37% of employees consider starting their own business: survey

As pay gets more conservative, some would rather take matters into their own hands.

One in three, or 37%, of employees stated that they want to leave their current jobs in order to start their own business, according to Randstad Hong Kong’s Workmonitor survey.

This sentiment is highest amongst workers aged 18 to 24, with close to one in two workers considering this path.

“Red tapes, long-drawn approval processes and inaccessibility to digital solutions can limit an employee’s growth potential. Add these reasons to unmet salary expectations and inadequate learning opportunities in a traditional corporate structure, and employees might just want to take matters into their own hands,” said Natellie Sun, managing director in search and selection for Greater China at Randstad.

Even though 75% of respondents feel valued and appreciated in their jobs, 39% feel they are not being paid enough as compared to similar jobs in other companies. More than two in five younger workers (42%) felt that they are not paid competitively in their roles.

“Companies are also offering a more conservative starting salary as compared to previous years. Thus, to ensure sustainable employability in a rapidly evolving and uncertain climate, candidates need to be more marketable by equipping themselves with relevant technical and soft skills to stand out in the crowd. Slash careers can also help enhance employability as it demonstrates the candidate’s ability to manage time and grow business.”

As a result, most companies tend to hire younger talent for their digital capabilities and tech-savviness to drive innovation and fill the gaps that the existing workforce is unable to keep up with. However, only 68% of respondents aged between 55 and 67 think that employers are more interested in hiring younger workers for that reason. This is lower compared to 74% and 85% in Malaysia and Singapore respectively.