Here’s how younger millennials truly feel about their salaries

Pay is a key consideration for millennials – as well as Gen Zs – but work-life balance and flexibility are almost as important as salaries. The bottom line: Young people are generally satisfied with their salaries and work-life balance.

There were some differences, with Gen Z respondents more likely than millennials to be happy with their pay and work-life balance.

The survey of 1,000 young people was commissioned by The Straits Times and carried out in May by market research firm Kantar. Here’s how these younger workers viewed their salaries and related aspects of employment, such as work-life balance and a career that lines up with their passion.

Here’s how younger millennials fee about their salaries

While employers need to pay a fair wage that takes into account the cost of living, employees must also learn to budget for their needs, said Ms Suah, who works at fitness subscription company ClassPass.

She views her pay cheque as a means to an end. “Ideally, it should give me a sense of financial security, while allowing me to engage in activities that enrich my life.”

This means working in a few strength training sessions, barre classes and meals with her friends into her week. Her largely remote work gives her the flexibility to do this, which was one of the reasons she chose the job. She doesn’t shop much, which means she can budget more of her salary for her hobbies after saving and investing a portion of it and giving an allowance to her parents.

Ms Suah graduated from the National University of Singapore with a degree in European studies in 2019, just before the Covid-19 pandemic hit, when the jobs available were mainly part-time or on contract. She started her career by taking on such roles, before joining ClassPass.

“That was also about making the best of the situation where I was not able to land a full-time role,” she said. At the same time, she knew she was lucky to be living with her parents and not have any outstanding debts, which gave her the space to explore her options.

Asked about her career goals, Ms Suah said she wants to be able to use her skills in six languages – English, Mandarin, Japanese, French, Spanish and Italian.

“The world is very interconnected now, but at the same time, while English is the main working language in some ways, I think people from other cultures do appreciate it if you have some sort of cultural knowledge and if you speak their language.”

Career growth and pay are right now for Mr Khairul the most important aspects of a job.

As a recruiter, he advises candidates to consider three key areas when deciding on a job: the pay package, the nature of the role, and the career progression and future opportunities offered by the company.

“We need to always ask ourselves which is more important to us,” he said. “For example, pay can be very important, but if there’s less work-life balance, and you’re going to be stagnant in that role or company for the next three to four years, is that something that you can put up with?”

Mr Khairul moved to the United Arab Emirates (UAE) in February to join recruitment firm Aventus. He is a risk and compliance executive search consultant for the financial services sector, focusing on the Gulf states.

He and his wife, who is also Singaporean, made the leap of faith to move after she landed a job in the UAE. They live in the capital city of Abu Dhabi – a 45-minute drive from Mr Khairul’s workplace in Dubai.

Mr Khairul has enjoyed being exposed to different cultures in Dubai, where non-Emiratis make up over 90 per cent of the population of more than 3.5 million. He reckons it will give him a leg up in his career.

“International experience is very important, especially when it comes to moving up the corporate ladder, because it shows that you can do well in a mix of different cultures. Getting along with people is a soft skill that’s very underrated and not emphasised enough,” he said.

Being patient, especially when starting from scratch, can really pay off, he added.

“We tend to want more money and to get it quickly, but we also need to understand that we need to work for it. If you’re willing to work harder, I think that more often than not, especially in this line of work, the rewards will come in.”

This article was originally published in The Straits Times