Millennials, Gen Z may chip in S$2.5 trillion profits via flexi-work

Photo by Manny Pantoja

With virtual work models still the default for Singapore’s businesses, digitally-born professionals and employees — especially those from the Millennial and Generation Z demographics — are not only primed to be tomorrow’s business leaders but will also be expected to deliver an extra US$1.9 trillion (S$2.5 trillion) in corporate profits, according to a study from Citrix.

These Born Digitals are expected to form the majority of the Singaporean workforce in the next decade.

“These young employees are different from previous generations in that they have only ever known a tech- driven world of work”, said Donna Kimmel, EVP and chief people officer at Citrix.

“To shore up their future business success, companies must understand their values, career aspirations and working styles and invest in their development,” said Kimmel.

For the study,366 PMEs or professionals, managers and executives in Singapore were surveyed, of which 300 are Born Digital (18-40 years old), and 188 are business leaders Born Digital and older.

Both Born Digital PMEs (79%) and business leaders (78%) from Singapore cited wanting the option to continue to work from home or remotely a few days a week. Also, 72% of business leaders said they will implement some form of hybrid or flexible work model even after the pandemic.

These sentiments indicate a strong belief that hybrid and flexible models will be the new default format for work, despite the acknowledgement from both groups that these working models present potential challenges that would impede on social and communicational elements such as visibility (52%), collaborations (51%) and exclusion (46%). 

More than 70% of all respondents felt that leveraging enterprise tools, platforms and applications have helped them achieve better productivity, be more efficient at collaborating virtually and remain connected with colleagues during the prolonged work-from-home periods. 

Additionally, more than 70% of Singaporean business leaders and young PMEs also believe that such tech-enabled flexible working allows work-life balance to be better managed.

While most Singaporean respondents agree on the evolving expectations of flexible work, the research findings reiterate the ongoing challenges which organisations need to address to ensure employees are engaged, motivated and their expectations are managed.

“Successfully attracting and retaining the Born Digital will require organisations to invest in the work model and tools to create the flexible, efficient and engaged work environment that this next generation of leaders craves and thrives in,” said Tim Minahan, EVP of business strategy at Citrix.