Why don’t Gen Z and millennials want to work for small businesses?
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
Work in the public sector
Work for a global multinational company
Continue my education
Set up my own business
Be self employed
Work for a small to medium sized business (SME)
Work for a charity
Work for the family business
Work in the gig economy
Work for a startup/micro business
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.”
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