38% of Aussies will quit their jobs this FY – here’s why
38% of Australian employees plan to look for a new job in the next 12 months, according to recruiting experts Hays.
Based on findings in the recruiter’s FY21/22 Hays Salary Guide, another 39% of the more than 3,800 professionals surveyed said they are open to new opportunities.
The reasons? A lack of promotional opportunities tops the list, cited by 43%, ahead of an uncompetitive salary (39%). Other factors driving people into the jobs market today include a poor management style or workplace culture (37%), a lack of new challenges (33%), concerns about job security (also 33%) and poor training and development (25%).
Moreover, Hays found that only 46% are satisfied with their current job. Just 49% and 55% are satisfied with their current employer and direct manager respectively.
A new Financial Year brings fresh job market activity
“A new financial year is fast approaching, which traditionally brings fresh activity to the jobs market as new budgets are set and employers look to add to their headcount,” says Nick Deligiannis, Managing Director of Hays in Australia & New Zealand.
“Financial year end, like New Year, is also a seasonal peak time of the year for people to review whether they should stay or change jobs.
“For employers, this movement of people will add to their staff retention challenges, which are already heightened in response to a gap in salary increase expectations between organisations and their employees,” says Nick,
Career progression is a top retention tool
Career progression has become an important benefit to skilled professionals. According to Nick, a career progression plan is an essential selling point for employers in securing their preferred candidate and retaining top talent.
“Many professionals feel that their career stagnated over the past year,” he explains. “They put their career plans on hold to help their organisation through the crisis and recover. Now, they are focused on their career again and are prioritising advancement.”
But while career progression is valued, the data from Hays shows just 16% of employees expect to receive a promotion in the next 12 months.
Furthermore, they have developed their soft (46%) and technical skills (45%) over the past year, while 21% gained higher or additional qualifications.
“This upskilling has put professionals in a strong position to jump ship if their career goals can’t be achieved in their current workplace,” notes Nick.