CASE STUDY

Understanding the next generation of talent

As people live longer and the retirement age inches upwards,
multigenerational workforces will become
a reality with Baby Boomers and Gen Z forming two wide
bands at both ends of the demographic spectrum.

This study provides insight into the

mindset, priorities and values of this
important new generation and reflects our belief in
diversity and collaboration, and the role that HR plays in fostering
the understanding and empathy required to make that happen.

Yap Aye Wee

Head of Learning
and Development,
OCBC Bank

SUMMARY
In 2016, Universum conducted
a global research study among
Generation Z to understand their
attitudes towards working. Following
the release of the findings, OCBC
Bank commissioned Universum to
conduct a detailed study, with the
objective of obtaining insights into
Singapore’s youths, to allow the bank
to plan for its future talent needs. The
study took the form of a focus group
discussion and a panel discussion.
This case study discusses the
research results and the implications
for OCBC.
Gen Z will likely cause a decrease in the number of those attending
university and by the time they are ready to enter the workforce they
Educational
will have already been guided and influenced.
Institutions need to reinvent themselves
and rethink how they teach the skills that
will be needed in the future, perhaps partnering
with government agencies and the private sector to deliver the best
possible training. OCBC understands the importance of redefining their
development programs, engaging talent much earlier, being prepared
to think outside of universities when it comes to sourcing entry level
talent, and clearly defining and communicating their purpose in a way
that is in line with the values and expectations of Gen Z. This will give
them a significant competitive advantage when it comes to the war for
talent. The race for Gen Z starts now, and anyone – governments or
organizations - not thinking ahead will be left behind.
Rachele Focardi
Chief Strategy Officer APAC
Universum
OVERVIEW
In 2016, Universum released the findings of a
global study conducted to find out the inclinations and attitudes
of the upcoming Generation Z. This study was motivated by the
understanding from various surveys that talent is coming up to be
the single, most important factor in a company’s success. This
is especially true in the Asia Pacific region, which, according to
the PWC’s 21st Annual Global CEO Survey, was found to have
the highest number of respondents (52%) who perceived the
availability of key skills as a major threat to the company’s growth
prospects. Given that the source of companies’ value creation
has now skewed towards human capital, it is imperative that
companies now adopt new strategies to attract and hire top talent.
The key to this is to do things differently. Indeed, Universum’s
2020 Outlook Study found that 54% of HR leaders believed that in
their bid to acquire talent, differentiation from the competition was
the biggest challenge.
‘It is imperative that
companies now adopt
new strategies to attract
and hire top talent’
Compounding the shift in value to human capital is the fact that,
in the years to come, Gen Z will be taking over key roles in the
numerous fields of industry and business. While Generation Z is
expected to account for 15% of the workforce in 2025, this figure
is expected to rise to 40% by 2040. The rise of Generation Z,
defined as people born between 1995 and 2009, brings about a
different set of challenges, with respect to getting them interested
in the dizzying set of career choices available in the marketplace.
This is attributable to their markedly dramatic different set of
personalities, preferences, priorities and engagement styles
compared to people from the earlier generations.
We can’t get away from the fact that Generation Z have started to
enter the workforce and will continue to account for a larger and larger
percentage in the coming years. Paired with
the growing
scarcity of talent and critical skills, planning
for tomorrow is no longer good enough. Employers
who are serious about building a competitive workforce for the future
now need to be communicating and influencing their future pool of
talent years in advance of them being in a position to apply. I strongly
advocate including pre-university talent as a serious and critical
segment in employer branding communications, starting yesterday.
Remember the kid who had the Lamborghini poster on his wall way
before he could even drive? Well, this is same principle.

Mike Parsons
Managing Director APAC
Universum
Universum’s Generation Z study surveyed 44,717
people of between the ages of 15 and 18 from around the world.
Out of this number, 7,655 were from the Asia Pacific region, with
671 specifically from Singapore. Universum’s study helped address
several areas that employers need to know in order to engage
effectively with them: Biggest influencers in their career choices, what
they look for in an employer, how they differ from other generations,
comparisons between the other regions and countries, gender
differences and communication opportunities.
THE FINDINGS FROM THE STUDY
CAN BE SUMMARISED AS FOLLOWS.
SINGAPOREANS IN GEN Z:
 Are comfortable with technology and are always
connected online
 Are avid and savvy uses of social media platforms
 Are open to be contacted by prospective employers
 Value experiences over salary and are open to skipping
tertiary education
 Are interested in exploring education opportunities
from employers
 View their personal interest in a subject as their
motivation in their choice of study
 Wish to create their impact in the world, are
independent and are entrepreneurial
 Value life and family and seek work-life balance
 Fear not landing a job that is aligned to their personality
 Value open communication with managers and
friendliness of colleagues
 Feel parents have the most influence in their choice of
careers
As can be seen from the above, the attitudes of Gen Z mark a very
dramatic shift from those in the earlier generations. Compared
to Baby Boomers generation, Generation X and the Millennials,
Gen Z are not as motivated by salary or job security. They are
entrepreneurial and wish to follow their passion, and that too,
ideally within the workplace. They value work-life balance and do
not appreciate a top-down approach in a company.
CHALLENGES
The views and attitudes of Gen Z, as shown in the
survey, are in stark contrast to those of the earlier generations.
This development calls for a drastically different approach on the
part of employers as they plan for talent acquisition. It would not do
to approach them using the tried-and-tested methods of the past
several decades. As fully shown in the survey, the challenges today
go beyond simply understanding and meeting Gen Z’s material
needs. Reaching Gen Z using social media platforms and engaging
them with technology would only scratch the surface. Evidently, the
survey tells a very different picture from what the earlier generations
had imagined.
Employers will have to go much deeper and work towards
understanding their changed personalities and different perspectives
of the world around them. It will be important to fully understand their
motivation in life and career, as well as what they find fulfilment in.
Equally important will be the need to harness their interest in
subjects and their love for risk-taking. It is also apparent that Gen
Z are motivated by opportunities to create an impact on people
around them and society at large.
Although the survey provides a clear signal that employers have
to take a different path from before, there is still a significant gap
between where employers are and where they need to be in to fully
engage, recruit and retain the talents among Gen Z. They have yet
to fully understand the generation. To effectively engage and harness
the skills and talents of Gen Z, employers will have to appreciate
how the changed perspectives of this generation actually translate
into the challenges that employers face.
To bridge the gulf between Gen Z and their prospective employers,
these employers will have to switch roles and view things from the

‘Reaching Gen Z using
social media platforms
and engaging them
with technology would
only scratch the surface’
youths’ perspectives. For example, what are Gen Z’s views of the
employers? What kinds of opportunities must employers provide?
What kinds of challenges will excite them? What kinds of culture must
the companies have? It is imperative to answer these questions so that
employers can not only attract and recruit the talents but also retain them.
This is all the more important today, with a workforce that is highly-
educated, very mobile and places little emphasis in employer loyalty.
Forward-looking employers must shape Gen Z’s career perspectives
so that the talent pool that they require in the years ahead will not
only be available but also, more importantly, be interested in their
company and industry.
INSIGHTS
OCBC Bank was at the forefront of wanting to obtain
answers to this multitude of challenges, and leveraged the
opportunity to partner with Universum on a research study
that involved conducted two focus group discussions to better
understand key aspects of work and life from Gen Z students. In
brief, the first focus group comprised 11 polytechnic students (aged
17-19), who participated in an online survey, while the second had
12 secondary school students (aged 13-16) sitting in a face-to-face
discussion.
From the focus groups, a clear distinction in the thinking within the
Gen Z students was evident with variations between the secondary
school and polytechnic students spanning several areas, such
as expectations, education, learning and development, company
culture, leadership and influence from others. Universum also
received an understanding of the views of the students with respect
to the banking industry specifically. The insights gained from these
responses will be invaluable as OCBC formulates its strategies to
engage the Gen Z in the coming years.
OCBC’s target groups’ definition & Universum methodology

OCBC’s Target Talent

Polytechnic Students Secondary School

in Singapore Students in Singapore
(Aged 17-19) (Aged 13-16)

1 focus group with: 1 focus group with:

11 students from polytechnic 12 students from secondary
schools in Singapore schools in Singapore

Project Methodology

Online In-person
Total participants: 11
1 x online focus
students in first group &
group +
12 students in second June 2018
1 x in-person focus
group
group
KEY INSIGHTS
Different Expectations
It is clear that the secondary school students are concerned about
the tangible aspects of any engagement with the prospective
employers. On their minds are visible factors like monthly salary,
working hours, number of days in the annual leave, job scope
and hiring criteria. Polytechnic students, on the other hand,
worry about intangible aspects like career progression and work
environment, explanation of the job characteristics and corporate
social responsibility. The differing areas of concern between the
two groups is due to the different levels of maturity between
them. Polytechnic students, having gone through more years of
education and been involved in more skills-based training in a
tertiary environment of study, look at the long-term prospects.
Qualifications, Industries and Job Functions
The secondary school students and the polytechnic students
divide jobs into two groups: Those that require a degree, as well
as those that do not. Both groups of students believe that for the
second group of courses, they can skip tertiary education and
still perform the job well. Some are, in fact, inclined to enter the
workforce earlier. However, there is a lingering concern that the
lack of a degree may affect career progression. The beliefs that
career options and job opportunities go hand in hand with the
possession of a degree leave the students on the fence. Those
who are skewed towards getting a degree firmly believe that they
are right. They cite parental pressure, employers’ preference and
the opening up of options as reasons for the pursuit of a degree.
Students’ views of entering the
workforce without a university degree
Students divide the industries into 2 categories, industries that surely need
a university degree (law, medicine etc.) and industries which are much
more skill oriented. For the latter, students agree that a university degree can be
substituted and are inclined to enter the workforce directly, but concerns/
perceptions about university degrees makes them reconsider their stand. Some of the
key concerns/perceptions are reflected below.

Studying in one go is better Having a university

than doing it in parts degree affects your career
progression and not
The education and having one will limit career
employment system in progression
Singapore pushes us to go
by the books Companies still give more
importance to paper
Bias in the workplace qualifications and hence the
against students not having opportunities go to people
a university degree with the university degrees

Limited career options Influence from parents to

without a university degree pursue a degree

The polytechnic students are more open to the idea of entering the
workforce directly than the secondary school students.

Source: Universum Gen Z Focus Groups, Singapore, June 2018 Q. What are your thoughts around entering the workforce directly without pursuing university?
When it comes to the choice of industries, again the secondary
school students and polytechnic students responded differently.
Secondary school students had an array of choices when choosing
their preferred industries, with such trades as accounting, IT,
service, business management and food and beverage among
their preferred industries. The polytechnic counterparts, by
contrast, mostly thought job functions were more important.
They cited functions such as marketing, recruitment, psychology,
communication, etc. In both groups, the few that chose banking
cited the high salaries as the reason, although the polytechnic
group also gave other reasons like the future of the industry, the
possibility of adding value to lives and the risks that accompanied
this industry.
Learning & Development
Both groups of students value learning opportunities in the
prospective jobs. Both groups are for jobs that develop them
through job opportunities. In this respect, the polytechnic
students are far more articulate in the types of opportunities
they want than their secondary school counterparts. For
example, they value overseas learning, skills-based learning,
interactive learning and support for professional qualifications.
Their latter group expect their managers to guide them on the right
training needed to succeed. Furthermore polytechnic students are
even able to tell the specific modes of training they wish to have,
e.g. experiential experiences, rotational programmes and cross-
functional training. Secondary school students expect to receive
mentorship, work in teams and try new things.
Culture and Leadership
Both groups of students hope for companies that are not hierarchical,
are fun and are willing to listen to their opinions. While secondary
school students hope for work-life balance and meaningful purposes
in the jobs, polytechnic students yearn for flexibility in their jobs.
When describing their ideal managers, both groups of students
are rather close. Both want managers who are understanding,
are approachable, can give guidance and are regarded as role
models. The slight difference comes when secondary students
expect their managers to be caring, patient and respectful,
whereas the polytechnic students want their managers to be
flexible and able to develop them professionally.
 My parents are really supportive
and I enjoy talking to them about my
career options. They’re also looking
out for me and my career paths and
share their opinions and
experiences which helps me
understand more and be clearer of
what I am going to choose to do.”
Influence – Secondary school student
When it comes to the influence from people, Universum notices
a huge disparity between the two groups. Secondary school
students are more inclined towards listening to their parents,
“Parents will have the traditional
partly because they see their parents are role models. Another
reason is that at this stage of their lives, they have had little or mindset of getting a degree
no exposure to the working world, so parents naturally become before starting work. I know
their biggest influencers. By comparison, polytechnic students are their rationale but at the end of the day,
independent of their parents. Some even feel that their parents’
I will have to make my own
views are outdated and prefer to make their own decisions.
To carry this further, they are actually confident of their own abilities
decision as times are ever changing.”
and even aim to do better than their parents. – Polytechnic student
The Banking Industry
Universum gathered the thoughts that students have about the
banking industry. The younger secondary school students cited
good pay, flexible working hours, the relevance to daily life, the
need to work with lots of numbers and the need to work hard. The
polytechnic students, on the other hand, believed that the banking
industry is one that will always be around and one that carries
high risk, although this depends on the stage of the respondents’
lives. Further to the above characteristics of the industry, these are
actually the things that attract the students to the industry.
When asked what departments within the banks were attractive to
the students, the secondary school students cited cryptocurrency
and supervision, while their polytechnic counterparts listed trading
and portfolio management, as well as non-profit financial advisory.
Both groups did list finance as their common departments.
Internship
The students were asked about what they expected during
internships. Both groups shared the common goal of having
valuable learning experiences at reputable companies and fair
opportunities to take up responsibilities. However, the secondary
school students also expected a fun place with a light workload
and a reasonable pay. The polytechnic students, on the other
hand, value the learning experiences, openness in the company
and rotations through different departments.
KEY
TAKEAWAYS
Given the stark differences in opinions and behaviour
between Gen Z as well as the earlier generation of workers, it is
clear that companies should start to strategise how to reach out
to them. The current research study has also provided insights to
an additional level of complexity as the thinking of both secondary
and polytechnic students are visibly different. Polytechnic students,
being more exposed to various environments, think deeper and
plan for the long term. The focus groups also revealed that the
students have formed their own thoughts and perceptions of the
banking industry. With these insights at hand, OCBC Bank is at
the forefront of talent related discussions with hard questions being
asked such as:
 Do we have a new strategy that is customised to the needs
of Generation Z?
 How do we change our organisational culture to make it
attractive to them?
 Can we take in students without higher-level qualifications
and offer them educational opportunities?
 How do I engage my team of Generation Z workers
effectively?
 How do we motivate them on a day-to-day basis?
 Are we willing to listen to their opinions while still maintaining
our authority as team leaders?
As OCBC works to engage students while they are still in school, it
should leverage the skills that they already have, in order to create
mindshare among the students, such as interpersonal skills, the
willingness to learn, communication and presentation skills, problem
solving and planning priorities. In short, by identifying common traits
with the students, OCBC will be able to position itself as the thought
leader and create mindshare. Effectively, it is indirectly helping to
shape the students’ perceptions to draw them into the bank’s orbit.
To be successful in engaging
Generation Z, OCBC Bank is taking
proactive steps towards the
following, though inexhaustive,
to welcome them:
 Start a relationship with Generation Z
 Get to know Gen Z really well
 Master social media and engage Gen Z differently
 Go beyond the campus as recruitment grounds
 Start thinking about harmonising the multigenerational workforce
This study
accurately reflects
the things that
I look for in an
employer. It provides
good insight into my
generation’s mind set and
could help companies in
their talent attraction and
development strategies.

Ng Yong Soon, Jenson

Gen Z, Intern,
OCBC Bank
ABOUT OCBC BANK

OCBC Bank is the longest established Singapore

bank, formed in 1932 from the merger of three local
banks, the oldest of which was founded in 1912. It
is now the second largest financial services group in
Southeast Asia by assets and one of the world’s most
highly-rated banks, with an Aa1 rating from Moody’s.

OCBC Bank and its subsidiaries offer a broad array

of commercial banking, specialist financial and wealth
management services, ranging from consumer,
corporate, investment, private and transaction banking to
treasury, insurance, asset management and stockbroking
services. It has more than 29,000 employees worldwide,
with more than 570 branches in 19 countries and regions,
mostly in its core markets of Singapore, Malaysia,
Indonesia and Greater China.
ABOUT UNIVERSUM
ABOUT
Universum is the global leader in employer
THE AUTHOR
branding, during our 30 years, we have established
ourselves in 60 markets globally, and our diverse
workforce is physically present in 20 countries. Rachele Focardi is a global thought leader with 16 years’
Our services include actionable research, strategic experience in Employer Branding and Talent Strategy, and
advisory, data-driven communication and social media an expert on multigenerational workforce. As Chief Strategy
solutions for talent branding, sourcing, and analytics. Officer at Universum, Rachele advises the largest organisations
in the world, helping them to maximise and leverage their
A trusted partner to over 1,700 clients, including many
strengths as an employer and to lay the foundation for successful
Fortune 500 companies, as well as global media partners
development of Employer Branding strategies. She works
that publish our annual rankings and trend reports.
directly with C-Suite, HR, Marketing and Communications
We work with over 2,000 universities, alumni groups,
Executives helping them to redefine, strengthen and localise
and professional organisations to gather insights from
their Employer Value Proposition to address their current and
students and professionals in order to advise employers
future talent needs. Rachele is a distinguished speaker on
on how to attract and retain talent that fits their culture
global and regional talent trends and is frequently quoted on
and purpose. On an annual basis, Universum surveys
top media. She is passionate about the future of work and
over 1,000,000 students and professionals worldwide.
enabling tri-sector collaboration between educational institutions,
government and corporations to develop future-proof talent
development programs and work environments. She is also a
member of Mensa.