What the Wamda Research Lab discovered about hiring talent [Infographic]
Last week the Wamda Research Lab (WRL) released a report exploring the ways in which MENA’s entrepreneurs hire and the strategies they use to retain their most talented employees.
The report, Access to Talent for MENA’s Entrepreneurs, published in partnership with the IFC, BDD, and Bayt.com, found that 90 percent of startups are planning to hire in the next two years.
But, only 12 percent of the workforce are willing to work at a startup.
More than half, 64 percent, would rather work at large corporations than startups, mainly because of the attractive salaries offered and job security.
When former startup employees were asked why they left their job, 43 percent said they wanted a higher salary, 21 percent said they were fired, 19 percent wanted to work for a company with a better brand name, and 18 percent said they wanted to work for a stable company.
But, the workforce is willing to forego higher salaries if they are able to receive several benefits in return.
Over half of the workforce revealed that they were willing to work for a lower salary if they received training opportunities and/or equity at their company. The report highlights that the majority of startups are in fact providing training opportunities, but just a quarter offer their employees equity.
To complete the study, the WRL surveyed 963 entrepreneurs in the MENA region, around 1700 members of the workforce, and interviewed over 100 interviews with entrepreneurs, ecosystem stakeholders, and experts.
The main findings of the report are shown in the infographic below.