Business

Survey: Age key barrier to work opportunities for Filipinos

The latest LinkedIn Opportunity Index 2020, a composite measure index that seeks to understand people’s perception of opportunity and barriers,  revealed that Filipinos prioritize career and life goals in order to attain a good quality of life, which is basically being in good health.

Filipinos are known to pursue opportunities so they achieve the idea of work-life balance, the chance to do what they love, and still spend quality time with loved ones. But the pursuit of these opportunities is hindered by “opportunity gaps” or barriers to an opportunity like lack of financial resources, fear of failure, and age.

The research surveyed over 30,000 respondents in 22 markets globally, including 1,068 in the Philippines.

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Multigenerational workforce

Age manifests as different opportunity gaps for other age groups. For example, age is a challenge for young people with insufficient work experience (25% of Gen Z — individuals born in the mid- to late-1990s to the mid-2010s ), and those who struggle with the lack of confidence (22% of Millennials — individuals born in the early 1980s and the mid-1990s to early 2000s). The study also noted that globally, younger generations tend to be more optimistic about accessing and achieving opportunities, compared to older generations.

However, in the Philippines, Gen Zs are the most uncertain about their prospects. They have cited the environment, education, and health as the issues they are most concerned about.

The research also points out that age becomes a bigger hurdle as one gets older. A higher proportion of Gen X and Boomers (individuals born between 1946 and 1964) cited difficulties in overcoming it, as compared to Gen Z and Millennials.

“For the first time, four generations are working together. It’s time for businesses to set aside hiring biases against age, and embrace the multigenerational workforce as an opportunity,” said Olivier Legrand, managing director, LinkedIn in the Asia Pacific. “The biggest skills gaps that we see today are soft skills among Gen Z and Millennials, and tech skills among the older generation. We encourage companies to hire for complementary skills and to promote collaboration and bi-directional mentorship among their workforce.”

“This is also a journey that we are working through at LinkedIn because we believe that a multigenerational and diverse workforce is a business advantage and driver of growth.”
– Olivier Legrand, managing director, LinkedIn Asia Pacific

Opportunity gaps

Despite the barriers they face, about three-quarters of the Filipinos continue to be optimistic about achieving opportunities. From a macroeconomic outlook, about 64% of them believe that the country’s economic conditions will be in their favor and get better in the next 12 months.

They are also hopeful about their personal finances, with 73% believing they will be in a better financial position in the next 12 months. Similar to last year’s research findings, Filipinos’ entrepreneurial desire continues with almost two in five hoping to start their own business. This stood out for the Philippines, alongside Indonesia and Mexico, compared to the rest of the other global markets.

Overall, the Philippines is the fifth most optimistic country in the world and second most optimistic after Indonesia in Southeast Asia.