Why don’t Gen Z and millennials want to work for small businesses?
Research shows that smaller businesses aren’t attracting younger workers
New research from’santander UKhas found that young people leaving education and looking for work may be missing out on potential employment opportunities by failing to consider working for SMEs.
Only a third of generation Z and millennials leaving school, college or university said they want to work for an SME. An even smaller proportion, just one in six (18%), wanted to work for a startup or micro business.
Meanwhile, the most popular career options for generation Z and millennials are to work for a large firm (51%), the public sector (51%) or a global multinational (49%).
Aspirations for those leaving full time education
Aspiration for after education
Percentage who aspire to this after leaving full time education
Work for a large firm
51%
Work in the public sector
51%
Work for a global multinational company
49%
don’t know
48%
Continue my education
45%
Set up my own business
40%
Be self employed
36%
Work for a small to medium sized business (SME)
35%
Work for a charity
29%
Work for the family business
23%
Work in the gig economy
22%
Work for a startup/micro business
18%
Other
25%
By ignoring smaller businesses, young people may miss out on a vast number of opportunities, as over 99% of businesses are SMEs.
Commenting on this, Sue Douthwaite, managing director of Santander Business said: “SMEs are the backbone of the UK economy, making up the overwhelming majority of private sector businesses.
“While there are fantastic opportunities working for large companies or the public sector, anyone about to leave education should not discount the huge range of exciting career opportunities offered by the nation’s SMEs.
“SMEs offer huge opportunities for growth and many are at the forefront of British innovation and exports.”
Read more:
Carly Hacon is a reporter for Business Advice. She has a BA in journalism from Kingston University, and has previously worked as a features editor for a local newspaper.
Staff rarely feel sorry for their line managers, so employees will be shocked to learn that the forgotten generation when it comes to taking active steps to protect their mental health are those in mid-ranking or senior managerial positions. more»
Contrary to popular belief, new research has found that the age group most interested in development opportunities at work isnt Millennials: it's people in their 40s and 50s. more»
A forward-thinking working environment might be more important than you think to your recruitment strategy. Use this infographic to find out how to build an office space that millennial workers will demand. more»