Residents face tougher path to business ownership

A recent survey conducted by the Macau Management Association between May and August last year indicates that economic recovery has positively impacted promotion opportunities within enterprises.

The survey, which gathered responses from 1,042 individuals via an online questionnaire, shows that the proportion of respondents who have not been promoted has decreased to approximately 44%.

The survey also found that around 74% of respondents do not intend to change jobs.

Those who are considering a job switch are primarily employed in the hotel, catering, and wholesale/retail sectors.

Meanwhile, only 9% of respondents expressed an interest in starting their own business.

According to the association, the findings reflect a growing preference for job stability among residents.

The association noted that starting a business has become more challenging compared to the past, as modern entrepreneurship now often requires a strong professional skillset or technological expertise.

“Nowadays, people prefer stable employment, which also indicates that post-pandemic, they place greater value on their current jobs. In the past, starting a business was easier, even for lower-level entrepreneurs. However, today’s entrepreneurial environment demands professional skills to succeed,” the group said.

The association recommended that employees focus on self-improvement, regularly assess their career goals, and develop cross-sectoral skills, adding that companies should enhance salaries and benefits while implementing a transparent promotion mechanism.

The group suggested that the government should review labor-related regulations periodically and establish a structured seniority framework to foster stronger cooperation with the Greater Bay Area. LV