About 83% of the Indian workforce says they would love to be an entrepreneur as being your own employer provides more exciting opportunities, reveals the findings of Randstad Workmonitor survey. A vast majority of male (81%) and female (85%) respondents said this and globally, 53% of the survey respondents had this opinion. Also, according to the survey results, entrepreneurial ambition among the workforce is highest in India, with 56% of the overall survey respondents indicating that they are considering leaving their current job to start their own business. This preference does not change regardless the gender. However, it is interesting to note that workforce in the age group of 45-54 years (37%) are hesitant to start their own business as compared to the workforce in the age group of 25-34 years (72%) and 35-44 years (61%).
67% of the total respondents said if in case they actually lose their current job, they would like to start their own company. On the contrary, though 76% considered entrepreneurship to be really attractive, they thought that the risk of failure is too big for them.
Outlook on startups
86% of the survey respondents indicated that the ecosystem to run a startup was favorable in India and 84% of the respondents were of the opinion that the Indian Government actively supports new startups in the country and provides a favourable entrepreneurial climate. 80% of the survey respondents from India also agreed that due to globalization, small businesses have a hard time surviving now.
Presenting the survey insights, Paul Dupuis, MD & CEO, Randstad India said, “A stable business environment, market oriented reforms like raising of FDI caps, implementation of GST, and key initiatives like Make in India and Digital India are fostering a new aspiring and ambitious Indian. One who is eager to create and nurture his/her own venture rather than join a company. This shift is clearly reflected in our survey findings and augurs well for the country’s growth agenda. A robust SME ecosystem driven by aspiring entrepreneurs has historically seen higher growth for the formal sector, and has a knock-off effect on the evolution of other companies in the ecosystem”.
“However, the need of the hour is to address critical bottlenecks that are acting as deterrents to both entrepreneurial and enterprise growth. Improving the ease of doing business, passage of labor friendly reforms and bridging the skill gap deficit for the burgeoning Indian workforce will enable a conducive entrepreneurial ecosystem while helping larger organizations make the most of India’s enviable demographic dividend”, he added.
SME, MNC or Start-Up: what does talent prefer?
A vast majority of 84% prefers to work for a multinational company, reveals the survey findings. Almost equal number of male (85%) and female (82%) respondents stated this. Globally, 55% of the total respondents have a preference for MNCs. 76% of the workforce from India stated that they would like to work for a startup, whereas 69% indicated that they would prefer to work for a small or medium enterprise or a privately managed company.
The Workmonitor’s Mobility Index, which tracks employee confidence and captures the likelihood of an employee changing jobs within the next 6 months, provides a comprehensive understanding of sentiments and trends in the job market. Besides mobility, the survey addresses employee satisfaction and personal motivation as well as a rotating set of themed questions.
The study is conducted online among employees aged 18-65, working a minimum of 24 hours a week in a paid job (not self-employed). Minimum sample size is 400 interviews per country. The Survey Sampling International (SSI) panel is used for sampling purposes.