Recent research has revealed that Australian workers feel the economy is less secure now than it was a year ago.
The latest ELMO Employee Sentiment Index, commissioned by ELMO Software and conducted by independent research firm Lonergan Research, found that only 15 per cent of Australian workers consider the economy as secure; the smallest proportion of workers recorded to date. This is down from 20 per cent in Q4 of 2021 and down from 30 per cent in the prior comparable period of Q1 2021.
Cost of living pressures are also impacting Australian workers with 19 per cent stating they are not working enough hours to meet their cost of living needs. This is up from 17 per cent in the first quarter of 2021. Despite this, workers continue to work the same average number of hours per week as they were last year at 33.1hrs.
Workers are also feeling less secure in their jobs than they were a year ago. 50 per cent have rated their job as secure compared to 55 per cent in the first quarter of 2021, though it’s a slight increase from 49 per cent in the fourth quarter of 2021.
But given the current global situation, 78 per cent believe global conflict will negatively impact economic security while 44 per cent are concerned that global conflict will negatively impact their job security.
Meanwhile, the number of workers feeling burnt out rose to 46 per cent, an increase from last year’s 34 per cent. The study attributes this to the increased work volumes of working Australians and the growing number of workers feeling overwhelmed in their jobs. In particular, 32 per cent felt overwhelmed with the amount of work they had to do while 24 per cent said they had taken on more responsibility at work.
There is also the shadow of the “Great Resignation” as a factor, with 44 per cent of Australian workers still planning to actively search for a new job this year – an increase from 43 per cent last quarter. Meanwhile, 34 per cent said they’ll only stay with their current company for up to 18 months., 22 per cent said they will stay up to 12 months, and eight per cent anticipate they’ll leave within six months.
ELMO Software CEO Danny Lessem says the latest ELMO Employee Sentiment Index highlights that there are some considerable challenges facing Australian workers and businesses. He said, “The latest ELMO Employee Sentiment Index has uncovered just how Australian workers are feeling about the state of the economy, with some useful insights for our major political parties as they prepare for the federal election.”
He added, “Working Australians feel the economy is less secure now than they did a year ago. Workers need to feel the economy is secure if they are going to spend their money instead of saving it away for a rainy day.
Lessem said, “The findings in the latest Employee Sentiment Index are a reminder that the workplace of tomorrow is very different to the workplace of today. Employers need to adapt to the needs of their workforce if they are going to remain competitive.”