One in two Malaysian millennials plan to quit regular employment to start own business: Survey

Malaysia's Penang has become a popular choice for Hong Kongers. Photo by the FMT. Sketched by the Pan Pacific Agency.

KUALA LUMPUR, Jun 15, 2020, Malay Mail. Over half of millennial respondents aged between 25 and 34 told a Randstad Malaysia survey they would leave their jobs to start their own business, Malay Mail reported.

In the 2020 Randstad Workmonitor Q1 survey, 56 per cent of respondents in the aforementioned age category expressed this sentiment, compared to 28 per cent for those aged 55 to 67 years old.

The average of all respondents who said they would try starting their own businesses was 49 per cent.

The survey was conducted between March 13 and 30, with the minimum sample size of 400.

Randstad Malaysia and Singapore managing director Jaya Dass said people tend to start their own business at an earlier age as they typically have fewer financial commitments and a longer window of opportunity.

“With 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 said.

The survey also found that one in four respondents felt they were underpaid at their current jobs compared to elsewhere.

Significantly, only 69 per cent of Generation-Z respondents (aged 18 to 24) said they were being paid competitively as compared to similar jobs in other companies.

More than four in five or 82 per cent of Generation-Z respondents and 76 per cent of millennials said that being an entrepreneur would give them more opportunities.

Overall, 75 per cent of the total respondents said they would love to be an entrepreneur for the opportunities provided and 67 per cent agreed that the government actively supports new startups.

Dass added 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 connect with experts and investors, as well as safely experiment their products and services in a controlled environment in the real marketplace,” Dass added.

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