the world soon after the elections. The local stock market rallied for several weeks after elections while investor sentiment deteriorated globally. As they have in the past, traders will take profit even if they are convinced that the local stock market can outperform most other markets for most of the time.

Traders will stop selling when there is little or no profit left to take, or when the local market is due for a “bounce”. If it is a question of whether the Philippines is “expensive” or “the most expensive” stock market, then no trader nor stock fund would be interested in Philippine stocks at all. “Expensive” is old news.

The expensiveness or intrinsic value of a stock market is driven by the cash flow, growth and risk character of its listed-companies – not by the trading pattern or signal generated by technical analysis in charts. The intrinsic value of the Philippine stock market is higher than most other markets because of the persistent reality of stronger cash flows, higher economic growth prospects and lower risk that characterize Philippine companies when compared to many companies in most other markets. The reality is persistent because of the character of the local economy, for example the country’s demographics is in a sweet spot with most of the population in working age.

“Price” is driven by the “weight” of the buy and sell flows of traders. Simply put, it is the balance of the demand and supply of shares that determine price. However, stock prices tend to “approach” their intrinsic value. The estimate of the intrinsic value of Philippine stocks by analysts now stands at 8,166, based on a survey from Bloomberg. Expectedly, as stock prices fall or become cheaper relative to their intrinsic value, demand for Philippine shares will increase.

Investors who have a long-term perspective of the markets and are aware that they cannot ‘catch the bottom’ will take on the view that the current administration’s economic agenda will speak louder than the president’s unpredictable words. Investors will look at the economic agenda to find the cheapest stocks.

Fortunately, the theme of ‘inclusive growth’ which aims to increase the purchasing power and improve the living standards of the majority of the Filipinos makes the most-attractive industries or sectors obvious, that is food and staples retailing, packaged foods and meats, restaurants, and multi-sector holding companies involved mostly in infrastructure.

In order to avoid the predicament of waiting in the wings and remaining un-invested, investors will have to start buying before the traders stop selling. It also keeps investors from getting left behind when the stock market does “bounce”.

Philam Life swings higher in the Year of the Fire Monkey

Philam Life celebrated the year of the Fire Monkey at the heart of the Filipino-Chinese Community in Binondo, Manila where employees, agency leaders, advisors, and customers gathered at the Philam Life office on Quintin Paredes Street.

“Philam Life celebrates the Chinese New Year as a gesture of solidarity and respect to this important tradition among the Filipino-Chinese community,” says Axel Bromley, Philam Life CEO.

In his welcome message, Bromley expressed Philam Life’s deep affiliation with the Filipino-Chinese since its parent company, AIA, was established in Shanghai, China over 90 years ago.  This continuously inspires Philam life to carry on the legacy of delivering innovative products and services to the Filipino-Chinese community and to all Filipinos.

As the New Year offers more room for bigger growth, Mr. Bromley highlighted the company’s achievements for the past year and reiterated the company’s commitment to provide customers with the right plans and the right solutions to enable them to achieve their dreams.

This 2016, Philam Life will build its Premier Agency through leader development and quality recruitment to grow MDRTs; beef up its bancassurance channels through BPI-Philam and AIA Citi; offer a complete suite of financial solutions ranging from protection, health, education, savings, investment and retirement to meet the real life needs of our customers; make services simpler and faster for customers through multiple payment facilities, e-billing, and other innovations; and embark on office transformation to level up customer services through modern office facilities.

Part of the day’s event was the traditional eye-dotting ceremony, which cleanses and provides good luck in the area where the dragons and lions are awakened.  Philam Life CEO Axel Bromley and Philam Life Chief Agency Officer Jay Ledesma led the eye-dotting ceremony and were joined by Philam Life Agency leaders.