Young Aussies are getting itchy feet

As the stat earlier shows, almost half (48%) of the country’s employees are looking to change roles. 

Interestingly, Gen Z and Millenials were a lot more likely than Gen X and Baby Boomers to be looking for a new role this year. Here’s the split:

  • Gen Z: 62%
  • Millennials: 56%
  • Gen X: 44%
  • Baby Boomers: 24%

In some ways, this shouldn’t be a huge surprise. Job mobility is generally at its highest with younger workers, especially in an era where “job hopping” isn’t seen as the negative it once was. Gen Z and Millennials aren’t afraid to look elsewhere if they feel their needs aren’t being met.

One of these needs is growth and development. Almost two-thirds of both Gen Z (60%) and Millennials (63%) said career progression and development was important to them. This was a much higher number than both Gen X and Baby Boomers.

Clearly, one way to keep hold of your younger employees is to put growth at the heart of what you offer.

A strong support package matters

Cozzie livs. We know, it’s another phrase you’re probably sick of hearing. But it’s having a very real effect on employees everywhere, with the Consumer Price Index for the first three months of 2024 being 3.6% higher than a year earlier.

There’s no doubt that employers are feeling the strain too — the “cost of doing business crisis” is pretty high. 

This might be why a hefty 44% of our respondents believed it was unlikely they’d receive financial support from their company. 

There was also a clear split between gender and job role. Women were 14% more likely to believe this than men, and people below board level were 13% more likely than board members.

So, what can you do outside of pay increases to support financial wellbeing? Here’s a few tips:

  • Education or money management services. These give employees the tools and know-how to use their money better.
  • Employee discount schemes. These help them save money all year round, from the weekly grocery shop, to holidays. This can put thousands of dollars back into their pocket over the course of a year.
  • Flexible working. Having this in place can reduce the cost of commuting, while also reducing childcare costs for working parents

Certain industries are disengagement hotbeds

We also wanted to see if economic uncertainty was impacting people’s motivation and performance at work. After all, financial stress in their personal lives can have a knock-on effect. 

There were some industries where this clearly seems to be the case.

Those working in Energy & Utilities and Government sectors were more likely to say their motivation had been negatively impacted — 50% and 39% respectively. These were the highest of all the sectors surveyed. Here’s the top (or bottom?) five:

The cost of living crisis has negatively impacted my motivation:

  • Energy & Utilities: 50%
  • Government: 39%
  • Construction: 36%
  • Health & Education: 34%
  • Retail & Hospitality: 32%

The same also applied when we asked them about a negative impact on performance.

The cost of living crisis has negatively impacted my performance:

  • Energy & Utilities: 50%
  • Government: 33%
  • Construction: 30%
  • Business Services: 27%
  • Health & Education: 26%

If you’re a business leader in those industries, this is something to be especially aware of. Aside from the cost of living initiatives we mentioned earlier, there are other cultural things you can put in place.

Start with the simple things, like making sure communication is clear and consistent. Make sure people are clear on company objectives. It’s better to over communicate then for there to be a big void — this can be one of the biggest blockers to engagement.

Recognising and rewarding people for the right behaviours is also important. Our study showed that this was the second most important benefit they want!

It’s not just about the salesperson who’s hitting their target, or the person in finance who’s negotiated a better deal with a supplier. Tie your rewards into your values — reward those people who display the behaviours you’re looking for.

Want more insight into what the Aussie workforce wants? Download the full report.


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Featured resource

Australian Employee Insights Report

Our exclusive research shows almost half of the Aussie workforce is looking to move roles this year. But what’s driving this? What do they want from their employer? And how are rising costs influencing them?

Get all the insights from our survey, as well as practical tips to retain top talent.

Australian Employee Insights 2024
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