Almost 40% of Australian workers say they want to switch employers in the next year, suggesting the nation is on the brink of the Great Resignation, according to a PwC Australia report.
Its survey of 1,800 workers supports anecdotal evidence from employers – especially in the technology sector – that workers are chasing new career opportunities as the economy rebounds after the pandemic, in a trend likely to fuel real estate demand.
Ben Hamer, who leads the firm’s Future of Work practice, says the phenomenon will be in “full swing by March driven by market stability, increased consumer confidence, the likely softening of interstate borders and the usual post-summer holiday recruitment activity”.
ABS figures show that in the year to February, just under one million people or 7.5% of employed people changed jobs, the lowest annual rate on record thanks to pandemic insecurity. Job mobility was highest for professionals with 21% changing jobs.
The PwC report, What Workers Want: How to Win the War on Talent, found that while 38% wanted to move jobs, some workers are adopting a short-term approach: 60% of those who left a job in the past year are keen to move on again in the next 12 months.
Employers are worried: 73% of senior leaders report problems attracting talent. Says Hamer: “The balance of power has shifted from the employer to the employee. Competition for talent will intensify and those who fail to adapt will take a big hit.”