For three years in a row, entrepreneurs add jobs and grow globally
Job creation — the world's economic lifeblood — remains in the good hands of entrepreneurs. For the third straight year, our global survey of EY Entrepreneur Of The Year winners revealed that they expect their employee rolls to increase by 19% for 2014. This is up from 16% in 2012 and 2013.
Below is a snapshot of our findings, but please be sure to download and read the full report here.
- Global job creation continues. For the third straight year, respondents say they expect their employee rolls to increase by 19% in 2014. This is up from 16% in 2012 and 2013. Of our respondents, 76% expect to add to their global workforce in 2014.
- Confidence runs high – and close to home. Of the entrepreneurs we surveyed, 61% tell us they are confident, very confident or extremely confident in the economic direction of the market they know best – their respective home countries. However, only 47% express a positive outlook on the world economy as a whole. Still, fear of the unknown is not holding them back.
- Recruiting transcends borders. The EMEIA region shows the most confidence in the global economy (45%) and expects to do more in terms of securing overseas talent (65%) than the Americas (53%) and Asia-Pacific (33%).
- Technology drives job creation. More than half of all respondents agree or strongly agree that investments made in technology led to a workforce change. In fact, 81% of entrepreneurs in the Americas, Asia-Pacific and EMEIA found that the investment increased their workforce by around 13%.
- Technology drives strategic growth. Technology plays an overwhelming role in a company’s expansion, with 85% of all respondents telling us it drives their plans for future growth. We learned that technology accelerates higher productivity and efficiency (70%), improves quality (58%), provides quicker access to data and information (54%), as well as drives admittance to new markets (50%).
- Technology improves competiveness and employee mobility. Technology has improved cost competitiveness for those entrepreneurs surveyed (by 53%) and made their existing workforce more mobile (by 44%). Women respondents in particular noted its role in creating a more mobile workforce (64% compared to 41% for men).
- Growing industries generate good-paying jobs. Our top three respondent classes of entrepreneurs come from the key global growth industries of manufacturing, technology and professional services. This better-paying salary base bodes well for continued improvement in the world’s standard of living.