Indian workforce has high entrepreneurial ambition, with 56% of the respondents in a survey mentioning that they are considering leaving their current job in order to start their own business. The Randstad Work monitor survey shows that 83% of the Indian workforce would prefer to be an entrepreneur, which is much higher than the global average of 53%.
Randstad India MD, Paul Dupuis said that the stable business environment and market oriented reforms like raising of FDI caps and implementation of GST are fostering a new aspiring and ambitious India. In addition, the key initiatives of the Government that include the Digital India and Make in India, are taking the ambitions of the Indian workforce to a new level. He also mentioned that a strong SME ecosystem which is driven by aspiring entrepreneurs has seen a high growth for the formal sector and also has a knock off effect on the evolution of other companies in the ecosystem.
The workforce between the age group of 45 to 54 years which formed 37% of the respondents, were hesitant to start their own business as compared to the workforce between the age group of 25 to 34 years, that is 72% and 35 to 44 years, which is 61%. Almost 86% of the respondents mentioned that the ecosystem to run a startup was highly favorable in India and 84% said that the Indian Government actively supports new businesses in the country which provides a favorable entrepreneurial climate.
When asked about the workplace preference, about 84% of the respondents said they prefer to work for a multinational firm. About 76% said they would like to work for a startup and 69% said that they prefer to work for a small or a medium enterprise of a private company. The Randstad Workmonitor covers around 33 countries across the world. This study was conducted online among the employees aged 18 to 65, working a minimum of 24 hours a week in a paid job.
The survey gives an insight into the work preferences of the Indian workforce. It can be noted that the preferences have changed over time and a large number of respondents are willing to leave their job and turn into entrepreneurs, this is because of the favorable business environment in the country and the many initiatives taken by the Government to promote startups and the ease of doing business.
India has an ease of doing business which is due to the various initiatives by the Government. In order to promote ‘Make in India’ and digital payments, the Government has removed various requirements that existed in the past. India is considered as a thriving ecosystem for startups and it has new startups registering every week. With the ease of doing business and the incentives offered by the Government, many startups are thriving. It is also important to note that most respondents are willing to work for an MNC as compared to a startup. MNCs still remain as a preferred place of work.