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In the race for the most enticing job creation, entrepreneurs appear to be steaming ahead of CEOs of large corporations.
Entrepreneurs are playing a more active role in global job creation, according to a report by EY, which found 67% of the world’s entrepreneurs plan to grow their workforce by an average of 19%.
In comparison, only 31% of CEOs said they will be hiring within the next year.
“The results of our annual survey relay a consistent message – that 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 CEOs of larger companies,” Maria Pinelli, EY’s global vice chair for strategic growth markets, said.
One driver for job creation among entrepreneurs globally is technology; 51% of entrepreneurs said “investments made in technology have changed their workforce, with 8 in 10 of these (81%) saying it’s led them to hire”.
The survey also reported technology has made a wider and more skilled talent pool available, with 55% of entrepreneurs saying they plan to hire from outside the country, compared to 44% in the past two years.
“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,” Pinelli said.
Diving deeper into the numbers, the report also found entrepreneurs were hiring more jobs at the entry-level positions which required a degree or advance degree; the hiring rate for entry-level jobs which didn’t require a degree held steady.
Entrepreneurs in Asia Pacific were reported to have the biggest interest in overseas expansion (58%), followed by EMEIA (54%) and the US (46%).
“In EMEIA there appears 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,” Pinelli said.