Over three-quarters (76%) of Gen Y professionals in the Indonesian financial services industry (FSI) expect to remain with their current employer for at least 10 years or more, according to a new study by the Asian Institute of Finance (AIF). This bucks the global trend where evidence suggests that Gen Y employees are likely to change jobs more frequently than preceding generations.
The AIF study, entitled "Gen Y in the Workplace: a Perspective From Indonesia,” aims to explore the workplace attitudes, expectations and aspirations of Gen Y finance professionals in Indonesia. More than 200 Gen Y professionals and their managers from across banking, insurance and capital market organisations in Indonesia were surveyed.
Out of an active labour force of 121 million in Indonesia, it is estimated that 48 million will comprise of Gen Y and this is the fastest growing segment. A clear understanding of Gen Y motivations and priorities and how they compare to current management practices, will allow employers to engage more effectively with this generation of workers.
The study findings suggest that there are generational differences between what Indonesian Gen Y finance professionals and their managers' value and how they engage in the workplace.
Career advancement is the most important workplace objective for Gen Y finance professionals and their managers appear to recognize this. However, managers seem unaware of the significance of remuneration as a driver for Gen Y, believing instead that Gen Y professionals prioritize self-actualization in terms of using their abilities and knowledge in the workplace.
“Gen Y's passion for the latest technologies motivates CIMB Niaga to continue innovating and developing digitally-based products and services to meet our aspiration of becoming the digital banking leader in Indonesia,” says President Director of CIMB Niaga, Tigor M. Siahaan. “We are also growing a community of young individuals at CIMB [X] who are looking at how the banking and financial technology (fintech) ecosystem can be better integrated. This new AIF study should provide useful insights into Gen Y finance professionals in Indonesia."
Dr. Raymond Madden, CEO of the Asian Institute of Finance said, "We hope that this report can provide data-driven insights on Gen Y for Indonesian financial services organizations to benchmark their talent strategies competitively."