Nearly half of Australian employees plan to jump ship once economy improves
Employers across Australia are being warned of a "mass exodus" of talent once the current economic situation improves amid rising dissatisfaction in the workforce.
"Australian businesses are sitting on a talent time bomb. While employees may appear content now, they're biding their time until the economy improves," said Damien Andreasen, VP of APJ at HiBob, in a statement.
"But when that happens, it won't necessarily be good news for employers."
Andreasen made the remarks as HiBob's latest report found that while 74% of employees plan on staying put for now, half are only doing so due to the current economic situation.
In fact, 43% of the respondents said they are ready to jump ship the moment the economy improves.
"Unless companies proactively address the underlying drivers of dissatisfaction – from a disconnect between hard work and actual career progression to poor guidance and feedback – a mass exodus is inevitable," Andreasen warned.
"The moment employees feel empowered to move — they will, leaving businesses scrambling to replace critical talent."
HiBob's report, which polled 979 Australian employees, identified various factors that can fuel dissatisfaction in the workplace.
One of them is linking career growth to personal sacrifices, as the modern workforce rejects the notion of putting in extra hours to get ahead in their career.
According to the report, 44% of employees are not open to making personal sacrifices for career advancement, with 54% even saying they would delay career progression in exchange for work-life balance.
It further found that just 28% of employees would extend their work hours to secure a promotion, and only 34% are willing to take on additional workload to get ahead.
"Aussies value hard work, but they're rejecting the outdated idea that success requires sacrificing their wellbeing," Andreasen said. "If businesses continue to link career growth to overtime, they'll push their best people away."
Another factor driving dissatisfaction is the lack of support from employers, according to the HiBob report.
Only half of Australians said they received meaningful feedback in their last performance review (52%) and are expecting the next one to have valuable insights (50%).
"Australian workers have spoken. They're stuck in career limbo, waiting for the right moment to move," Andreasen said.
"Businesses that listen and respond to their call for clear career paths, meaningful feedback and improved work-life balance will proactively shape the inevitable talent shift instead of scrambling to react when it's too late."
