The ‘Great Resignation’ comes to Australia
Over the past several months, the US has seen millions of workers quit their jobs, in what has been dubbed ‘The Great Resignation’. With mid-career workers and those in tech and healthcare, quitting at the highest rates.
After years of stagnant wages, the pandemic has presented workers with serious negotiating power. Now it seems this trend has led to many Australians re-evaluating their careers.
New Australian surveys suggest jobseekers are motivated to leave due to a lack of career opportunity, no pay rise, or recognition and poor company culture.
As a result there has been a major shift in the Australian labour market dynamic, increasing the pressure on employers to retain their existing workforce.
This dynamic will place greater pressure on the bottom line of businesses, but may help to deliver the Reserve Bank of Australia the wage growth required to drive the economic recovery.
Aside from better pay, there’s also a sense of job fatigue in Australia. A survey of 25 countries found Australian workers to be the most burnt out in the world, with around one in two employees having had to take mental health leave.
Ultimately, retaining good employees comes back to refocusing away from the business itself and onto the people behind it.
For workers, a reshuffling of careers to find a better fit can only be a good thing.