Age a 'significant barrier' to opportunities among Malaysians, finds LinkedIn

In Malaysia, age manifests as different opportunity gaps for other age groups. According to the recent LinkedIn Opportunity Index 2020 which surveyed 1,050 Malaysians, 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 automation and changes. Other opportunity gaps that stand in the way of securing opportunities include lack of financial resources, difficult job market, lack of networks and connections, and potential of a global financial recession.

Olivier Legrand, managing director, LinkedIn in Asia Pacific said for the first time, four generations are working together and it is time for businseses to set aside hiring biases against age, and embrace the multigenerational workforce as an opportunity.

The biggest skills gaps that we see today are soft skills among Gen Z and Millennials, and tech skills among the older generation.

As such, Legrand encourages companies to hire for complementary skills and to promote collaboration and bidirectional mentorship among their workforce. Additionally, Malaysians also feel that working hard (89%) and the willingness to embrace change (88%) are key to achieving better opportunities. However, 77% of them also believe that education is important to get ahead in life. More than a third of Malaysians (31%), which also represents the highest number in Asia Pacific, are looking for opportunities where they can learn a new skill or technology. According to LinkedIn, this suggests an appetite to elevate themselves in the workforce and to compete more efficiently.

The research also found that Malaysians’ long-term pursuit of good quality of life is ultimately defined by “good health”. However, at the moment, career and life goals are of utmost importance to them. Specifically, Malaysians are most keen on opportunities that allow work-life balance and greater financial independence. Boomers and Gen X seek better health and secure finances for the future, while Millennials and Gen Z prioritise a stable job.

Overall, the index said Malaysians have a relatively positive outlook on the local economy, and are more optimistic in relation to developed markets such as Singapore, Australia and Japan. Gen Z and Millennials fuel the drive for optimism and confidence to gain access to opportunities.

[gallery link="file" ids="286045,286046"]

Between September and October 2019, LinkedIn commissioned GfK to conduct the study among 18 to 65 year olds across 22 countries via online interviews. The survey had more than 30,000 respondents across Singapore, Indonesia, Malaysia, the Philippines, North America, Latin America and Europe.

Age groups were classified as:

• Gen Z (18 - 22 years old) 1998 - 2002
• Millennials (23 - 38 years old) 1982 - 1997
• Gen X (39 - 54 years old) 1966 - 1981
• Boomers (55 - 65 years old) 1955 - 1965

LinkedIn Opportunity Index measures a market’s level of confidence with regards to the economy and the pursuit of opportunity and uses “100” as the baseline score. A higher score represents greater optimism from respondents living in a specific country. The seven factors that contributed to a composite measure of opportunity are:

Perceptions around socio-economic and lifestyle factors:

• Outlook on economy over the next 12 months;
• Outlook on respondents’ financial situation over the next 12 months;
• Quality of life specifically happiness; and
• Quality of life compared to previous generation/parents.

Perceptions around opportunity:

• Availability of in-market opportunities;
• Assessment on accessibility of opportunity over the next 12 months; and
• Confidence in achieving success.