Oliver Wyman: MENA youth’s perception of the private sector
SOURCE: Business Chief
Business Chief looks at Oliver Wyman and INJAZ Al-Arab recently conducted research on the youth perception of the private sector.
Across the Middle East and North Africa (MENA) region, over 2,400 young people between the age of 16 and 36 were surveyed to gain insight into the youth perception of the private sector.
“It is critical to capture the perspective of the youth and assess what they require to bolster the private sector of the future. We see a healthy inclination towards entrepreneurship, and a clear idea of what factors can facilitate lifelong learning. These are both indicators of their perception of the private sector, which is key to sustainable economic growth of their countries and the region. The youth are a key driver in the realization of economic stability, and we are proud to support INJAZ Al-Arab in helping the youth to fulfill their economic potential,” commented Jeff Youssef, Partner at Oliver Wyman.
Key findings of the youth survey:
- 79% feel positive about the private sector’s contribution to the economy - a 41% increase from 2018
- 75% expect the private sector to grow in the next five years - an 11% decrease from 2018
- 55% are discouraged from working in the private sector due to lack of opportunities and lack of competitive benefits - an 8% increase from 2018
- 50% perceive the “who you know” favouritism within organisations, to be the primary obstacle when seeking private sector employment
- 78% see themselves working in the private sector in the near future
- 84% feel inspired to start their own entrepreneurial venture in the near future
- 53% see leadership, creativity and communication as the most important skills for the private sector
“For young people today, it is extremely important that they are well equipped with skills, knowledge, and sense of entrepreneurship to enter the workforce. INJAZ’s collaboration with Oliver Wyman will further allow us to tackle the issue of youth unemployment in MENA, as we are certain that the findings are of great benefit to multiple stakeholders and that our initiative reflects on their potential to impact policy reform, program creation, and educational institution transformation,” added Akef Aqrabawi, CEO at INJAZ Al-Arab.
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