Gen z enter the labour market analysis

NATIONAL ECONOMICS UNIVERSITY ADVANCED EDUCATIONAL PROGRAMS HUMAN RESOURCE MANAGEMENT GROUP ASSIGNMENT REPORT Group: 06 Class: Human Resource Management EEP 63 Supervisor: Mr Nguyen Huy Trung Group Student Name: Nguyen Ngoc Huyen – 11218120 Tran Kim Phuc – 11214713 Pham Phuong Thuy – 11215639 Tran Ha Trang – 11215909 Dao Anh Tuan – 11210152 Ha Noi, May 2023 INTRODUCTION Human Resource Management encompasses all of an organization's activities to attract, build, develop, employ, evaluate, preserve and retain a workforce that matches the organization's job requirements both in terms of quantity and quality The object of Human Resource Management is employees, whose purpose is to effectively use human resources to achieve the goals of that organization Our group assignment consists of the following main sections: Analysis of the entry into the labour market of Gen Z - our generation Next, we'll focus on how HR responds to Gen Z and more specifically, what are the Recruitment and Selection, L&D, and Internal Communication requirements to adapt to Gen Z All parts are analyzed in more detail by our team in this group assignment Our group assignment will exemplify on FPT - a pioneering corporation in digital transformation in Vietnam - and how they have applied their own HR strategies to attract talented people, especially gen Z - one of the future labour market masters In order to deal with the volatility of the labour market, a typical image of HR strategy - FPT Software always finds ways to offer its own strategies to attract and recruit dynamic individuals to conquer new technologies and explore new frontiers To ensure a highly motivated team, peak performance and to world class leaders, FPT Software invests heavily in people across all levels In short, our group assignment will analyze the participation of the labour market of the new generation - Gen Z, then we make the corresponding changes of HR functions to adapt to the change of the labour market Finally, we will explain how FPT has improved to attract the generation with hiring, training and internal communication policies TABLE OF CONTENTS INTRODUCTION TABLE OF CONTENTS I GEN Z ENTER THE LABOUR MARKET ANALYSIS Gen Z general characteristics Labour market analysis How does HR adapt to Gen Z? a Transparent leadership and communication at all levels b A diverse and inclusive workplace c Proper work-life balance d Growth, career development and job stability e Benefits and perks Requirements for HRM in the companies a For Recruitment & Selection b For Learning & Development c For Internal Communication 3 7 7 8 8 9 II HOW FUNCTIONS SHOULD CHANGE IN ORDER TO RESPONSE THE REQUIREMENTS Hiring Learning and Development 11 Internal Communication 13 CONCLUSION LIST OF REFERENCES I GEN Z ENTER THE LABOUR MARKET ANALYSIS As the workplace continues to change, a new generational cohort - Generation Z is beginning to enter the workforce At the same time, millennials are now progressing in their careers and will be challenged with managing these incoming workers The different environment both generations grew up in, as well as technological advancement over these several decades, are reasons these generations have completely different characteristics The conditions a given generation grew up in influences the needs and expectations in private and professional life This becomes a challenge for employers who have to adjust workplaces to their requirements Gen Z is a phrase used to refer to people born in 1997 - 2012 This is the next generation to enter the labour market People born between 1997 and 2009, will make up at least a quarter of the global workforce by 2025 By looking at the global economic environment and demographic factors, Deloitte has conduct a surveys about gen Z most popular characteristic and abilities: Adapt quickly to technology: As a generation that matures with the continuous development of technology and the internet, they are more adaptable and more open to change in the workplace In addition, they are quicker to pick up on new habits than older generations It comes with poor concentration because they absorb the constant stream of content on the internet Tenacious and resourceful: Research shows that three-quarters of young people have demonstrated their resilience in times of crisis Some build pandemic preparedness (48%) and some learn new skills (41%), while others create new sources of income (31%) Committed to great causes: Young workers just want to work for a job or company that aligns with their values and goals Research from the World Economic Forum, shows that Gen Z wants leaders with a vision of sustainable prosperity Open-minded and dedicated to inclusion: According to research by Deloitte, three in five Gen-Zers consider systemic racism to be 'very' or 'quite pervasive' in society at large At least one in five said they felt discriminated against 'all the time' or often because of an aspect of their background More than half believe that older generations are hindering social progress Ask for an authentic employee experience: Deloitte found that about a third of Gen-Zers (35%) said they took time off work due to stress and anxiety caused by the pandemic Overall, about 40% of workers felt their employer did poorly in supporting their mental health during this period After more than two years of the pandemic, along with the effects from the conflict between Russia and Ukraine, global economic activity has decreased drastically Economic activity in advanced economies has been held back by rising energy prices, unfavourable financial conditions and supply chain disruptions As a result, growth in advanced economies is forecast to nearly halve, from 5.1 per cent in 2021 to 2.6 per cent in 2022, 1.2 percentage points lower than forecast in January 2022 Economic growth in developing and emerging economies is also forecast to halve this year, from 6.6 per cent in 2021 to 3.4 per cent in 2022, 1.2 percentage points lower than forecast in January 2022 When it comes to labour and employment, according to the latest report of the International Labour Organization (ILO) the recovery of the global labour market is being threatened by the ongoing crises that influence each other and increase inequality Following the remarkable achievements in the fourth quarter of 2021, the number of hours worked in the world has deteriorated in the first quarter of 2022 and remains 3.8 per cent below the level of the fourth quarter of 2019, equivalent to a deficit of 112 million full-time jobs The ILO’s latest projection for the second quarter of 2022 shows that the level of hours worked is expected to be 4.2 per cent below the pre-pandemic level, which is equivalent to 123 million full-time jobs According to a United Nations report, 15 and 24 year olds are hit harder by the COVID-19 crisis than adults Globally, youth employment is down twice that of adults According to research by DHL Group, up to 95% believe the pandemic will affect their job prospects Even so, 88% of Gen Z are confident they are ready to enter the job market, with more than out of 10 optimistic that they will find a job in less than six months after graduating Jobs impose prejudice because the generation gap causes many obstacles for gen Z in their career Some major stereotypes about gen Z are “Snowflake” & “Strawberry”: The generation is weak, cries out a little, can't stand pressure and often jumps from work They can't stand the pressure or work as hard as previous generations of workers Some label individuals as empowered, easily offended, overly emotional, and self-obsessed about their perceived uniqueness Selfish, self-interested: Gen Z people are labelled as disloyal to the company, poor commitment If they stay at the company, they often demand benefits and are less obedient Docum Discover more from: Hành vi tổ chức HVTC01 Đại học Kinh tế Quốc dân 230 documents Go to course Premium Hvtc - Tóm tắt Premium Bài tập lớn 1_ Tổ Premium CƠ SỞ HÀNH VI hành vi tổ chức chưcs định mức CÁ NHÂN - B… Hành vi t… 100% (2) 49 Hành vi t… 100% (2) 28 Hành vi t… 100% (1) Premium Câu hỏi HVTC chuong Hành vi t… 100% In Viet Nam, the flexible responses together with constant efforts by the entire political system, from central to local, to recover and develop the economy, have helped bring the Covid-19 pandemic under control, with most of production and business operations returning to the normal state as before the Covid-19 pandemic The 31st SEA Games event was successfully held in Viet Nam, thus helping promote more vibrant trade, tourism and cultural activities as a spur for economic recovery The socio-economic situation in the second quarter of 2022 in Viet Nam has prospered Gross Domestic Product (GDP) in the second quarter of 2022 grew by an estimated 7.72 per cent over the same period last year, higher than the growth rate of the second quarters in the 2011-2021 period In particular, the agriculture, forestry and fishery (AFF) sector increased by 3.02 per cent, contributing 4.56 per cent to the increase in total added value of the whole economy; the industry and construction sector increased by 8.87 per cent, contributing 46.85 per cent; and the services sector increased by 8.56 per cent, contributing 48.59 per cent Viet Nam’s labour market in the second quarter of 2022 continued to maintain its recovery momentum Both the total labour force and employed workers in the second quarter of 2022 increased relative to the previous quarter and over the same period last year in all three economic sectors The average monthly income of workers increased relative to the previous quarter and over the same period last year The statutory working-age unemployment and underemployment rates both decreased relative to the previous quarter and the same period last year The employees aged 15 and over in the first quarter of 2023 was 52.2 million people, an increase of 88.7 thousand people compared to the previous quarter and an increase of more than one million people compared to the same period last year According to a survey of 200 Vietnamese university students in November 2021, their needs include: Trust in the workplace is important to Gen Z employees, and they want an honest and transparent leader This will create trust between the two parties and employees then feel safe voicing their views and ideas to colleagues without being judged or ridiculed Gen Z also wants their time and effort to have an impact on any task they So they always want to know exactly what is expected of them at work and how it affects the company Leaders being open about what they need from Generation Z employees helps set clear goals for employees and reduces any confusion or miscommunication Gen Z is the most diverse generation to date The younger generation lives in a more diverse world than other generations As a result, they learned the importance of respect and inclusion right from an early age and expect their employers to hold the same principles as them when it comes to diversity Cultivating a diverse and inclusive workplace shows Gen Z candidates that the company is fair and gives everyone an equal opportunity to perform In addition, it shows them that they will be respected when participating in the workplace and feel safe being themselves, increasing employee engagement and leading to higher productivity and satisfaction in the workplace job Allowing employees to create healthy boundaries about how well they work helps them stay mentally and physically healthy Companies can achieve this by offering wellness programs such as employee assistance programs (EAPs), encouraging employees to use leave credits, and fostering a workplace culture Pay attention to employee workload and deadlines Gen Z employees attach great importance to learning new skills and expanding their knowledge further This generation does not care as much about job titles as older generations but is always interested in advancement opportunities Investing in their growth benefits the company as it produces skillful employees that produce high-quality output and service Providing development for employees also meets the generation's need for job security Since the pandemic and the rising unemployment rate, Zers has worried about the possibility of job loss Therefore, employers should proactively offer ways for employees to develop their expertise, such as training courses and seminars In doing so, Gen Z employees will be able to apply their skills in new roles within the company and have less anxiety about maintaining the right relationship in the industry should they decide to explore new roles other external opportunities Regarding the right work balance, Gen Z employees are looking for employee benefits packages and perks that help with their personal lives outside of work As a result, employers that offer extra assistance with loans are more attractive to these employees It helps to relieve the extra worry and stress from budgeting and working more shifts just to pay off the loan In addition, many people have taken an interest in staying mentally and physically healthy since the start of the COVID-19 pandemic Lifestyle benefits and perks like gym memberships, meditation sessions, additional paid leave, or even reimbursement for employee wellness items and activities considered good privileges The Z Generation have been exposed to the Internet, to social networks and to more mobile systems That contact has produced a hypercognitive generation very comfortable with integrating virtual and online inference As a result, it is a trend in Z Generation to learn all about the firms’ information on the Internet before applying for the position So it is really important for organisations to build brand identity on social media platforms Moreover, in order to attract more applications, employers can use online interview methods instead of only face - to - face interviews As a generation well prepared for knowledge and skills, the recruitment process of Generation Z needs to update competencies and use different selecting methods that fit employers' requirements Firms can use forms such as personality tests, face-to-face interviews, especially case tests which reflect close to the working conditions After COVID-19, Z Generation tends to find job positions which are committed and reliable Therefore, in the recruitment and selection process, companies need to clarify health securities and benefits, provide them with stable rights in the recruiting process so that employees can make the most accurate decisions, which benefits both employers and interviewers Besides professional skills and knowledge, employees need to be trained in soft skills such as communication, rejection handling skills and especially the ability to use office computing Having these things, employees can adapt and better adapt to the change in working form, keeping labour efficiency Large enterprises not only prefer training at campus, but also online training, because Generation Z is someone who quickly adapts to technology and hopes to gain more experience in new training Meanwhile, the application of online training technology will enable more employees to participate and improve the company's productivity Moreover, Generation Z are ambitious workers, they are committed to great causes so the training program needs to depict the company's vision for them If they go with the company, they can guide the development path, linking the interests of employees with the company You can create a survey questionnaire to understand that Z gene workers hope to receive training in skills, knowledge, and problem-solving, in order to develop an appropriate training plan Especially, the training plan should involve many people so that they can learn from each other and develop together Education and training systems must be prepared to develop skills for the future In particular, partnership between policymakers, business and training providers are required to ensure adequate supply with demand in the labour market Globalisation and diversity help organisations attract labour forces from all over the world This requires the organisation to have multi-ethnic policies, build a corporate workplace culture that will respect each other In particular, there should be exchanges , company events, gatherings and other occasions to bring everyone in the enterprise closer together Nowadays companies are very focused on internal communication, from small startups to large corporations not only to exchange information but also to bring members together, especially the workforce young workers These people tend to go on social media often and get to know each other online, so organisations focus on developing social media platforms for their employees This can be an effective way for Gen Z to bond with the company more Friendly working environment: Generation Z requires a friendly atmosphere in the office and they spend a large amount of time building relationships with colleges II HOW FUNCTIONS SHOULD CHANGE IN ORDER TO RESPONSE THE REQUIREMENTS: In order to build brand identity on social media platforms and online interview methods, investing in images on online platforms is focused on by FPT The company's main channel is FPTJobs website, which was built in 2016 Through the FPTJobs, candidates can apply for jobs, take an online exam, an online interview with computers, or online with an employer Since then, FPT Telecom has saved nearly 50% of time for data entry, interview arrangement, input screening, and expanding the talent pool since the online platform is suitable for all audiences There are main stages in FPT’s recruitment process, namely: applying, receiving and screening of applications, doing multiple choice test and essay writing, interviewing, contract discussion, and completing the application after being recruited With the purpose of updating competencies and use different selecting methods that fit employers' requirements to Gen Z, As can be seen from the recruitment process, before coming to the interview round, candidates have to go through multiple-choice and essay tests with many parts such as: IQ - Logical thinking test, GMAT - Time calculation ability test Short, English, Professional tests (corresponding to the position applied for), etc that help employers assess more precisely FPT also periodically conducts many activities for technology candidates, such as the program "Technology students in training", "Future leaders" Accordingly, the company recruits students of information technology or electronics and telecommunications right from the time they are still in school, and raises sources for official positions after graduation Furthermore, at some universities, FPT Telecom has a team of Recruitment Ambassadors - excellent students who bring the FPT brand closer to students nationwide In addition to students from information technology and telecommunications training schools, FPT Telecom also provides scholarships, cash donation, and training courses of FPT Telecom Training Center to students of schools that have good results in the company's related fields To meet the requirements of Gen Z, in the recruitment and selection process, companies need to clarify health securities and benefits and provide them with stable rights There are two types of contracts: "on-the-job-training" (experimental training - usually for 3rd year students) or "fresher" (apply not only for students but all employees with no experience, undergo selection to re-train) These are types of labour contracts that allow young people to be considered as other ordinary employees, with salary and benefits, well-trained, and email/Workplace FPT accounts Contract term can be from 3-11 months Selected students will be able to sign a longer-term employment contract after completing the program In the recruitment process, regarding contract negotiation, FPT also stated that the candidates selected through the interview round will be scheduled for another meeting to agree on the labour contract and related issues, including : type of contract, job, salary, working time All subsequent work is carried out according to the labour contract and the instructions of the staff in charge of direct responsibility and the Human Resources officer 10 FPT Corporation has focused on developing training from within FPT Corporation's leadership has not stopped taking care of internal training to keep up with the trend of development FPT has paid great attention to training - training human resources in a methodical and long-term plan depicting the company's vision The training system is implemented comprehensively and extensively, from the group level to the member units And the training is considered as a "force majeure", for most employees "At FPT, learning is not simply sending staff to study and then return to work The way the company does it is that learning must go hand in hand with practice We create a playground, where employees can practise practising properly, in other fields so that they can see the goals that FPT sets for each person Those who are educated will also participate in teaching, transmitting and sharing knowledge to their colleagues." Head of Human Resources Department (FHR), Mrs Hong talked about how to build a learning environment in the enterprise At FPT, 100% of new employees can participate in an orientation training course called "72 hours of experience" With this course, new members have the opportunity to work together to understand the history, people, cultural values and spirit of FPT FPT's MiniMBA is a 35% reduction of the Swiss-standard MBA program along with FPT's practical development experience FPT is also known for a very new form of training - the form of "Master - Disciple" Each master has at least disciples, who can choose to be in that unit or another unit in FPT "Master" has the task of leading, sharing experiences and training for his "disciples" so that they have the opportunity to improve their self-worth as well as develop the work they are in charge of Every year, each employee must also complete a number of courses (with percentages) according to the regulations of their units Internal training shows FPT Corporation's commitment to employee development Employees feel their value is greatly increased in a business that values training and coaching Internal training contributes to the capacity development of employees Evaluation criteria 2021 Budget for training 99.3 billion VND Total number of training courses 8.289 Total number of training sessions 818.580 Total hours of training 3.803.220 hours Number of training sessions/person 23 Number of training hours/person 91 11 New technology certificate number 4.768 At FPT IS, the Human Resources department is focusing on building and systematising the training matrix (training plan and tutoring) for a number of positions in the company, and at the same time bringing focused training activities to the next generation Z is associated with this training matrix In addition to training young human resources in the professional field, the system house combines training in soft skills necessary for work as well as personal capacity development In particular, online learning has begun to be promoted through the internal e-learning channel combined with webinars through the online training system - one of the ways of learning in line with current trends and young people - needs to be flexible and ensure that learning is not limited by space and time develop skills for the future: The company has researched and built a new training program suitable for the young generation From the first days of joining the company, staff will be provided with a relatively methodical training route, combined with supplementary training courses and specialised courses, which will help young staff quickly integrate into the workforce New environment, quickly adapted to work effectively, a "Talent pool" is also built to take the initiative in human resources, especially young human resources, to be ready to respond when needed FPT Human Resources Director Chu Quang Huy affirmed: "At FPT, we are very aware of the changes in human resources, especially Gen Z We have conducted studies and surveys to understand the behaviours of FPT because of the changing characteristics of Gen Z compared to previous generations, thereby developing policies to suit this audience, creating the best environment for you to showcase your talents” 12 To build the transparent leadership matching with young , the founder of FPT Corporation - Mr Truong Gia Binh had acknowledged the importance of social responsibility since the first day of establishment He shared about the management style at FPT through the story of Genghis Khan This opinion shows the highest respect from the leader of FPT to their followers Truong Gia Binh also oriented several training courses about leadership, which have formed competencies of a FPT’s leader: Influence, Result (Profit - Productivity - Digital Conversion) and Employees Development Moreover, the Letter from Chairman dear esteemed shareholders, customers, partners, and all employees published on the website helps all employees know about the overview picture, they understand where they need to go with the corporation and what their targets are Specifically, they feel respected and crucial for the development of the company, therefore, they are ready to dedicate themselves to the common goals of FPT About internal communication channels, the information flows are continuously moving back and forth with great intensity and are divided into different streams For working, the back office can talk directly to one or more leaders through live chat and video conferencing as needed In some cases, the application of this technology to administrative and office activities has helped the Group to have quick and effective strategies Employees of the same departments can also chat with each other via the internal chat channel, FPT's leadership and information technology department also skillfully built an online forum for employees throughout the corporation, enabling employees to ask questions, consult, get information, and answer difficult work-related issues The forum also has a function for employees to contribute their opinions to the corporation on the strategy as well as the performance of the leadership and divisions Besides, FPT creates a website to update every internal event, information of FPT called The transmission of information is always guaranteed to be smooth at all levels FPT focuses on building a corporate culture that will respect each other and a friendly working environment All the managers comply with core values (“Respect – Innovation – Teamwork – Equality – Exemplarity – Lucidity”) of FPT They empower employees to take ownership of their work and make decisions, with a culture of trust and autonomy They have respected the creativity from every generation through the work environment and culture where everyone has the right to express themselves, to promote all talents, no matter how weird The chairman permits employees to raise their voice about their work life (good and bad stories are accepted) through their proud culture - STCo STCo has touched the highest extent of culture: People who work or worked at FPT are proud of being a part of FPT As a result, the culture is nurtured and developed so that internal strength makes FPT develop Employees got to know STCo through songs that distort lyrics or funny stories, bad stories, articles about FPT characters, speeches, small chats, or 13 when talking about work with co-workers, etc FPT has also organised a “72 hours experience” as onboarding training for new employees to get on well It is a trip (2 days night) in which employees will be joined in team building activities, conquer challenges with the team The purpose of the trip is to spread the history, STCo and FPT’s humanity They have respected the creativity from every generation through the work environment and culture where everyone has the right to express themselves, to promote all talents, no matter how weird The chairman permits employees to raise their voice about their work life (good and bad stories are accepted) through their proud culture - STCo He also participates in big internal events of FPT such as STCo night on 19th March, festival night, etc Since the top management, the culture is nurtured and boosts internal communication transparently and friendly with the younger generation 14 CONCLUSION Young Generation Z (Gen Z) with its creative, dynamic, and inquisitive characteristics is a new driving force for the workforce, but at the same time poses a difficult problem for businesses that need an HR strategy that best suits the unique characteristics of the business There are several factors that help FPT Corporation hit the goal, and adapt to Gen Z which can be listed as their own Hiring, Learning and Development (Training), and Internal Communication strategies FPT may have employed some human resource management methods to manage, optimise its activities, and attract a young, dynamic workforce, attracting Gen Z talents in the harsh business environment This explains why FPT Corporation retains talent and adapts quickly to changes in the labour market Today's businesses also need to always change to adapt to the ever-changing labour market, especially in the dramatical development of the current 4.0 technology The Human Resource Management course is an extremely necessary and meaningful subject for not only economics students in general but also human resource management students in particular Thank you to Mr Nguyen Huy Trung, lecturer of Human Resource Management, for providing us with not only a general overview of organizations in business but also effective management methods and ways of working with people Especially, through lectures and practicing hypothetical situations in class, we have gained deeper insights into behavior in business organizations Applying this to practical situations, we understand that understanding human resource management is a skill that a human resource manager cannot without, as well as continuously improving knowledge to work more effectively 15 LIST OF REFERENCES [1] Course book: Human Resource Management (Gary Dessler - 15th Edition) [2] Mr Nguyen Huy Trung: Slide Human Resource Management [3] Website FPT: [4] Survey: Survey of students' interest in businesses [5] Article: Report on the post-pandemic recovery of employment and labor market in second quarter of 2022 [6] Article: Age and sex structure of the Vietnamese population [7] Article: Why gen Z will change the way we work [8] Article: Gen Z: How to attract the next generation of employees [9] Article: Almost all Gen Z ‘anxious’ over lack of jobs [10] Article: ILO downgrades labour market recovery forecast for 2022 16