The Bayt.com ‘Millennials in the MENA’ survey, recently conducted by Bayt.com, the Middle East’s number one job site, and YouGov, a research and consulting organization, has revealed that in Lebanon, millennials (working professionals35 years of age or below) are considered to be innovative and able to take initiative by older peers, and that the majority of them (81%) consider entrepreneurship more preferable than employment.
Millennial Careers in Lebanon: Current and Future
Three in10 Lebanon respondents are currently employed in private multinational or local companies, while the preference for those under35 is to work in the private sector. This is because of the perception of more opportunities for career growth (53%). Four in10 of those aged35 and above are content in their current industry, because of the attractive salaries offered (46%).
Interestingly, seven in10 of all Lebanon respondents agree that unemployment is a significant issue in the country.
A third of Lebanon respondents (32% of those under35;39% of those35 and up) got their current job through a referral. The majority (25%) under the age of35 are currently in their third job, while those aged35 and up claim to be in their second (33%). For the most part, Lebanon millennials can only see themselves working with their current organisation for the next1-2 years. Six in10 respondents state that the factor that would encourage them to be more loyal to their company is a good work-life balance. Friends at work is an important loyalty factor for more respondents in the35+ age group. The same also encourages young people to remain with a company.
When asked what change they would like to bring to their organisation, all respondents would like to see higher salaries.
Nine out of10 Lebanon respondents would consider relocating to another country in order to pursue their goals and career prospects (76% of those under35;97% of those35 and up). Five in10 of all respondents are willing to sacrifice their personal life to further their career to some extent; four in10 are willing to do so to a large extent (50% of those under35;45% of those35 and up).
A larger number of respondents below the age of35 (81%) would prefer to have their own business rather than being employed, compared to the77% of respondents aged35 and up who would consider entrepreneurship.
Younger respondents would like to retire earlier than those aged35 and above, with7% hoping to retire before they turn50. Half want to retire between50-60 years (47%), with46% looking to retire after they turn60. For the respondents aged35 and up, the majority (79%) are looking to retire after their60th birthday, though9% want to retire between55-60. A further9% would like to retire aged50-55, with3% considering doing so before then.
Millennials’ Income and Remuneration
In Lebanon,84% of respondents age35 and over are the chief wage earner in their family, with37% of those under35 maintaining the same role. Though the majority are independent, a third of younger Lebanon respondents say that they rely, to some extent, on money from their family as supplementary income.
Preferences regarding income scheme don’t seem to differ much for millennials and non-millennials in Lebanon. Eight out of10 respondents are currently on a fixed monthly income, which is the preferred method of payment.23% of Lebanon professionals under35 currently work overtime without monetary compensation. Annual/regular bonus, health and medical insurance coverage for family, and housing allowance top the list of preferred perks and benefits for those over35. Child education allowance and vehicle or transport allowance are important to both age groups.
For a majority (36%) of millennials in Lebanon, their present income allows them to only just get by, compared to the same for23% of those aged35 and up. Among those aged35 and above, a majority (39%) of respondents live comfortably, whereas only31% of millennials in Lebanon share the same sentiment. About a fifth of younger respondents find it difficult to meet their expenses with their current pay.
Sundip Chahal, CEO, YouGov, commented saying: “31% of those below35 years old in the MENA region claim they are just getting by or find it difficult to meet expenses on their current income. This is highlighted by the fact that nearly59% of those working in this age group are dependent on family for financial assistance.”
Millennials at the Workplace
Most of the Lebanon respondents are comfortable working with a generation other than their own. While those younger than35 are comfortable working with the older generation (36% versus29%), those aged35 and up do not feel they can learn as much from their younger peers (according to19%), compared to the51% of respondents under the age of35 who feel they can learn more from their older colleagues.
When it comes to education, five in10 of the Lebanon respondents over35 believe that their academic years completely prepared them for the workplace, while53% of those under35 believe it has done so only to some extent. The majority feel that pursuing higher education is a way to enhance career options, including better positions and promotions.
The biggest barrier to career growth, both for those currently employed and those seeking employment, is a lack of financial support, according to roughly a four in10 of all respondents. A quarter (24%) of the respondents under the age of35 feel a lack of relevant or adequate experience presents a barrier. For respondents aged35 and up, the biggest barrier for growth is a lack of relevant or adequate training (27%).
“Education is viewed as incomplete by many respondents,” said Suhail Masri, VP of Sales, Bayt.com. “More of those aged35+ are planning to enrol in online courses while employed, whilst more of those below35 are planning to take time off work to pursue higher education. Therefore, companies offering on–the-job training would possibly see lower labour turnover. Professionals should start seriously looking at other methods of gaining knowledge to stay relevant, whether through further education, online resources, or training and workshops. The recently-launched Bayt.com Specialties is a great platform for professionals to increase their know-how in their jobs, and even get ranked for what they know. At Bayt.com, our mission is to empower people with the tools and information they need to lead their lifestyle of choice, so we are constantly creating innovative new solutions to make it easier for professionals from all industries and experiences to succeed in their careers, and Bayt.com Specialties is one of these solutions.”
When asked what attributes they associate with their older colleagues and supervisors, respondents below35 years of age chose hardworking (41%), willing to teach (40%), and understanding (38%). In terms of their perception of their millennial colleagues, respondents aged35 and up believe that they bring innovative ideas to the table (58%), take initiative (52%), and are controlling (29%).
Communication and Technology
Internet penetration is high in Lebanon. A third (38% of those under35;27% of those35 and up) spend between2-3 hours online per day, including time for work and recreation.21% of respondents under35 spend5-10 hours online, compared to33% of respondents aged35 and up.
When it comes to communication in the workplace, interestingly, there is no significant difference in preference of communication method by the two age groups. The preference is for face-to-face meetings according to66% of those under the age of35, and48% of those aged35 and up. Email comes second, followed by phone conversations.
Technology is considered to make respondents more effective at work according to seven out of10 respondents across all age groups, though a seventh (15%) of those below35 years of age believe that their older counterparts do not take full advantage of what’s available to them. A tenth of them (11%) also believe that their older colleagues do not always understand the way in which they use technology.
Life Beyond WorkThe top three priorities for respondents in Lebanon are the same, regardless of age: financial stability/independence (86% of those under35;94% of those35 and up), good health (85% of those under35;76% of those35 and up), and a successful career (81% of those under35;85% of those35 and up). For those aged35 and up, children’s education and happiness is also important.
Both age groups surveyed consider a lack of financial stability (66% of those under35;65% of those35 and up) and the rising cost of living (65% of those under35;77% of those35 and up) to be the biggest causes of stress in their life today. Four in10 of those aged below35 find the lack of work-life balance to be a main cause of stress, while respondents aged35 and above are concerned about a lack of job security (55%).
Five in10 respondents believe that they share the same values as their parents. This is especially true for those aged35 and up. In fact,21% of older respondents agree that their values are the same as the previous generation, compared to18% of those aged below35.
Data for the Bayt.com ‘Millennials in the MENA’ poll was collected online from December182013 – January62014, with7,173 respondents from the UAE, KSA, Kuwait, Qatar, Oman, Bahrain, Lebanon, Syria, Jordan, Algeria, Egypt, Morocco, and Tunisia.