Over half of young Australians are rethinking their work and life priorities following the pandemic, opting to put passion and purpose first according to new research by GoDaddy.

New businesses thriving

The pandemic has evoked a sense of entrepreneurship amongst Gen Z with one in four Australians aged 18-24 now saying they would rather own their own business than work for someone else.

To secure a job that gives them purpose, this same group said they would take a pay cut of 20 per cent. Overall, two out of three young Aussies either run or intend to start their own business or side hustle  While half of all young Australians surveyed said they have had to change career or education plans as a result of the COVID-19 pandemic.

GoDaddy Australia Managing Director Tamara Oppen shared that the research revealed 57 per cent of young Australians said the pandemic had shifted the focus from financial security to passion.

“Where previous generations may have prioritised financial stability or job security, these traits are less important for young Australians today,” she said.  “The pandemic had a seismic impact on the job market, particularly for young Aussies, with youth unemployment higher than during the global financial crisis of 2008 as industries like tourism, hospitality and retail were hit hard.”

A digital future beckons for young Aussie businesses

The research found current and future young Aussie entrepreneurs are attracted to digital business. The study also found an attraction for retail and eCommerce businesses which made up 18 per cent of existing businesses, followed by professional services (9 per cent) such as marketing, design and photography.

“Our research showed that they are running businesses and side-hustles that let them feel greater empowerment at work and the flexibility to let them pursue life’s other passions such as travelling, hobbies or spending time with friends and families,” Oppen said.

Work-life balance a consideration

For those surveyed, the most important factors when choosing a career were pursuing their dreams and work/life balance (both 58 per cent). Other key considerations were mental health (35%) and flexibility (28%), while just one in five (19 per cent) said security and the benefits of permanent employment were top of mind.

Oppen said GoDaddy has seen an increase in customers aged 18-34 over the past year double that of the national average and she was excited to see what was to come from these fledgling businesses.

“Some of today’s most successful companies were start-ups and small businesses that, sensing an opportunity, were born during a global financial crisis. As we grow beyond the pandemic, we’re excited to see what the next generation of young entrepreneurial-minded Aussies do,” Oppen said.

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https://www.kochiesbusinessbuilders.com.au/6-business-trends-to-come-out-of-the-covid-19-pandemic/