4 in 10 Singaporeans considering leaving jobs to start business

41% of Singaporeans are considering leaving their current jobs to start their own business, according to the Randstad Singapore’s latest Workmonitor survey.

The survey, which was conducted in March with at least 400 respondents, showed that the sentiment was highest among younger workers, with 51% of respondents aged between 25 and 34 years old, as compared to 20% above 55 years old feeling so.

One of the key reasons for considering starting their own business is that being an entrepreneur would bring about more opportunities for them, with 63% of respondents indicating so.

READ: 87% of Malaysians feel they are not skilled enough to stay employed

And once again, the sentiment was highest among younger workers, with 72% of respondents aged between 25 and 34 expressing that, as compared to 46% of respondents aged 55 and above.

“It is not uncommon for Singaporeans to consider joining the start-up arena, especially with the low barriers of entry. Many young talent are also attracted to the exposure and experiences that they get to gain from being an entrepreneur,” said Jaya Dass, Managing Director, Malaysia and Singapore at Randstad.

“As entrepreneurs, they will need to improve their communication and presentation flair as well as stakeholder engagement, which would all work to their advantage when they look for new employment in the future.

“Young job seekers who are able to present their maturity and business acumen during the interview process would stand out from the crowd and have a better chance at employment.”

Perhaps one of the reasons for wanting to start their own business is that the current training programmes provided by their current employers are insufficient to regain long term employment, said 64% of the respondents.

“With the pandemic, there is an increased reliance on employers and the government to secure the jobs and livelihood of workers. Even as resources are widely available, employees and job seekers will need to have an open mind and embrace a life-long learning attitude to secure their place in the workforce,” Dass added.

“The next few months would be critical to businesses, and employers need a committed workforce that is agile, creative and highly-skilled to emerge stronger.”