Filipino Gen X, Y prefer owning their business

MORE THAN HALF or 53% of Filipino millennials and Gen Xers prefer to become entrepreneurs over traditional employment, according to a survey by PhilCare.

PhilCare’s 2023 Wellness Index survey also found that 38% of the respondents preferred flexible work arrangements over fixed hours. A third wanted to work until retirement so they could pursue other income opportunities.

Generation X refers to people aged 44 to 59, while Generation Y or millennials are aged 28 to 43.

“The result suggests a growing desire for autonomy and ownership, a desire to create something that they will be proud of in years to come,” Enrique Ona, PhilCare’s Wellness Index chairman, said in a statement on Monday.

“Employers who want to attract top Gen X and Y talents should capitalize on their entrepreneurial spirit by finding ways to keep them engaged,” he said. Companies should also give them “a sense of ownership and purpose that will help drive performance.”

The survey called “The ABCs of Pinoy Xs and Ys” which had 400 respondents nationwide was done online from October to November. It wanted to shed light on the two generations’ attitudes and priorities, as well as the evolving dynamics of the modern workplace.

Employers may need to evaluate career development plans as Gen X and Y choose prolonged careers over early retirement, PhilCare President and Chief Executive Officer Jaeger Tanco said in the statement.

“This may involve creating pathways for continuous learning, mentorship opportunities and phased retirement plans that align with the two generations’ professional journey,” he said.

It isn’t only the younger generation that views remote work as a “strong motivating factor” when considering a job, said Fernando Paragas, lead researcher for the PhilCare Wellness Index.

The demand for flexibility by millennials and Gen Xers, he said, highlights the importance both generations place on health, well-being and work-life balance.

“The shift in mindset of Gen X and Y signals a departure from the traditional 9-to-5 structure, with both generations seeking greater control over their schedules,” he said. “Any business or organization that wants to win the war for talent should make creating a flexible work arrangement top of mind.” — Patricia B. Mirasol