Australia’s job market looks active, but stagnating wages remain a threat
More Australian professionals moved companies last year, with voluntary staff turnover rising in a third of all businesses.
Recruitment specialist HAYS surveyed almost 3,000 organisations covering more than three million workers, and also found that business activity increased for 70 percent of companies.
Nick Deligiannis, Managing Director of Hays in Australia & New Zealand, said: “The increase in the number of people willing to resign in favour of another role elsewhere certainly shows the job market is able to deliver career-advancing opportunities.
“Job seekers are aware that employers are adding to their permanent headcount now and are using temporary or contract resources to support their team. As a result, they know that demand is rising for highly-skilled professionals.”
There was a note of caution, however, as while the labor market looks fluid, wage stagnation will test staff loyalty at many businesses. Despite positive outlooks on business activity, 65 percent of employers will give their staff a sub-three per cent pay rise in their next review, while 11 percent will not increase salaries at all.
Deligiannis added: “With sedate salary increases on offer for many skilled professionals, loyalty is being tested and turnover is rising as employees leave for a role offering better career advancement, salary, benefits or work-life balance.”
HAYS found that when thinking about their career in the year ahead, 60 percent said being able to work flexibly was most important, while 60 percent also said a pay rise is important. 54 percent want more challenging or exciting work, 53 percent want support from their boss and 47 percent want to learn additional digital skills.