Over half of millennials in Malaysia plan to quit jobs to start businesses

56% of millennials in Malaysia between the ages of 25 and 34 indicated that they will quit their jobs to start their own businesses, according to the 2020 Randstad Workmonitor Q1 survey.

The top reason for their sentiments is that being an entrepreneur would give them more opportunities, with 76% of millennials expressing so.

On the contrary, only 28% for those aged 55 to 67 years old indicated that they will leave their jobs to start their own businesses.

The survey, which was conducted between March 13 and 30, with a minimum sample size of 400, also revealed that 49% of all respondents said they would try starting their own businesses.

Randstad Malaysia and Singapore managing director Jaya Dass, believes employers need to do more to retain and engage their millennial talent.

“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,” she said.

“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 added.

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

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