Close to two-thirds of workers in Australia are gearing up to resign from their current positions, even though transitioning to new roles is becoming a lengthier and more challenging task.
This year’s Hays Salary Guide reveals that 61 percent of employees nationwide anticipate leaving their jobs within the next year, primarily in search of advancement opportunities and higher salaries, though enhanced benefits also play a crucial role.
“The data tells a story of paradox and caution,” Hays Asia-Pacific chief executive Matthew Dickason said.
“While employees are sufficiently satisfied to stay for now, a notable portion is eyeing other opportunities, cautious that minor pay bumps aren’t compelling enough to accept.”
“This should tell employers that despite the cost of living, salary is no longer enough – benefits, progression, and purpose matter more than ever.”
The 61 per cent figure is actually a decrease from last year, when 77 per cent were eyeing off a change of scenery.
Hays found 33 per cent of workers had actually changed job in the last 12 months.
But at the same time, the skills shortage and impact of artificial intelligence on the jobs market has meant it takes more time for employers to find and hire suitable candidates.
“Suddenly the volume of applications has increased significantly, and often with highly exaggerated CVs and AI-generated cover letters which overly embellish,” Dickason wrote in the report.
“Candidates are reporting that it takes far more applications to land a job, and often the higher quality candidates who refuse to lower their standards are deciding to stay where they are.
“Those desperate to find a new job continue to apply in even larger numbers and for longer periods, becoming more and more willing to lower their demands…
“The system is stuck.”
Hays’ survey of more than 12,000 people across Australia and New Zealand â 84 per cent of which were from Australia â also found there’s a marked disconnect between how much someone earns and how satisfied they are with their salary.
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Three out of every five employees say they’re underpaid, a little over a third say they’re fairly reimbursed for their work, and just 4 per cent feel overpaid.
However, just because someone is earning more doesn’t necessarily mean they’re happier with their salary, with 38 per cent of people earning more than $250,000 a year saying they’re either slightly or grossly overpaid.
“Your personal views on your job, your salary, and your level of satisfaction, comes down to any number of internal and external factors,” Dickason said.
“As we found in the report, there are a portion of people earning over $250k who are dissatisfied with that, and a number earning less than $50k who are quite happy.
“Many who get a pay rise of greater than 20 per cent feel underpaid, some receiving nothing feel fairly rewarded.”
