They may have already been a significant part of the workforce for some time now, but Generations X and Y seem to be bent on following a different career path.
Results of the latest Wellness Index survey conducted by local HMO leader PhilCare called “The ABCs of Pinoy Xs and Ys” revealed that both generations are expressing a strong preference for entrepreneurship over the security of traditional employment, with 53 percent of the respondents saying they would rather start their own business than remain as an employee.
“The ABCs of Pinoy Xs and Ys” study is the sixth in the HMO giant’s groundbreaking series of nationwide health and wellness studies that started in 2014. This latest installment, which builds on the insights of the first generational study about Gen Zs that came out in late 2023, puts the spotlight on Generation X, or those between ages 43 and 58, and Generation Y, also known as Millennials, or those between ages 27 and 42. It aims to shed light on the two generations’ attitudes and priorities and the evolving dynamics of the modern workplace.
“The result suggests a growing desire for autonomy and ownership, a desire to create something that they will be proud of in years to come,” PhilCare Wellness Index Chairman Dr. Enrique Ona said. “That’s why I believe employers who want to attract top Gen X and Y talents should capitalize on their entrepreneurial spirit by finding ways to keep them engaged, and how to give them a sense of ownership and purpose that will help drive performance.”
“The ABCs of Pinoy Xs and Ys” study also found that 38 percent of the respondents prefer flexible work arrangements over rigid fixed hours, and 33 percent prefer to work until retirement over retiring early so they can pursue other income opportunities.
“It is no longer the younger generation that sees the opportunity to work remotely as a strong motivating factor to consider a job,” PhilCare Wellness Index lead researcher Dr. Fernando Paragas said. “The shift in mindset of Gen X and Y signals a departure from the traditional 9-to-5 structure, with both generations seeking greater control over their schedules. This demand for flexibility underscores the importance of prioritizing health, well-being, and work-life balance. Any business or organization that wants to win the war for talent should make creating a flexible work arrangement top of mind.”
According to PhilCare President and CEO Jaeger Tanco, with Gen Xs and Ys embracing prolonged careers over early retirement, the conventional narratives surrounding retirement are being challenged. This underscores the evolving perception of work as an integral part of life.
“To cater to the needs of Gen X and Y for extended careers, employers may need to reevaluate their career development programs. This may involve creating pathways for continuous learning, mentorship opportunities, and phased retirement plans that align with the two generations’ professional journey,” Tanco noted.
He added that through the Wellness Index, PhilCare has already been able to launch innovative products and services that aim to help employers, even individuals, attain a satisfying growth and development journey. These offerings include the very first prepaid health care cards in the market, individual and corporate health plans, web-based teleconsultation service DigiMed, clinic-on-wheels MedHub mobile, and mental health program Mindscapes.
“The PhilCare Wellness Index underscores our relentless pursuit of comprehensive healthcare solutions. The study is not just about statistics; it’s our blueprint for big ideas,” Tanco said.