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 Egypt, millennials (working professionals35 years of age or below) are considered to be innovative and approachable by older peers, and that the majority of them (77%) consider entrepreneurship more preferable than employment.
Millennial Careers in Egypt: Current and Future
Seven in10 Egypt millennial respondents are currently employed in private companies, which is the preferred sector for their age group. This is because of the perception of more opportunities to learn on the job (49%). A quarter of those aged35 and above work in the private or government sector, though the preference of the majority is to work in the public sector, because of more opportunities to learn on the job (40%).
Interestingly, eight in10 of all Egypt respondents agree that unemployment is a significant issue in the country.
A third of Egypt respondents (34% of those under35;29% of those35 and up) got their current job through a referral. The majority (25%) under the age of35 are currently in either their first job, while those aged35 and up claim to be in their third (22%). For the most part, Egypt respondents are unable to say how long they can see themselves working with their current organisation; most state no more than2 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. Work that is engaging and interesting is an important loyalty factor for more respondents in the35+ age group, while the younger generation consider fairness in salary and remuneration to be important.
When asked what change they would like to bring to their organisation, all respondents would like to see higher salaries.
Eight out of10 Egypt respondents would consider relocating to another country in order to pursue their goals and career prospects (79% of those under35;83% of those35 and up). A third of all respondents are willing to sacrifice their personal life to further their career to some extent; a quarter are willing to do so to a large extent (27% of those under35;23% of those35 and up).
A larger number of respondents over the age of35 (81%) would prefer to have their own business rather than being employed, compared to the77% of respondents aged below35 who would consider entrepreneurship.
Younger respondents would like to retire earlier than those aged35 and above, with7% hoping to retire before they turn50. Four in10 want to retire between50-60 years (44%), with50% looking to retire after they turn60. For the respondents aged35 and up, the majority (61%) are looking to retire after their60th birthday, though28% want to retire between55-60. A further7% would like to retire aged50-55, with4% considering doing so before then.
Millennials’ Income and Remuneration
In Egypt,92% of respondents age35 and over are the chief wage earner in their family, with54% of those under35 maintaining the same role. Though the majority are independent, a third of younger Egypt respondents 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 Egypt. Seven out of10 respondents are currently on a fixed monthly income, which is the preferred method of payment. Three in10 Egypt professionals under35 currently work overtime with monetary compensation. Annual/regular bonus, health and medical insurance coverage for family, and vehicle or transport allowance top the list of preferred perks and benefits for those over35. Transportation facilities are important for younger respondents.
Personal income allows the majority of Egypt respondents to only just get by, according to38% of those aged below35 and36% of those aged35 and up. A further fifth of all 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 Egypt respondents are comfortable working with a generation other than their own. While those aged35 and up are more comfortable working with the younger generation (47% versus45%), they do not feel they can learn as much from their younger peers (according to29%), compared to the60% of respondents under the age of35 who feel they can learn more from their older colleagues.
When it comes to education, three in10 of the Egypt respondents over35 believe that their academic years completely prepared them for the workplace, while56% 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.
The biggest barrier to career growth, both for those currently employed and those seeking employment, is a lack of financial support, according to roughly half of all respondents. A third (33%) of the respondents under the age of35 feel a disconnected between their educational qualification and their current job profile presents a barrier. For respondents aged35 and up, the biggest barrier for growth is a lack of relevant or adequate training (29%).
“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 (45%), willing to teach (46%), and a mentor (45%). In terms of their perception of their millennial colleagues, respondents aged35 and up believe that they bring innovative ideas to the table (50%), exhibit team spirit (45%), and are approachable (45%).
Communication and Technology
Internet penetration is high in Egypt. Four in10 (40% of those under35;44% of those35 and up) spend between2-3 hours online per day, including time for work and recreation.24% of respondents under35 spend5-10 hours online, compared to22% 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 to60% of those under the age of35, and62% of those aged35 and up. Email comes second, followed by phone conversations.
Technology is considered to make respondents more effective at work according to eight out of10 respondents across all age groups, though three in10 (29%) of those below35 years of age believe that their older counterparts do not take full advantage of what’s available to them. A fifth of them (21%) 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 Egypt are the same, regardless of age: financial stability/independence (80% of those under35;80% of those35 and up), good health (75% of those under35;77% of those35 and up), and a successful career (75% of those under35;67% 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 (57% of those under35;60% of those35 and up) and the rising cost of living (66% of those under35;77% of those35 and up) to be the biggest causes of stress in their life today. Five in10 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 (53%).
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,34% of older respondents strongly agree that their values are the same as the previous generation, compared to24% 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, KSA, Kuwait, Qatar, Oman, Bahrain, Lebanon, Syria, Jordan, Algeria, Egypt, Morocco, and Tunisia.