Saudi Gazette report RIYADH – A majority of working professionals 35 years of age or below (Millennials) in Saudi Arabia consider entrepreneurship more preferable than employment, according to a survey. Interestingly, four in 10 of all Saudi Arabia respondents agree that unemployment is a significant issue in the country. A third of Saudi Arabia respondents (29% of those under 35; 32% of those 35 and up) got their current job through a referral, according to the ‘Millennials in the MENA' survey conducted by Bayt.com, the Middle East's number one job site, and YouGov Siraj, a research and consulting organization. The majority (27%) under the age of 35 are currently in their second job, while those aged 35 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 organization for the next 1-2 years. Six in 10 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 the 35+ 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 of 35 would like to see higher salaries (60%) and better allowances and benefits (60%), while those aged 35 and up want better allowances and benefits (55%), and more training opportunities (55%).
Seven out of 10 Saudi Arabia respondents would consider relocating to another country in order to pursue their goals and career prospects (70% for both under 35 and above 35 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 under 35; 23% of those 35 and up). A larger number of respondents below the age of 35 (75%) would prefer to have their own business rather than being employed, compared to 72% of respondents aged 35 and up who would consider entrepreneurship. Younger respondents would like to retire earlier than those aged 35 and above, with 19% hoping to retire before they turn 50. Half want to retire between 50-60 years (50%), with 31% looking to retire after they turn 60. For the respondents aged 35 and up, the majority (42%) are looking to retire after their 60th birthday, though 31% want to retire between 55-60. A further 19% would like to retire aged 50-55, with only 8% considering doing so before then. In Saudi Arabia, 93% of respondents age 35 and over are the chief wage earner in their family, with 66% of those under 35 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 of 10 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 over 35. 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 to 50% of those aged below 35 and 55% of those aged 35 and up. However, for a quarter of respondents (26% of those under 35; 24% of those 35 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. Most of the respondents in Saudi Arabia are comfortable working with a generation other than their own. While those aged 35 and up are more comfortable working with the younger generation (44% versus 38%), they do not feel they can learn as much from their younger peers (according to 30%), compared to the 53% of respondents under the age of 35 who feel they can learn more from their older colleagues. When it comes to education, half of the respondents in Saudi Arabia over 35 believe that their academic years completely prepared them for the workplace, while 47% of those under 35 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 a third of all respondents. Three in 10 (29%) of the respondents under the age of 35 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 aged 35 and up, the biggest barriers for growth are family commitments and responsibilities (34%), and a lack of relevant training (25%). When asked what attributes they associate with their older colleagues and supervisors, respondents below 35 years of age chose hardworking (48%), willing to teach (44%), and a mentor (38%). In terms of their perception of their millennial colleagues, respondents aged 35 and up believe that they bring innovative ideas to the table (50%), are hardworking (51%), and exhibit team spirit (37%). Internet penetration is high in Saudi Arabia. Roughly a third (33% of those under 35; 39% of those 35 and up) spend between 2-3 hours online per day, including time for work and recreation. 18% of respondents under 35 spend 5-10 hours online, compared to 12% of respondents aged 35 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 to 51% of those under the age of 35, and 55% of those aged 35 and up. Email comes second, followed by phone conversations. The top three priorities for respondents in Saudi Arabia are the same, regardless of age: financial stability/independence (79% of those under 35; 82% of those 35 and up), good health (77% of those under 35; 80% of those 35 and up), and a successful career (77% of those under 35; 70% of those 35 and up). For those aged 35 and up, children's education and happiness is also important.
