- Gen Z workforce no longer prioritise homeownership in HK inflated market
- Gen Z graduates looking for independent living and better work-life balance
- 72% willing to do only 6 hours or less of overtime
The findings of the jobsDB ‘Employment Status of Hong Kong’s Tertiary Students 2018’ report revealed that the number one target of 2016, buying property, has now dropped completely out of the top three priorities for fresh graduates. This shift in priorities may be attributable to the continued surge in Hong Kong property prices which puts home prices out of reach of most graduates. ‘Reaching management level’ tops the majority of the graduate respondents’ five-year plans at 22%, followed by ‘achieving short-term savings targets’ at 18% and ‘living independently’ at 14%. Most notably,
The overall findings of the survey revealed that Gen Z candidates are eager for an independent life. Of the respondents, 63% plan to work full-time after graduation and 14% of them would like to work part-time or freelance while only 11% believe they will continue their academic studies.
Work-life balance is a critical concern for Gen Z, with an increasing number of respondents, 14%, stating they are not willing to work overtime at all. The vast majority, 72%, of respondents claimed they would only be willing to work a maximum of 6 hours of overtime a week. These findings marked a sharp change in attitude from the 2016 jobsDB report (1% and 56% respectively).
The most attractive benefits are ‘flexible working hours’ (21%), ‘early leave on festive days’ (14%) and “early leave on Friday (at least once a month)” (12%). These results reflect that Gen Z candidates value quality of life and work-life balance above other employee value proposition drivers. In response, some enterprises in Hong Kong have implemented the ‘4 + 1 work week’ (4 days working in the office and 1-day work from home) alongside other flexible working arrangements, but these measures have not yet become mainstream. As more Gen Z candidates enter the job market, recruiters should consider their expectations to ensure the attraction and retention of such candidates.
Paul Arkwright
Publisher
