One in Two Malaysian Millennials Would Quit Their Jobs to Start Their Own Business

Over half of millennials respondents aged from 25-34 told a Randstad Malaysia survey they would leave their jobs to start their own business. In the 2020 Randstad Workmonitor Q1 survey, 56% of respondents in the aforementioned age category expressed this sentiment, compared to 28% for those aged 55 to 67 years old. 

The average of all respondents who said they would try starting their own businesses was 49%. The survey was conducted from 13 March until 30 March 2020, with the minimum sample size of 400.

Randstad Malaysia and Singapore managing director Jaya Dass said people tend to begin their own business at a younger age as they usually have fewer financial responsibilities and a longer window of opportunity.

“With millennials shown to bring about various tech skills due to their connection 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 up with their employees’ expectations and ensure they are doing enough to maximise the positive employee experience. 

4 out of 5 Gen Z'ers believe that being an entrepreneur would give them more opportunities.

“They can start by studying 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 adjustments to lure more talent and improve retention,” she said.

The survey also found that one-quarter of respondents thought they were underpaid at their current roles compared to elsewhere. Significantly, 69% of Generation-Z respondents (aged 18 to 24) said they were being paid competitively as compared to similar positions in other organisations. 

More than four in five or 82% of Generation-Z respondents and 76% of millennials said that being an entrepreneur would give them more opportunities. On the whole, 75% of those surveyed said they dream of becoming an entrepreneur for the opportunities provided and 67% recognised that the government actively promotes new startups.

Dass also said that since the start-up ecosystem in Malaysia is highly integrated with schools, public organisations, private companies and communities, students would know of the opportunities that lie ahead of them if they were to pursue a career in entrepreneurship. 

“These ecosystems allow people to easily engage with experts and investors, as well as safely experiment their products and services in a controlled environment in the real marketplace,” Dass added.

Source: Malay Mail

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