A significant shift is underway in the Australian workforce, with nearly two-thirds of employees indicating intentions to leave their jobs within the next year, according to Hays’ recent Salary Guide. The report reveals that 61% of workers aspire to seek better advancement opportunities and pay, although employee benefits also play a crucial role in these decisions.
Matthew Dickason, Chief Executive of Hays Asia-Pacific, describes the findings as demonstrating a mixed scenario of caution and paradox. While many employees acknowledge their current satisfaction, a considerable number remain alert to opportunities elsewhere, indicating dissatisfaction with modest pay increment offers. This sentiment underlines that, given the rising cost of living, financial remuneration alone is no longer sufficient; employees are increasingly prioritising benefits, career progression, and a sense of purpose in their work environments.
Interestingly, this figure of 61% signifies a decline compared to the previous year, where 77% contemplated job changes. Hays also noted that 33% of surveyed workers had actually switched jobs in the last year. Nevertheless, challenges persist in the hiring landscape, with skills shortages and the influence of artificial intelligence complicating the recruitment process, prolonging the timeline for employers to find suitable candidates.
The situation has led to an influx of job applications marked by inflated CVs and AI-generated cover letters. Candidates report that securing a job requires significantly more applications now, with high-quality contenders opting to stay in their current roles, refusing to lower their expectations. Meanwhile, those desperate for employment tend to apply for a wider range of positions, often relaxing their demands.
The survey results highlight a discrepancy between salary satisfaction and earnings; a staggering 60% of employees believe they’re underpaid, while only 4% consider themselves overpaid. Notably, many individuals earning over $250,000 express feelings of being slightly or grossly overpaid, revealing that higher income doesn’t always equate to greater job satisfaction. Personal perceptions on salary and job satisfaction are influenced by various internal and external factors, suggesting a complex relationship between income levels and employee contentment.
Ultimately, the Hays report underscores a crucial message for employers: while pay is important, a holistic approach—encompassing benefits, career progression, and fulfilling roles—is essential to retaining talent in today’s shifting job market.