The recent Wellness Index online survey conducted by PhilCare, a leading HMO provider, has revealed that Filipino Generations X and Y have a strong preference for entrepreneurship over traditional employment. According to the survey, which involved 400 respondents nationwide, 53 percent of Generations X and Y expressed a desire to have their own businesses instead of being employed.
Generation X, also known as Post-Boomers, refers to individuals aged between 43 and 58, while Generation Y, also known as Millennials, includes those aged 27 to 42. This growing inclination towards entrepreneurship reflects a desire for autonomy, ownership, and the opportunity to create something meaningful for the future.
Dr. Enrique Ona, the Chairman of the PhilCare Wellness Index, believes that employers who want to attract top talents from Generations X and Y should capitalize on their entrepreneurial spirit by finding ways to keep them engaged and providing a sense of ownership and purpose. This approach will not only foster employee satisfaction but also drive performance.
The COVID-19 pandemic has further fueled the popularity of small businesses, particularly with the rise of online selling platforms like TikTok Shop and Shopee. However, the study’s lead researcher, Dr. Fernando Paragas, clarifies that the preference for entrepreneurship among respondents is not solely driven by the desire for higher earnings. Instead, it stems from a desire for freedom, independence, and greater control over their time and schedules. Additionally, this inclination towards entrepreneurship may also be attributed to the sense of individualism prevalent among these generations.
Titled “The ABCs of Pinoy Xs and Ys,” this study is the sixth installment in PhilCare’s groundbreaking series of nationwide health and wellness studies that began in 2014. Its objective is to shed light on the attitudes, priorities, and evolving dynamics of the modern workplace among Generations X and Y.
The survey also revealed that 38 percent of respondents prefer flexible work arrangements over rigid fixed hours. Dr. Paragas emphasizes that it is no longer just the younger generation that sees remote work as a motivating factor. The mindset of Generations X and Y has shifted, with both groups seeking greater control over their schedules. This growing demand for flexibility highlights the importance of prioritizing health, well-being, and work-life balance.
The results of the survey suggest that organizations and corporations aiming to attract and retain top talent should adapt their orientation and create a flexible workplace. To cater to the needs of Generations X and Y and support extended careers, employers may need to reevaluate their career development programs. This could involve creating pathways for continuous learning, mentorship, and phased retirement plans that align with the professional journey of these two generations.
In conclusion, the Wellness Index survey conducted by PhilCare highlights the strong preference for entrepreneurship among Filipino Generations X and Y. This desire for autonomy, ownership, and flexibility reflects a shift in mindset and priorities in the modern workplace. Employers who want to attract and retain top talent should recognize and embrace this entrepreneurial spirit and adapt their policies and programs accordingly. By doing so, they can create an environment that fosters employee satisfaction, engagement, and overall success.
Source: The Manila Times
