Two-thirds feel overworked and undervalued, finds LinkedIn survey
More than half of Australian employees are planning to switch jobs this year, with many carrying a renewed sense of confidence that they can find another role.
In a survey among 1,003 Australians, LinkedIn found that 59% are planning on changing employers this year and 56% said they are confident that they can land on a new job.
"It's that nice sense that coming out of the pandemic, people have been really banking up that sense of confidence," LinkedIn career expert Cayla Dengate told news.com.au in an interview.
LinkedIn's findings come after it also discovered that hiring declined by 19% year-on-year among employers.
"Australians are not putting their careers on the backseat despite the uncertain environment, and are instead driving forward, trusting their abilities and looking to grow their careers," said Dengate as quoted by Yahoo! news.
Reasons for leaving
LinkedIn data revealed that 60% of employees are happy in their current roles — but they would be encouraged to depart their current employers for more money (40%) and better work-life balance (31%).
"Many are still looking for a job that works for them, with a wage that matches their value and a role that offers work-life balance and flexibility," Dengate said.
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The report also found that 66% of employees feel they are overworked and undervalued, while 27% are working longer hours and taking on more responsibilities.
Australia's latest labour force survey revealed a tight labour market for many employers, with unemployment rate remaining at a record-low 3.5% in December 2022.
"An employer that wants to hang on to talent really needs to be invested in their workforce," Dengate told news.com.au in an interview. "They need to be playing an active role in helping them gain skills, reach professional goals and feel comfortable about their place in the workforce."
Offering competitive salary and enhancing benefits are also critical in employee retention, according to Tim James, managing director at Hays.
Employees are putting more premium for organisations offering more than 20 days of paid annual leave, while many are now considering hybrid work as the "norm" instead of a benefit, he said. "A heavy-handed approach can do a lot of damage to your employer brand and retention efforts.”