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By Sandra Davie, Senior Writer
ONLY last year, jobs were theirs for the taking. And they sought flexi-hours, interesting careers and a fun workplace. But faced with one of the worst job markets in decades, Generation Y is proving more adaptable and resilient than previously thought.
| About Gen Y
THERE is no consensus over the exact birth dates that define Gen Y. But the broad definition includes those born between 1977 and 1999. null
Narrower definitions place Gen Y as made up of those born between 1980 and 1994.
The term Generation Y derives alphabetically from the generation that came before it - those born from 1964 to 1976 were called Generation X.
There is some dispute over who invented the term, but it was popularised by Canadian author Douglas Coupland's 1991 book, Generation X: Tales For An Accelerated Culture.
Before Generation X, there were the Baby Boomers - referring to those born between 1946 and 1963.
WHAT'S NEXT AFTER Y?
Some marketeers and recruiters have already started using the term Generation Z for those born from the year 2000 onwards. Some websites such as www.generationz.com.au classify this group as those born from 1995 to 2009.
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Bosses and recruitment companies are pleasantly surprised by the change they have noted in their youngest workers. Many have lowered their pay expectations, are shouldering more responsibilities to help cut costs, and even putting their firm's needs before their own.
Mr Colin Ng, 26, an IT graduate from Glasgow University, has been working as an intern at a software firm for three months for just $1,200 a month, in the hopes of being offered a permanent job.
'When I went for the interview, the boss wasn't sure I could do the job. So I offered to be an intern for three months,' he said. 'So far, so good. I am hoping to land the job eventually.'
Besides programming software, he has also been putting in extra hours making pitches to potential clients in the hope of landing a big contract for the company.
He is typical of Gen Y workers - born between 1977 and 1999 - known for being technologically-savvy, self-assured and able to multi-task, and who have invaded the workplace in recent years.
Gen Y numbers close to 400,000 persons aged 16 to 32 in the workforce, holding positions from interns to middle managers.
Figures released for the third quarter of last year showed that Singapore had some 17,300 jobless young people under 30. According to the Manpower Ministry they made up the largest group - about 31 per cent - of an estimated 55,800 Singaporeans who were out of work. At 4.1 per cent, the unemployment rate of this group was higher than the national average of 2.8 per cent. Analysts predict these numbers will spike in the coming months, as more fresh university and polytechnic graduates enter the labour market.
Their salaries are also heading downwards. Human resources firm The GMP Group estimates that the starting pay for fresh graduates will dip by as much as 15 per cent this year.
A year ago, diploma holders in the information technology field commanded monthly salaries of $1,800 to $2,000, while degree holders earned between $2,500 and $2,700. This is expected to fall to between $1,600 and $1,800 for diploma holders, and from $2,000 to $2,300 for degree holders this year, said GMP.
Recruitment agency PeopleWorldwide Consulting's managing director David Leong said the companies he represents are offering lower salaries, about 10 to 15 per cent less. On average, fresh university graduates can expect to earn about $2,000.
According to Gen Y expert Ms Cheryl Liew-Chng, 41, who runs Lifeworkz management consultancy, the recession has been a sobering reality check for this 'entitled generation'.
'They are used to a world in which jobs were plentiful and firms fell over one another to recruit them. Now they are lucky to be invited for an interview,' said Ms Liew-Chng who runs courses on managing Gen Y workers.
Employers agree that they are shortlisting fewer applicants. But they have been pleasantly surprised by those they interviewed.
Mr Stephen Tjoa, executive director of human resources at KPMG said Gen Y applicants used to be 'very specific' about what they wanted to do at the auditing firm. 'Now they leave it to the firm to decide how best it can use them,' he said.
He added that KPMG carried out its annual mass recruitment exercise at the end of last year, but trimmed the number it took in to 200, about 10 to 20 per cent fewer than the previous year.
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