Photo - (From left) Y Bhg. Tan Sri Dato' Dr Zeti Akhtar Aziz, Governor of Bank Negara & Chairman of Asian Institute of Finance receives token of appreciation from Dr Raymond Madden, CEO, Asian Institute of Finance.
The Asian Institute of Finance and UK's Ashbridge Business School survey of Malaysia's Millenial Generation - Gen Y - want promotion earlier than their managers think with 22 percent expecting managerial positions within six months.
Speaking at the recent 'Changing Face of Talent' symposium in Kuala Lumpur, Asian Institute of Finance (AIF) chief executive officer Dr Raymond Madden said the joint survey ('Managing Generation Y'), which polled more than 1200 financial services professionals including human resource personnel, was the first study of its kind in Malaysia.
"The Survey centered on understanding the mindset of local Gen Ys working in the financial services industry, specifically with regards to their careers," said Dr Madden, adding that the project was conducted for AIF's stakeholders, Bank Negara Malaysia (National Bank of Malaysia) and the Securities Commission, to support the financial services industry in the country.
A key finding from this Survey has been that Gen Ys expect to be given a higher degree of responsibility in the workplace and, as an extension, expect a promotion to management earlier than what their managers think, he said.
"The Survey reported that 22 percent of Gen Y polled believed it is reasonable for them to be in management role within six months of starting work at their respective organisations and that generally Gen Ys expect challenging and interesting assignments to be given to them," he said.
Dr Madden said the findings were not uncommon globally, "however a higher percentage of Malaysian Gen Ys, 84 percent, polled felt that work life has not lived up to expectations. This figure is higher than the global 55 percent, which was reported in Ashbridge Business School's global survey."
"Clearly, key to harnessing the power of Gen Ys is a deeper understanding of what motivates and inspires them by appreciating their value systems," he said. "Based on the survey, it is imperative for management in the financial services industry [FSI] to recognise this need and to use more effective ways to engage, enrich and empower their workforce."
Generation gaps in FSI
"There are now inter-generational gaps that exist in the financial services industry, between the Gen Y and their managers who are invariably older than them," said Dr Madden. "This is clear from the difference in perception of Gen Ys managers and Gen Ys themselves, as evidenced in this survey."
"This shift in the workforce demographics requires talent managers in the financial services industry to appreciate Gen Y's value systems in order to maximise their true potential. This understanding will allow organisations to retain talent longer and build better business," he said, adding that AIF would be publishing a report of these findings and sending this to financial institutions.
AIF will also conduct industry roundtables to detail findings of this survey directly to senior business leaders and senior talent managers within the industry, said Dr Madden. "These survey findings are expected to assist in the development of enterprise-wide strategies aimed at attracting, training and importantly retaining young talent."
Statistics also show that over the next two years, only 57 percent of Gen Ys in the United Kingdom intend to remain in the same organisation, 62 percent in India and 75 percent in the Middle East. In Malaysia, 59 percent of all Gen Ys in the financial services industry said they intend to remain in their current organisation, he said.
"The financial services industry has been identified as a key area in Malaysia's bid towards developed nation status," said Dr Madden. "In an ever shrinking global environment, playing the 'talent game' is a given towards ensuring the global success of the domestic financial services industry."
The Asian Institute of Finance, a joint initiative by Central Bank of Malaysia and the Securities Commission Malaysia, was established to enhance human capital development in the financial services industry across Asean.
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