Developing a brand for the future requires engaging with the next generation of talent, something that has become the top-of-mind concern for brands in Asia over the past decade. C-level executives we work with understand that this is a priority for their organisations.
A quarter of millennials live in Asia, and by 2025, Gen Z will make up a quarter of the Asia-Pacific population. Asian consumers are becoming increasingly affluent, and with their high education, cultural diversity, and digital natives, Asian Gen Z is changing the rules of engagement for both established brands and challengers alike, therefore recruiting their talent in your organisation may be key to future growth. As a result, organisations are looking to capture their elusive attention and develop talent retention strategies.
Although Asia's Gen Z generation differs from their Western counterparts in many aspects, certain topics remain similar to them, such as a preference for employers who share their concerns for the environment and social issues. Grab, a Singapore-based brand that creates an authentic, purpose-driven connection with Asian Gen Z's culture and identity, is winning both intellectual and consumer spending capital.
A rise in Asian Gen Z consumers has talent implications for companies trying to capture their attention. Obviously, all Singapore businesses must make profits for them to grow, but we recommend organisations refrain from portraying profit-driven motives because while this may be one of your primary goals, it may not resonate with members of Generation Z. Today's generation understands the impact your business has on environmental, political, and socioeconomic parameters. To attract talent from this generation, showcase these aspects of your organisation.
A recent article published by the Singapore Business Review (SBR) outlined the 5 key factors affecting Singaporeans' selection of employers. For the younger generation, they will give preference to the employer offering them the best compensation. “According to the study, income is the highest priority amongst Gen Zs (43%) and millennials (43%).”
The recruitment engine continues to drive positively for the next generation with JobStreet reporting “almost 30% (or 29%) of Singaporean employees said their companies hired fresh graduates in the past 12 months.”
There is no doubt that China has one of the world's most digitally sophisticated economies, with platforms like WeChat and ecommerce marketplaces like Alibaba: Tmall & Tmall Global and JD.com boasting a unique ecosystem of social media and ecommerce platforms. During COVID, these platforms provided a playful digital sandbox for brands like Burberry. Executives must bear the metaverse in mind when considering their talent strategies and needs over the next few years as it fuels the already raging war for technology talent.
We hope you found this article useful, and we’re keen to hear from you if you are looking to grow your team or alternatively, if you’re looking for your next challenge: info@space-exec.com
