Millennials Are Likely To Leave Their Jobs To Be Entrepreneurs

The latest Workmonitor survey conducted by Randstad Malaysia revealed that 49% of employees in Malaysia are likely to leave their jobs to start their own business.

56% of the respondents aged between 25 and 34 years old shared this sentiment, as compared to 28% for those who are aged from 55 to 67 years old.

millennials are likely to leave their jobs to be entrepreneursPhoto via Tech Decisions

Jaya Dass, Managing Director, Malaysia, and Singapore Randstad said: “People tend to start their own business at an earlier age, due to fewer financial commitments and a more extensive future time perspective. Millennials shown to bring about numerous tech skills due to their affinity with the digital world, employers are facing increased pressure in finding ways to attract and retain these valued employees.”

“It is hence critical for companies to keep pace with their employees’ expectations and ensure they are doing enough to maximise the positive employee experience. They can start by learning the employer branding factors that are important and attractive to millennials, and understanding what they want out of their careers. In doing so, employers can make small and incremental changes to attract more talent and improve retention,” she added.

1. 75% feel that entrepreneurship would give them more opportunities

Younger workers are more excited about the opportunities that being an entrepreneur would bring them. More than four in five generation-Z (82%) and 76% of millennial respondents said that being an entrepreneur would give them more opportunities. On the contrary, even with the financial capability to do so, only 68% of those aged between 55 and 67 are keen on exploring entrepreneurship.

2. Younger workers feel they are not paid competitively

Though 85% of respondents feel valued and appreciated in their jobs, one in four (25%) feel they are not being paid enough as compared to similar jobs in other companies. 31% of younger respondents aged 18-24 echoed the same. 

The Randstand Workmonitor Q1 survey was conducted from March 13 to 30, 2020 with a minimum sample size of 400 per market. 

By: Aishah Akashah Ahadiat