Bayt.com survey reveals that 75% of millennials in Saudi Arabia prefer entrepreneurship

Bayt.com survey reveals that 75% of millennials in Saudi Arabia prefer entrepreneurship

The Bayt.com ‘Millennials in the MENA’ survey, recently conducted by Bayt.com, the Middle East’s number one job site, and YouGov, a research and consulting organization, has revealed that in Saudi Arabia, millennials (working professionals35 years of age or below) are considered to be innovative and hardworking by older peers, and that the majority of them (75%) consider entrepreneurship more preferable than employment.

Millennial Careers in Saudi Arabia: Current and Future

Three in10 Saudi Arabia respondents are currently employed in large, private multinational companies (36% of those under35;34% of those35 and up), while the preference for those under35 is to work in the private sector. This is because of the perception of more opportunities for learning on the job (53%) and more opportunities for career growth (50%). A third of those aged35 and above are content in their current industry, because of more opportunities to learn on the job (46%) and greater job satisfaction (44%).

Interestingly, four in10 of all Saudi Arabia respondents agree that unemployment is a significant issue in the country.

A third of Saudi Arabia respondents (29% of those under35;32% of those35 and up) got their current job through a referral. The majority (27%) under the age of35 are currently in their second job, while those aged35 and up claim equally to be in either their second, third, or upwards of fifth job (20% each). For the most part, Saudi Arabia respondents can only see themselves working with their current organisation for the next1-2 years. Six in10 respondents state that the factor that would encourage them to be more loyal to their company is a good work-life balance. Fairness in salary and remuneration is an important loyalty factor for more respondents in the35+ age group. Training opportunities also encourage young people to remain with a company.

When asked what change they would like to bring to their organisation, respondents under the age of35 would like to see higher salaries (60%) and better allowances and benefits (60%), while those aged35 and up want better allowances and benefits (55%), and more training opportunities (55%).

Seven out of10 Saudi Arabia respondents would consider relocating to another country in order to pursue their goals and career prospects (70% for both under35 and above35 groups). Almost half of all respondents are willing to sacrifice their personal life to further their career to some extent; a third are willing to do so to a large extent (29% of those under35;23% of those35 and up).

A larger number of respondents below the age of35 (75%) would prefer to have their own business rather than being employed, compared to72% of respondents aged35 and up who would consider entrepreneurship.

Younger respondents would like to retire earlier than those aged35 and above, with19% hoping to retire before they turn50. Half want to retire between50-60 years (50%), with31% looking to retire after they turn60. For the respondents aged35 and up, the majority (42%) are looking to retire after their60th birthday, though31% want to retire between55-60. A further19% would like to retire aged50-55, with only8% considering doing so before then.

Millennials’ Income and Remuneration

In Saudi Arabia,93% of respondents age35 and over are the chief wage earner in their family, with66% of those under35 maintaining the same role. Though the majority are independent, roughly a third of all respondents in Saudi Arabia say that they rely, to some extent, on money from their family as supplementary income.

Preferences regarding income scheme don’t seem to differ much for millennials and non-millennials in Saudi Arabia. Nine out of10 respondents are currently on a fixed monthly income, which is the preferred method of payment. A quarter of professionals in Saudi Arabia currently work overtime with monetary compensation. Annual/regular bonus, health and medical insurance coverage for family, and housing allowance top the list of preferred perks and benefits for those over35. Vehicle or transportation allowances is also important to both age groups.

Personal income allows a majority of respondents in Saudi Arabia to live comfortably, according to50% of those aged below35 and55% of those aged35 and up. However, for a quarter of respondents (26% of those under35;24% of those35 and up) their present income allows them to only just get by, and a further seventh of respondents find it difficult to meet their expenses with their current pay.

Sundip Chahal, CEO, YouGov, commented saying: “31% of those below35 years old in the MENA region claim they are just getting by or find it difficult to meet expenses on their current income. This is highlighted by the fact that nearly59% of those working in this age group are dependent on family for financial assistance.”

Millennials at the Workplace

Most of the respondents in Saudi Arabia are comfortable working with a generation other than their own. While those aged35 and up are more comfortable working with the younger generation (44% versus38%), they do not feel they can learn as much from their younger peers (according to30%), compared to the53% of respondents under the age of35 who feel they can learn more from their older colleagues.

When it comes to education, half of the respondents in Saudi Arabia over35 believe that their academic years completely prepared them for the workplace, while47% of those under35 believe it has done so only to some extent. The majority feel that pursuing higher education is a way to enhance career options, including better positions and promotions. This is felt more by millennials than by the older generation (78% of those under35 compared to71% of those35 and up).

The biggest barrier to career growth, both for those currently employed and those seeking employment, is a lack of financial support, according to a third of all respondents. Three in10 (29%) of the respondents under the age of35 feel that a disconnection between their educational qualification and their current job profile presents a barrier, as well as by inadequate or a lack of relevant training (32%) and family commitments (30%). For respondents aged35 and up, the biggest barriers for growth are family commitments and responsibilities (34%), and a lack of relevant training (25%).

“Education is viewed as incomplete by many respondents,” said Suhail Masri, VP of Sales, Bayt.com. “More of those aged35+ are planning to enrol in online courses while employed, whilst more of those below35 are planning to take time off work to pursue higher education. Therefore, companies offering on–the-job training would possibly see lower labour turnover. Professionals should start seriously looking at other methods of gaining knowledge to stay relevant, whether through further education, online resources, or training and workshops. The recently-launched Bayt.com Specialties is a great platform for professionals to increase their know-how in their jobs, and even get ranked for what they know. At Bayt.com, our mission is to empower people with the tools and information they need to lead their lifestyle of choice, so we are constantly creating innovative new solutions to make it easier for professionals from all industries and experiences to succeed in their careers, and Bayt.com Specialties is one of these solutions.”

When asked what attributes they associate with their older colleagues and supervisors, respondents below35 years of age chose hardworking (48%), willing to teach (44%), and a mentor (38%). In terms of their perception of their millennial colleagues, respondents aged35 and up believe that they bring innovative ideas to the table (50%), are hardworking (51%), and exhibit team spirit (37%).

Communication and Technology

Internet penetration is high in Saudi Arabia. Roughly a third (33% of those under35;39% of those35 and up) spend between2-3 hours online per day, including time for work and recreation.18% of respondents under35 spend5-10 hours online, compared to12% of respondents aged35 and up.

When it comes to communication in the workplace, interestingly, there is no significant difference in preference of communication method by the two age groups. The preference is for face-to-face meetings according to51% of those under the age of35, and55% of those aged35 and up. Email comes second, followed by phone conversations.

Technology is considered to make respondents more effective at work according to seven out of10 respondents across all age groups, though a quarter (25%) of those below35 years of age believe that their older counterparts do not take full advantage of what’s available to them. A seventh of them (16%) also believe that their older colleagues do not always understand the way in which they use technology.

Life Beyond Work

The top three priorities for respondents in Saudi Arabia are the same, regardless of age: financial stability/independence (79% of those under35;82% of those35 and up), good health (77% of those under35;80% of those35 and up), and a successful career (77% of those under35;70% of those35 and up). For those aged35 and up, children’s education and happiness is also important.

Both age groups surveyed consider a lack of financial stability (51% of those under35;54% of those35 and up) and the rising cost of living (56% of those under35;61% of those35 and up) to be the biggest causes of stress in their life today. Half of those aged below35 find the lack of work-life balance to be a main cause of stress, while respondents aged35 and above are concerned about a lack of job security (51%).

Three quarters of respondents believe that they share the same values as their parents. This is especially true for those aged35 and up. In fact,35% of older respondents strongly agree that their values are the same as the previous generation, compared to28% of those aged below35.

Data for the Bayt.com ‘Millennials in the MENA’ poll was collected online from December182013 – January62014, with7,173 respondents from the UAE, Saudi Arabia, Kuwait, Qatar, Oman, Bahrain, Lebanon, Syria, Jordan, Algeria, Egypt, Morocco, and Tunisia.

  • Date Posted: 10/02/2014
  • Last updated: 10/02/2014
  • Date Posted: 10/02/2014
  • Last updated: 10/02/2014
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