SINGAPORE: Amidst the relentless pursuit of career success and financial stability, two generations find themselves at the heart of a profound question — Are Gen Zs and Millennials truly happy with their pay?
This inquiry, steeped in the complexities of economic realities, societal expectations, and personal aspirations, offers a glimpse into the psyche of these digital natives and their slightly older counterparts.
Gen Zs and Millennials: A Tale of Two Generations
The economic backdrop against which Gen Zs and Millennials have forged their professional paths could not be more different.
Millennials, born between 1981 and 1996, entered the workforce amidst the dot-com bubble’s burst and the Great Recession, shaping a cautious yet ambitious approach to career and finance.
Gen Zs, born from 1997 onwards, have grown up in a world of unprecedented technological advancement and social media influence, where the gig economy and remote work have redefined traditional notions of employment and income.
Lee Shulin’s paycheck has dramatically changed over the years, reflecting her quest for a fulfilling career. Starting as a senior associate in a prestigious law firm 14 years ago, she earned an impressive $8,500 monthly.
However, her income halved when she transitioned to the public sector in 2010 and dipped further in the recruitment industry, where her earnings were commission-based.
Ms Lee, now 41, initially prioritized job satisfaction over pay, seeking a role where she could excel, but after getting married and having a son, financial stability became a pressing concern.
In 2016, with her son just a month old, she founded Aslant Legal, a legal recruitment firm aiming to improve her prospects and escape a toxic work environment.
“I wanted to create a healthier culture,” she explained, emphasizing the importance of a supportive and flexible work environment.
A recent survey echoes Ms. Lee’s sentiments, revealing that millennials and Gen Zs prioritize pay but also highly value work-life balance and flexibility.
The takeaway? Young professionals are generally satisfied with their salaries and work-life balance, indicating a shift in priorities beyond just financial compensation.
In 2023, Mr Mishra and five classmates from Singapore Polytechnic launched Infuzed Pro, a venture selling probiotic beverages as part of their coursework. They sold their drinks at events and hosted workshops on probiotic drink-making.
Despite the business being on hold while some founders completed national service, Mr Mishra’s dedication to the company was unwavering. He poured his heart into every aspect, from perfecting recipes and securing funding to mastering food safety and handling the logistics.
Mr Mishra’s passion for the business made long hours feel effortless. “When you’re genuinely interested in what you’re doing, a 12-hour workday isn’t an issue,” he shared.
He recently joined Resumify, an AI startup, as its CFO, noting that work-life balance is manageable when you love what you do.
While he appreciates the direct profit from his own business, he’s open to salaried positions, especially in venture capital, where he can support new ideas and help others launch their ventures.
He values the stability and benefits of a nine-to-five job, provided it’s intellectually stimulating and fosters personal growth.
The Happiness Conundrum
Happiness, in the context of pay, is a multifaceted concept. It is not merely about the numbers on a paycheck but also about the sense of fulfillment, job satisfaction, and the ability to achieve personal and professional goals.
For both generations, the pursuit of happiness is intertwined with their ability to afford a comfortable lifestyle, save for the future, and enjoy a work-life balance.
Ms Suah, a fitness subscription company employee, emphasizes the importance of employers offering fair wages that reflect the cost of living. She believes employees should also learn to budget wisely to meet their needs.
Viewing her salary as a tool for financial security and enrichment, Ms Suah allocates her earnings to hobbies like strength training, barre classes, and dining out with friends.
Her remote job provides the flexibility for these activities, a key factor in her job choice. She saves and invests a portion of her income and supports her parents financially.
Ms Suah graduated in 2019, at the brink of the pandemic, when full-time jobs were scarce. She navigated this by accepting part-time and contract roles before landing at ClassPass.
She acknowledges her privilege of living debt-free with her parents, which allowed her to explore career options.
Regarding her career aspirations, Ms Suah aims to leverage her proficiency in six languages—English, Mandarin, Japanese, French, Spanish, and Italian—to bridge cultural gaps in an increasingly interconnected world.
She believes speaking multiple languages and understanding different cultures can enhance professional interactions and opportunities.
Millennials: The Burden of Expectations
Millennials, often labeled the most educated generation, have faced significant economic challenges. Student loan debt, the high cost of living, and the struggle to enter the housing market have created a sense of financial insecurity.
Despite these hurdles, many Millennials have found happiness in non-monetary aspects of their jobs, such as flexibility, purpose, and the opportunity for personal growth.
Gen Zs: The Quest for Meaning and Balance
On the other hand, Gen Zs have grown up in a world where the concept of work has been fundamentally redefined. They value flexibility, mental health, and a strong work-life balance.
For many, happiness is not just about the paycheck but about finding meaningful work that aligns with their values and passions. The rise of social entrepreneurship and impact-driven careers reflects this shift in priorities.
For Mr Khairul, career advancement and salary are currently his top priorities in a job.
As a recruiter, he encourages job seekers to evaluate three critical factors before accepting a position: compensation, the role’s nature, and the potential for career growth and future prospects within the company.
He emphasizes the importance of self-reflection, asking, “Is a high salary worth it if it comes with poor work-life balance and limited opportunities for advancement?”
Mr Khairul recently relocated to the United Arab Emirates (UAE) to join Aventus, a recruitment firm, as a risk and compliance executive search consultant for the financial services sector in the Gulf region.
His move was prompted by his wife’s job offer in the UAE, and they now reside in Abu Dhabi, with Mr. Khairul commuting 45 minutes to his workplace in Dubai.
He appreciates the cultural diversity in Dubai, where over 90% of the population of more than 3.5 million are expatriates, believing it will enhance his career.
“International experience is crucial for climbing the corporate ladder, demonstrating adaptability and interpersonal skills, which are often undervalued,” he notes.
Mr Khairul also stresses the importance of patience, particularly when starting fresh. “We all want more money, and we want it fast, but we must be willing to put in the work. In this industry, hard work usually pays off,” he concludes.
Finding Balance and Fulfillment
The journey towards happiness with pay is a deeply personal one, influenced by individual values, life stages, and external circumstances. For Gen Zs and Millennials, finding balance and fulfilment requires a holistic approach.
It involves seeking meaningful work, setting realistic financial goals, and cultivating a sense of community and purpose beyond the confines of a paycheck.
As these generations continue to navigate the ever-evolving landscape of work and finance, they are redefining what happiness means to them, one paycheck at a time.