Entrepreneurship conjures up images of success and hardship in extremes, a true high risk, high reward scenario. When looking at stereotypes, although it seems that employees in Western countries may be more likely to take the leap into the world of entrepreneurship, recruitment firm Randstad’s latest Workmonitor research reveals otherwise. 37% of employees in Singapore, Hong Kong SAR and Malaysia are considering leaving their current job to start their own business, compared to a lower global average of 28%.
Malaysia was found to have the highest percentage of employees (49%) who were looking at possibly leaving their job for a shot at entrepreneurship, while Singapore employees were the least motivated (32%) with regards to starting their own business.
Millennials were, globally and regionally, the largest group of employees who were considering leaving their job to start their own venture. Despite this sentiment, the Workmonitor research also revealed that the Millennial group has the highest preference for working in a large multinational organisation. While these findings may seem to contradict, it shows that although Millennials may aspire to start their own businesses, they are also acutely aware of the benefits work experience at an MNC can bring.
I am considering leaving my current job to start my own business
While employees in Singapore, Hong Kong SAR and Malaysia may consider leaving their jobs to start their own business more than their global counterparts, the fear of failure seems to be holding them back from making this career switch. Seven in 10 employees across all three countries felt that the risk of failure being an entrepreneur is too big.
I would love to be an entrepreneur, but to me the risk of failure is too big
More than half of employees (51%) in Singapore, Hong Kong SAR and Malaysia would however consider taking the route to entrepreneurship if they lost their jobs. Among the three countries, Malaysians were most likely (61%) to do so, compared to Singaporeans (42%).
If I lost my current job, I would like to start my own company
Managing Director for Randstad Singapore, Hong Kong SAR and Malaysia, Michael Smith noted, “Our Workmonitor research recently revealed that employees in Singapore, Hong Kong SAR and Malaysia had some of the highest global preference for working at large multinational organisations. It’s particularly interesting that this same research has shown that many of these employees are also considering leaving their jobs to start their own business, but are at the same time held back by the fear of failure. The governments in all three countries have recently been ramping up efforts to create a startup friendly environment to allow new businesses to thrive. As these new business communities grow and thrive, it will be interesting to monitor how the attitude towards entrepreneurship changes.”
about the Randstad Workmonitor
The Randstad Workmonitor was launched in the Netherlands in 2003 and now covers 34 markets around the world, encompassing Asia Pacific, Europe and the Americas. The Randstad Workmonitor is published four times a year, making both local and global trends in mobility regularly visible over time. The Workmonitor Mobility Index, which tracks employee confidence and captures expectations surrounding the likelihood of changing employers within a six month time frame, provides a comprehensive understanding of job market sentiments and employee trends. In addition to measuring mobility, it provides insights into employee satisfaction and personal motivation, as well as explores sentiments around key trends shaping the world of work for employees each quarter. The quantitative study is conducted via an online questionnaire among a population aged 18-65, working a minimum of 24 hours a week in a paid job (not self-employed). The minimal sample size is 400 interviews per market, using Survey Sampling International.
The Randstad Group is a global leader in the HR services industry and specialises in solutions in the field of flexible work and human resources services. Our services range from regular temporary Staffing and permanent placements to Inhouse Services, Professionals, and HR Solutions (including Recruitment Process Outsourcing, Managed Services Programs, and outplacement). By combining our human touch with technology-driven solutions and tools, we aim to offer both clients and candidates the best tools and solutions for increased efficiency and engagement, connecting more people to more jobs. Randstad has top-three positions in Argentina, Belgium and Luxembourg, Canada, Chile, France, Germany, Greece, India, Italy, Mexico, the Netherlands, Poland, Portugal, Spain, Sweden, Switzerland, the UK, and the United States, and major positions in Australia and Japan. At year-end 2016, Randstad had 36,524 corporate employees and 4,752 branches and Inhouse locations in 39 markets around the world. In 2016, Randstad generated revenue of €20.7 billion. Randstad was founded in 1960 and is headquartered in Diemen, the Netherlands. Randstad Holding nv is listed on the NYSE Euronext Amsterdam, where options for stocks in Randstad are also traded.
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