New research from global HR services provider Randstad reveals that Australian workers are seeking more support from the government and, especially, from their employers to help them manage the growing cost of living crisis.
The research, which surveyed 1000 people in Australia, also highlights the fact that such calls are mostly coming from the younger generations, with 52 per cent of Gen Z workers placing responsibility for ensuring they can afford increasing costs with government or employers, compared to only 31 per cent of baby boomers.
Thus far, only 17 per cent of employees have received employer assistance outside of annual salary increases, but most workers say they want to see more action from their employers. In particular, 56 per cent want their employer to increase salaries outside of the regular pay review schedule, 38 per cent are seeking a monthly cost of living pay boost, 28 per cent want subsidies for daily expenses such as energy and travel, and 26 per cent would like to have a one-off cost-of-living payout.
There are some signs of employers who are helping workers manage the current economic climate. Nine per cent of respondents revealed that they had their salary increased outside of the annual pay review schedule and 12 per cent have received a monthly cost of living pay boost or subsidies for the cost of energy, travel or other expenses.
The research also notes key generational differences in who workers see is responsible for managing rising living costs, with 62 per cent of baby boomers saying they themselves are responsible for managing the increasing cost of living, compared to just 37 per cent of those under 35.
“As talent shortages continue across many industries in Australia, employees are now facing a fresh challenge of the increasing cost of living,” Jo Jakobs, Director in NSW for Randstad ANZ, said. “Against this backdrop, workers are looking to employers to offer the complete package: flexible, inclusive and financially stable employment.
“While the economic environment may encourage people to stick with their current employer, businesses shouldn’t take this for granted,” Jakobs added. “Dollars and cents will count for a lot over the next six months, so businesses need to consider what their employees require during this challenging time to avoid talent looking for new employment as a way of securing higher wages.”
