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WEF releases survey on youth attitudes to future jobs

Released at: 10:39, 12/09/2018

WEF releases survey on youth attitudes to future jobs

Photo: WEF

Survey finds differing attitudes among respondents in six Asian countries to what the future holds regarding employment.

by Nghi Do

Nineteen per cent of young people in Vietnam work for themselves while 25 per cent say they want to be self-employed in the future, according to a survey from the World Economic Forum released on September 11.

The youth of ASEAN are highly optimistic about the impact of technology on their job prospects and incomes, the survey found.

Some 52 per cent of those under 35 in Southeast Asia said they believe that technology will increase the number of jobs available, while 67 per cent said they believe that technology will increase their ability to earn higher incomes.

The survey, which was run in partnership with Sea, one of Southeast Asia’s leading internet companies, gathered results from 64,000 ASEAN citizens through users of Garena and Shopee, Sea’s online game and e-commerce platforms, respectively. The majority of respondents were from six countries: Indonesia, Malaysia, Thailand, Vietnam, Singapore, and the Philippines.

The degree of optimism about the impact of technology on the future of work varied strongly by country. The youth of Singapore and Thailand were much more pessimistic in their responses, while the youth of Indonesia and the Philippines were much more optimistic. In Singapore, only 31 per cent said they believe that technology will increase the number of jobs, compared to 60 per cent in the Philippines.

The results also vary by level of education. Among those who stated they do not have tertiary schooling, some 56 per cent said they believe that technology would increase jobs. Among those with a university degree or higher, only 47 per cent felt the same way.

“Industry 4.0 technologies like artificial intelligence, advanced robotics, and self-driving vehicles will bring significant disruption to the job market,” said Mr. Justin Wood, Head of Asia Pacific and Member of the Executive Committee at the World Economic Forum. “No one knows yet what impact these technologies will have on jobs and salaries. Globally there is concern that technological change may bring rising inequality and joblessness. But in ASEAN, the sentiment seems to be much more positive.”

The survey also asked young people to reveal what type of company they work for today and where they would like to work in the future. Today, 58 per cent of respondents work for small businesses - either for themselves, for their family business, or for a small or medium-sized enterprise (SME).

A significant portion of youth (one in four) aspire to work for themselves and start their own business. However, many working for SMEs said that they would like to work for a different organization. Today, 17 per cent work in an SME, but only 7 per cent said that they would like to work in an SME in the future.

The results show a strong preference to work for foreign multinational companies (10 per cent work for one today, but 17 per cent want to work for one in future) and for government (13 per cent today compared to 16 per cent in the future).
These results suggest a preference for income stability, given the more unpredictable nature of employment in small organizations versus large ones. But there are nonetheless some countries that show a rising appetite for entrepreneurialism and the associated risk-taking it involves.

In Thailand, for example, 26 per cent of young people work for themselves today, but 36 per cent said they would like to in the future. In Vietnam, 19 per cent work for themselves today, compared to 25 per cent that said they want to be self-employed in the future.
“It is encouraging to see such a strong entrepreneurial drive among ASEAN’s young population, with one-quarter of respondents wanting to start their own business,” said Mr. Santitarn Sathirathai, Group Chief Economist at Sea. “However, the findings also suggest that SMEs may struggle for talent in the future, with a smaller share of the region’s youth willing to work for them. Looking ahead, it will be important to continue to enhance SMEs’ adoption of digital technologies to ensure young entrepreneurs and small businesses have the resources they need to succeed.”
The survey also revealed that, across ASEAN, youth spend an average of six hours and four minutes online every day, with 61 per cent of that time spent on leisure and 39 per cent on work activities. Among the countries surveyed, the youth of Thailand spend the most time online - an average of seven hours and six minutes. The youth of Vietnam spend the least time online - an average of five hours and ten minutes.

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