Recent research by global recruitment agency Robert Walters reveals that a significant number of Australians are contemplating the adoption of a second job or side hustle. The study, which surveyed 2,000 individuals, found that 70% of professionals are either considering or actively engaged in additional work due to financial insecurity.
Worryingly, 90% of respondents expressed concerns that their primary salary is insufficient to meet their annual living costs. Shay Peters, CEO of Robert Walters Australia and New Zealand, highlighted that as the cost of living rises, many workers are seeking extra income sources or contemplating relocations to achieve better financial stability.
Peters emphasized the shift in priorities, noting that while work-life balance was once paramount, salary concerns have resurfaced as the leading factor driving employment decisions. The inability to remain in roles that do not provide adequate compensation has prompted many to reassess their job situations.
The research also indicates a notable trend in interstate migration, with 54% of Australians considering relocating in search of higher wages, more affordable housing, and varied career opportunities. Peters explained that the decision regarding where to live has evolved into a strategic choice motivated by financial pressures, with many seeking locales that allow them to earn competitive wages while minimising daily living expenses.
Furthermore, the study highlighted significant dissatisfaction with salaries across various states. In New South Wales, a steep 90% of participants conveyed that their earnings do not align with the local cost of living. This sentiment was echoed in Victoria, where 84% reported similar frustration, followed by 83% in Queensland and 80% in Western Australia.
In light of these findings, Peters described the results as a “wake-up call” for employers, warning that if organisations fail to align salaries with contemporary economic realities, they risk losing talented individuals to better-paying opportunities, supplemental jobs, or interstate moves.
Overall, this trend underscores a transformative moment in the Australian job market, where financial considerations are reshaping not only employment choices but also influencing broader demographic movements within the country.