According to LinkedIn Opportunity Index 2020, Malaysians’ perception of good quality of life is ultimately “good health”. Now, however, career and life goals are of utmost importance which bring work-life balance and greater financial independence. But the pursuit of these opportunities are hindered by “opportunity gaps” or barriers to opportunities like today’s difficult job market, lack of financial resources and people’s age.
Overall, Malaysians have a relatively positive outlook on the local economy, and are more optimistic in relation to developed markets such as Singapore, Australia and Japan. Gen Z and Millennials fuel the drive for optimism and confidence to gain access to opportunities. Boomers and Gen X seek better health and secure finances for the future, while Millennials and Gen Z prioritise a stable job.
Multigenerational workforce presents new opportunities
While the youths in Malaysia feel more optimism to succeed in the workforce, Gen Z (40 percent) and Millennials (21 percent) are held back by a lack of work experience. At the same time, Boomers (45 percent) and Gen X (33 percent) feel that age is a significant barrier to opportunities, as they struggle to keep up with technological and automation changes.
“For the first time, four generations are working together. It’s time for businesses to set aside hiring biases against age, and embrace the multigenerational workforce as an opportunity,” said Olivier Legrand, Managing Director, LinkedIn in Asia Pacific.
The biggest skills gaps that we see today are soft skills among Gen Z and Millennials, and tech skills among the older generation. Hence, companies should be encouraged to hire for complementary skills and to promote collaboration and bi-directional mentorship among their workforce.
“This is also a journey that we are working through at LinkedIn because we believe that a multigenerational and diverse workforce is a business advantage and driver of growth,” added Legrand.
Malaysians value education and the opportunity to gain new skills
Malaysians feel that working hard and the willingness to embrace change are key to achieving better opportunities. However, 77 percent of Malaysians also believe that education is important to get ahead in life. It is therefore not surprising to see that 31 percent of Malaysians – the highest in Asia Pacific – are looking for opportunities where they can learn a new skill or technology. This suggests an appetite to elevate themselves in the workforce and to compete more efficiently.
GfK, an independent market research firm commissioned by LinkedIn conducted this study between September and October 2019 among 18 to 65 year olds across 22 countries via online interviews. The survey had more than 30,000 respondents including 1,050 from Malaysia.