While 2021’s big workplace trend was The Great Resignation, in Australia at least, the big workplace trend in 2024 might be The Big Stay, according to the latest research on young Australians working in the technology sector by HR platform HiBob.
The research highlights that a combination of decreasing Australian job vacancies and a marked increase in job satisfaction among Australia’s young tech workers in 2023 have contributed towards the aforementioned ‘Big Stay’ trend, which is already sweeping the US, with workers there choosing to stay put at work after a tumultuous year.
The research also shows that, despite the instability of the past 12 months, job satisfaction has been rising with nearly all (96 per cent) of young Aussie tech workers satisfied or very satisfied in their role, and 74 per cent saying their experience at work reaches or exceeds their expectations. As a result, only 18 per cent plan to quit their job in 2024.
A total of 57 per cent of the workers choosing to stay do so because they feel they’re trusted to do their job, and 53 per cent say they have the resources they need to do their job well. And 80 per cent stated that they’re happy with their work–life balance, while 49 per cent also point out being given independence and not being micromanaged.
Moreover, few young Australians working in tech said it was less about the job itself when it comes to satisfaction and more about the people and environment in which they work, with 31 per cent saying what they do/their role was what they liked about their job, compared 51 per cent that mentioned their team, 43 per cent that said their manager, and 37 per cent that pointed to the company culture.
In terms of what young tech professionals don’t like about where they work, limited opportunities to build relationships with their team (43 per cent), no clear career path (38 per cent), company culture (29 per cent), and not enough time in the office (27 per cent) were the top responses.
“Even against the backdrop of a softening labour market, young tech professionals are optimistic about the year ahead,” Damien Andreasen, APJ vice president at HiBob, said. “This increased job satisfaction, combined with the cooling job market, has created the perfect storm for ‘The Big Stay’ to hit Aussie shores. Employers looking to attract top talent will need to reassess their strategies to ensure they are providing the right incentives as, surprisingly, more responsibilities and management opportunities (53 per cent) beat out a better compensation package (52 per cent) as the top reason new opportunities are explored.”
The report also found that 47 per cent of Australia’s young tech professionals were required to be in the office five days a week in 2023, and when it came to motivation, 49 per cent prefer working from the office with only 39 per cent favouring a work-from-home arrangement.
When asked what workplace benefits they value the most, the top three responses were the ability to work from anywhere for a portion of the year (48 per cent), a fully remote work model (39 per cent), and a four-day work model (41 per cent).
“This growing preference for office-based work begs the question, ‘is the tide turning on the work-from-home trend for this generation?’,”. “Not necessarily, as greater flexibility is still one of the key reasons employees look elsewhere (40 per cent), but one thing is clear: being in the office with peers and seniors enables people to learn faster through proximity. This has been a critical gap for onboarding, ramping, and training new talent since WFH began.”
