The world’s leading entrepreneurs are preparing themselves this year for what looks set to be a mass hiring splurge. As business innovators, this particular group of individuals are setting their sights on employing top candidates. According to numerous reports, a survey that was conducted by the financial services company EY has shown that 76% of entrepreneurs intend to hire staff throughout 2014.
The EY Global Job Creation Survey is representative of 250 EY World Entrepreneur of the Year finalists. EY took statistical data from its recent poll of 1,600 senior execs to come up with this insight which looks at the following factors:
- How technology and innovation has fostered employment drives amongst entrepreneurs.
- Domestic and overseas hiring intentions.
- Entrepreneurs as significant figures in job creation.
The results show that the whopping percentage of the world’s leading entrepreneurs’ intentions to take on more staff this year eclipses 31% of other corporations who also plan on taking on more staff in 2014.
This survey also suggests that 88% of entrepreneurs will look for suitable candidates in their countries of origin to capitalize upon the expanding markets of services and goods. This isn’t the case for other entrepreneurs, 65% of respondents that took part in this survey reported that they will hire staff from overseas due to skill set shortages amongst candidates. The global vice chair of EY Maria Pinelli commented that:
“In EMEIA (Europe, the Middle East, India and Africa) there appears to be a real appetite to tap into skills available overseas, perhaps in response to skills shortages at home. This and the ease of hiring globally is something for governments in the region to consider if they are to stay ahead of the global race for talent.”
Technological and innovative developments have been noted for driving this surge in employment intentions amongst entrepreneurs. More than half of the entrepreneurs (51%) reported that investments in technology had altered the workforce, and that technology has been the catalyst behind their incentives to hire additional staff this year (81%)
Maria Pinelli also commented that:
“Far from technology reducing jobs, there is every indication it is creating employment opportunities within entrepreneurial companies, as entrepreneurs take advantage of strong economic fundamentals and increased efficiency to invest in their businesses.
Entrepreneurs are increasingly global in their outlook and are exploiting the opportunities that technology brings them to tap the global talent pool and address skills shortages in their home market this way. This is in large part due to technology enabling mobile working, something that, according to our survey, women entrepreneurs are especially likely to see as a significant trend.”
Confidence in the global economy amongst successful entrepreneurs has also soared, 63% of EMEIA based entrepreneurs that were surveyed felt very positive about the stability of the global economic climate and their capacity to navigate the global workforce market. According to Maria Pinelli:
“The results convey a consistent message. Entrepreneurs, as key drivers of innovation in the global economy, are job creators and are far less risk averse when it comes to employing new people than CEO’s of larger companies.”
By trade, entrepreneurs have a knack to source, nurture and grow successful businesses. Their organic business sense will undoubtedly be at the root of job creation this year, but not just mediocre job roles, jobs for skilled workers that will hopefully have a roll on effect for many years to come.
It would serve corporate industries well to adopt a similar enthusiasm for job creation. If not, highly skilled workers are poised to be snapped up by business savvy entrepreneurs that have the capital, experience, and business know-how to compete against them in the battle for top talent.