Randstad’s latest Workmonitor report, which surveyed 35,000 workers in 34 markets across the globe, found that 39.2 per cent of Australian workers are worried about the impact of economic uncertainty on their job security.
And while employee confidence is higher in Australia compared to the rest of the world (which is at 48 per cent), one in four (26.8 per cent) of Australian workers are still concerned that they may lose their job.
Despite these concerns alongside the ongoing cost-of-living crisis, Australian workers are not willing to forgo any of the expectations they became accustomed to during the pandemic. 48.3 per cent of workers have said they would quit a job if it was preventing them from enjoying life and 41 per cent would quit if their employer did not take into account their request for better conditions.
The research also noted that the pandemic has left a lasting legacy on workers’ demands for flexibility, reinforcing flexible and hybrid working as the new normal In fact, an overwhelming majority of workers (83.2 per cent) believe that flexible working hours are important in terms of what they look for in a job role. Furthermore, 56.6 per cent of workers have said that they would not accept a job if they thought it would impact their work-life balance.
The research found that as a way to balance navigating the economic challenges and upholding work flexibility, Australian workers have sought new sources of income. In particular, 24.2 per cent of workers opted to take on or look for a second role and 20.1 per cent plan to increase their hours at their current job.
People are looking to their employers for support as well, with 38.6 per cent seeking a salary increase outside of the usual cadence of annual pay reviews, increasing wage cost pressure for many businesses.
The cost of living crisis is also having an impact on Australian workers’ expectations for retirement, with 20.3 per cent of employees planning to delay their retirement, which is slightly higher than the global average of 17.5 per cent.
Ovverall, 75.5 per cent have said that their financial position is preventing them from retiring as early as they want to, with only 43.2 per cent thinking that they’ll be able to retire before 65. Meanwhile, 11.4 per cent have said that retirement might not be possible until they are 75 or older.
David Owens, Managing Director at HR Partners by Randstad, commented, “While Australian employee confidence is comparatively stronger than the global average, as talks of recession ramp up, a sense of vulnerability will creep into the market.”
He added, “Many potential jobseekers will worry that the last one in, will be the first one out should they change jobs, and the company finds itself under economic pressure. Employers need to consider what they can do to minimise this risk, otherwise it will make attracting talent harder and more expensive.”
“Luckily Australian workers are giving clear indications about what they are looking for: job security, better work-life balance and flexibility. Ultimately the businesses which step up expectations during tough economic conditions will reap the rewards in recruitment and retention when times are easier,” Owens concluded.
