One of the main focuses of the Job and Skills Summit this week will be how Aussie workers can get wage increases while companies find and keep talented employees. Data from an RMIT Online survey released reveals inflation is pressuring workers to ask for pay raises and that the talent war hasn’t been enough to make them satisfied with their current paychecks.
What were the findings of the survey?
The vast majority of those interviewed (85%) say they are much more worried about the cost of living and financial compensation today than a year ago. Almost half of the respondents (47%) complained privately to peers and friends about lower pay.
Over a third of the respondents have changed jobs in the past 12 months, primarily led by higher salaries and career advancement. Of those, almost one-third (28%) moved jobs for a raise of $5,000 or less, and 61% moved for less than $10,000. Of the other two-thirds who stayed in their companies in the past year, 75% would change for an increased wage, with most (52%) saying that it would take $10,000 or less to convince them to make a move.
The survey found that not feeling valued is the primary reason (57%) why employees are dissatisfied with their jobs, followed by not having an adequate salary for their role (51%).
What were the executive’s thoughts on the findings?
“Our survey shows Australians are really feeling the impact of the rising cost of living and inflation. However, while a higher salary may sway some employees in the short term; if an employee is unhappy or unsupported in their role, better remuneration alone will not be sufficient to facilitate long-term retention,” says Claire Hopkins, RMIT Online Interim CEO.
“Future career opportunities were the second highest driver for Australians looking for a new role. The current labour market demands employers weigh up their entire employee value proposition. This includes personal development and upskilling to help team members feel recognised, challenged and excited for their own career development,” Hopkins concluded.