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LinkedIn Opportunity Index 2020 : Multigenerational workforce presents new opportunities

Date : 12-Feb-2020
Location: Global

Key Takeaways:
  • LinkedIn Opportunity Index is a composite measure that seeks to understand how people perceive opportunity and, more importantly, the gaps or barriers they believe are keeping them from reaching these opportunities. The Index uses 100 as a baseline score for confidence. A higher score represents greater confidence from respondents living in a specific market.
  • Confidence is highest in developing economies and among younger generations.
    • Developing economies like India, Indonesia, China, United Arab Emirates and the Philippines are more optimistic
    • Europe is happy but sentiments are tempered by weak economic outlook
    • Mexico and Brazil are confident but not necessarily happy (due to poor outlook of livelihood in terms of safety and security)
  • There appears to be a consensus across geographies and generations that success comes mainly from hard work (81%) and the willingness to embrace change (80%).
  • Knowing the right people is important to getting ahead in life - 76%.
Opportunity Index Score

Spokepersons:
  • Roger Pua, Senior Director, LinkedIn, said, uncovering “opportunity gaps” is only a first step. Ultimately, our hope is that over time, by continuing to engage with communities around the world, we can drive dialogues and action to help create economic opportunity for every member of the global workforce.
  • Helen Tupper, CEO of Amazing If and author, of The Squiggly Career, said, fears of being too young or being too old hold people back from contributing fully in the workplace.
  • Jack Bloomfield, CEO, Founder, Bloomfield Group, said, the most important thing to understand is that regardless of age, everyone has something valuable to offer.
  • Helen Ko,Senior Lecturer at Singapore University of Social Sciences (SUSS), flexible work arrangements is an important factor in terms of good opportunities. For example, Some older workers may need to take care of older or ailing family members.
Best Practices: 

Multigenerational workforce presents new opportunities:
  • Interestingly, age manifests as different opportunity gaps for other age groups.
  • While the youths in Malaysia feel more optimism to succeed in the workforce, Gen Z (40%) and Millennials (21%) are held back by a lack of work experience.
  • At the same time, Boomers (45%) and Gen X (33%) feel that age is a significant barrier to opportunities, as they struggle to keep up with technological and automation changes.

Insights:
  • Age is a multi-faceted challenge for different generations, but they are united in embracing change.
    • Respondents believe that their age negatively impacts their pursuit of job-related opportunities such as being able to secure a more stable job, being able to change to a new career path and when aiming to find a job that treats them equally. This is most relevant to Boomers (43%), followed by Gen X (27%).
  • Stronger, more diverse professional networks boost overall confidence, but few are actively networking.
  • Definition of a “good” quality of life:

    MalaysiaGen ZMillennialsGen XBoomers
    Good health52%39%45%62%73%
    Financial independence38%26%34%44%53%
    Good work-life balance25%20%26%28%19%
    A stable job25%31%27%23%11%
    A loving relationship20%26%21%14%26%

  • Opportunities people are looking for:

    MalaysiaGen ZMillennialsGen XBoomers
    Job that offers good work-life balance52%51%55%51%47%
    Job stability45%36%46%47%42%
    Ability to pursue passions45%45%43%45%59%
    Spending quality time with loved ones43%39%36%51%61%
    Being able to utilise skills36%32%35%36%46%

  • Perceived opportunity gaps:

    MalaysiaGen ZMillennialsGen XBoomers
    Lack of financial resources32%27%31%37%29%
    Difficult job market22%27%24%20%15%
    Potential of a global financial recession21%11%21%23%25%
    Age20%10%10%33%45%
    Lack of networks and connections18%16%18%19%18%
    Lack of time16%10%17%19%11%
    Lack of confidence/fear of failure16%24%18%10%13%

  • Most important aspects to get ahead in life:

    MalaysiaGen ZMillennialsGen XBoomers
    Working hard89%91%88%89%96%
    Willingness to embrace change88%87%86%89%91%
    Being ambitious about career83%88%83%82%83%
    Knowing the right people or having the right connections82%82%81%82%88%
    Equal access to opportunities81%86%80%81%86%

Editor's comments:
  • This study is more applicable to enterprise companies instead of startup and SME.
  • Business minded people tend to venture into entrepreneurship or self-business to seek new opportunities.
  • In South-east Asian countries, people over 40 without upgraded skill-sets tend to lose job to younger and cheaper workforce.
  • Nonetheless, this study presents a good guide for individuals who wish to maintain a healthy employment prospect whilst a vibrant workforce ecosystem for companies.


This post first appeared on IT-Sideways - Technology Social Media, please read the originial post: here

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LinkedIn Opportunity Index 2020 : Multigenerational workforce presents new opportunities

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