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17 January 2019
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GEN Z AND MILLENNIALS ARE SNUBBING KEY JOB OPPORTUNITIES WITH SMES

Gen Z and millennials are snubbing key job opportunities with SMEs
Gen Z and millennials are snubbing key job opportunities with SMEs © iStock

30 August 2018 | Herpreet Kaur Grewal 

 

Just a third (35 per cent) of young people leaving education in 2018 want to work for an SME (small and medium-sized business), according to a survey by banking institution Santander UK.


‘Gen Z’ and millennials do not believe that SMEs offer the same job security or salary as large businesses.


Yet SMEs make up 99 per cent of private sector companies and 70 per cent are actively recruiting for entry-level roles.


The researchers state that those leaving education and looking for work may be missing out on potential employment opportunities simply by failing to consider SMEs and the advantages they offer.


Just a third (35 per cent) of Generation Z and millennials leaving full-time education, whether that be school, college or university, say they wish to work for an SME. 


An even smaller proportion, just one in six (18 per cent), want to work for a start-up or micro-business. 


Instead, their most popular career aspirations are to work for a large firm (51 per cent), the public sector (51 per cent) or a global multinational (49 per cent).


The main reason these cohorts say they would not want to work for an SME is because of a perceived lack of job security (56 per cent). There is also the belief that SMEs offer a lower salary (46 per cent) and fewer opportunities for progression than large companies (33 per cent).


Yet by choosing to ignore SMEs, young people are missing out on a vast number of opportunities, given that more than 99 per cent of businesses are SMEs. Most (70 per cent) SMEs are actively recruiting for entry-level roles for graduates (43 per cent), further education leavers (36 per cent) or school leavers (35 per cent).