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The Great Resignation (and opportunity for The Great Retention)

Australian workers are looking for more

Over the past two years while the pandemic disrupted work, life and social gatherings, Australians have taken the opportunity to pause, reflect and reassess what matters to them most.

More than one in two Australian workers (56%) agree they significantly/somewhat prioritise their personal life more than their work life. As a result, Australians are changing the way they work by looking for jobs that better align with their priorities1. This trend has been named ‘The Great Resignation’. However, almost half of Australians workers (45%) will be looking for a new job in the next 12 months.

Employees are looking for strong workplace wellbeing

As employee priorities shift, it is crucial that employers understand the critical role that workplace wellbeing plays in retaining and attracting quality staff. In fact, 72% of Australian workers believe workplace wellbeing is important in their workplace.

Australian workers are willing to make financial sacrifices in exchange for better wellbeing in their workplace.

For those who will probably/definitely look for a job in the next 12 months, they would sacrifice a pay rise (31%) or bonuses (26%) for better workplace wellbeing. This is particularly highlighted when compared to those not looking to make a job change in the next 12 months (cf. probably/definitely not looking for a new job, 21% pay rise, 20% bonuses).

Creating better workplace wellbeing could retain employees and instead, lead to The Great Retention.

Gen Z are more likely to look for a new job in the next 12 months

Over the next 12 months, Gen Z are more likely to definitely/probably look for a new job compared to their older counterparts (53% cf. 51% Gen Y, 39% Gen X). Younger generations are looking for more than just financial incentives when it comes to work as one in two Gen Zs (45%) want work that has meaning and purpose beyond their pay2. In fact, 61% of Gen Zs state one of their top five fears is being stuck in a job they don’t find fulfilment in3. Employers can retain their Gen Z staff by communicating purpose. Alongside their remuneration, Gen Z want to know they’re contributing meaningfully at the end of the day.

 

1 Is the office dead? McCrindle, 2021
2 Blog: Gen Z – what are their career expectations? 2021
3 Blog: Four ways to retain Gen Z at work, 2021