Millennials in Kuwait prefer own business
30% willing to sacrifice personal life for career
KUWAIT: The Bayt.com ‘Millennials in the MENA’ survey, recently conducted by Bayt.com, the Middle East’s number one job site, and YouGovSiraj, a research and consulting organization, has revealed that in Kuwait, millennials (working professionals 35 years of age or below) are considered to be innovative and hardworking by older peers, and that the majority of them (76 percent) consider entrepreneurship more preferable than employment.
Roughly four in 10 Kuwait respondents are currently employed in large, private multinational companies (42 percent of those under 35; 33percent of those 35 and up), while the preference for those under 35 is to work in the public sector. This is because of the perception of more attractive salaries (56percent), and more opportunities for learning on the job (51 percent). A third of those aged 35 and above is content in their current industry, because of the attractive salary (39 percent).
Interestingly, four in 10 of all Kuwait respondents strongly agree that unemployment is a significant issue in the country.
A third of Kuwait respondents (27 percent of those under 35; 33percent of those 35 and up) got their current job through a referral. The majority (28 percent) under the age of 35 are currently in their second job, while those aged 35 and up claim equally to be in their fourth job (35 percent each). For the most part, Kuwait 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. Engaging work is an important loyalty factor for more respondents in the 35+ age group. Fairness in salary and remuneration also encourage young people to remain with a company.
When asked what change they would like to bring to their organization, respondents under the age of 35 would like to see higher salaries (59 percent), while those aged 35 and up want better allowances and benefits (55percent).
Seven out of 10 Kuwait respondents would consider relocating to another country in order to pursue their goals and career prospects (70 percent of those under 35; 72 percent of those 35 and up). Four in 10 of all respondents are willing to sacrifice their personal life to further their career to some extent; a third is willing to do so to a large extent (30percent of those under 35; 23 percent of those 35 and up).
A larger number of respondents below the age of 35 (76 percent) would prefer to have their own business rather than being employed, compared to 69percent of respondents aged 35 and up who would consider entrepreneurship.
Younger respondents would like to retire earlier than those aged 35 and above, with 22percent hoping to retire before they turn 50. Half want to retire between 50-60 years (47 percent), with 21percent looking to retire after they turn 60. For the respondents aged 35 and up, the majority (51 percent) are looking to retire after their 60th birthday. A further21percent wants to retire between 55-60, with only 4percent considering doing so before then. Income and remuneration In Kuwait, 88 percent of respondents age 35 and over are the chief wage earner in their family, with 72 percent of those under 35 maintaining the same role. Though the majority is independent, roughly a third of all Kuwait 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 Kuwait. Eight out of 10 respondents are currently on a fixed monthly income, which is the preferred method of payment. A quarter of Kuwait professionals under 35 currently work overtime with monetary compensation, as do 43 percent of those over 35. 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. Annual vacation and travel allowances are also important to both age groups.
Personal income allows the majority of Kuwait respondents to live comfortably, according to 43 percent of those aged below 35 and 52 percent of those aged 35 and up. However, for a quarter of respondents (24 percent of those under 35; 29 percent 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.
Millennials at the workplace
Sundip Chahal, CEO, YouGov, commented saying: “31percent of those below 35 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 nearly 59percent of those working in this age group are dependent on family for financial assistance.”
Most of the Kuwait respondents are comfortable working with a generation other than their own. While those aged 35 and up are more comfortable working with the younger generation (52 percent versus 39percent), they do not feel they can learn as much from their younger peers (according to 36percent), compared to the 48 percent 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 Kuwait respondents over 35 believe that their academic years completely prepared them for the workplace, while 44 percent 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. This is felt more by millennials than by the older generation (80 percent of those under 35 compared to 62percent of those 35 and up).
The biggest barrier to career growth, both for those currently employed and those seeking employment, is a lack of financial support, according to roughly a third of all respondents. Three in 10 (36 percent) of the respondents under the age of 35 feel that family commitments present a barrier. For respondents aged 35 and up, the biggest barrier for growth is a disconnect between their educational qualification and current job profile (39 percent).
“Education is viewed as incomplete by many respondents,” said Suhail Masri, VP of Sales, Bayt.com. “More of those aged 35+ are planning to enroll in online courses while employed, whilst more of those below 35 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 recentlylaunched Bayt.com Specialties is a great plat- form for professionals to increase their knowhow 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.”
Communication and technology
When asked what attributes they associate with their older colleagues and supervisors, respondents below 35 years of age chose willing to teach (45percent), hardworking (43 percent) and understanding (43 percent). In terms of their perception of their millennial colleagues, respondents aged 35 and up believe that they bring innovative ideas to the table (52percent), are hardworking (38 percent), and impatient (36 percent).
Internet penetration is high in Kuwait. More than a third (34 percent of those under 35; 57 percent of those 35 and up) spends between 2-3 hours online per day, including time for work and recreation. 16 percent of respondents under 35 spend 5-10 hours online, compared to 13percent 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 60percent of those under the age of 35, and 48percent of those aged 35 and up. Email comes second, followed by phone conversations.
Technology is considered to make respondents more effective at work according to eight out of 10 respondents across all age groups, though a quarter (29 percent) of those below 35 years of age believe that their older counterparts do not take full advantage of what’s available to them. A quarter of them (23 percent) 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 Kuwait are the same, regardless of age: financial stability/independence (77 percent for both groups of 35 and above 35), good health (72 percent of those under 35; 85percent of those 35 and up), and a successful career (66 percent of those under 35; 77 percent of those 35 and up). For those aged 35 and up, children’s education and happiness is also important.
Both age groups surveyed consider a lack of financial stability (54 percent of those under 35; 45percent of those 35 and up) and the rising cost of living (58percent of those under 35; 60 percent of those 35 and up) to be the biggest causes of stress in their life today. Four in 10 of those aged below 35 find the lack of work-life balance to be a main cause of stress, while respondents aged 35 and above are concerned about a lack of job security (52 percent).
Three quarters of respondents believe that they share the same values as their parents. This is especially true for those aged 35 and up. In fact, 34percent of older respondents strongly agree that their values are the same as the previous generation, compared to 32percent of those aged below 35.