According to a recent survey conducted by recruitment giant Hays, a staggering number of Australians are considering changing jobs in the next year. The main reasons cited for this desire for a change include the need to increase salary and alleviate the pressures of the high cost of living. In fact, almost 80 percent of surveyed workers are looking to switch jobs in the coming months.
Aside from financial reasons, other factors driving this trend include a lack of promotional opportunities, poor workplace culture, bad management, and changes in personal circumstances. While many employers are planning to offer pay rises during upcoming reviews, the survey suggests that these offers may not meet the expectations of employees.
Hays Asia-Pacific CEO Matthew Dickason highlighted the growing trend of employees expecting higher salary increases. He mentioned that in just five years, the percentage of employees expecting a pay rise of more than three percent has increased significantly. This shift in expectations is partly attributed to new pay transparency laws that require large organizations to disclose their gender pay gap annually.
When determining the value of a pay rise, employers are now taking into account factors such as individual performance, benchmarking for the role, responsibilities, expertise, and the organization’s overall performance. This shift in considerations reflects the current cost of living crisis and the impact of the new pay transparency laws.
Overall, the survey indicates a significant mismatch between what employees are hoping for in terms of salary increases and what employers are willing to offer. This disconnect is likely to lead to dissatisfaction among a considerable portion of the workforce in the coming year. As employees continue to seek better opportunities and fair compensation, it will be essential for employers to reevaluate their salary policies and consider the changing expectations of their workforce.