66% of Australia’s employees willing to forgo higher salaries or job promotions for work-life balance: Michael Page Australia

Sparked by the global pandemic, the Great Resignation has been happening in Australia for the past two years and will only intensify in 2022. There has been a wave of resignations observed with almost half (42%) of employees who have been at their current jobs for not more than two years and 56% of employees looking for new career prospects over the next six months.

Professional recruitment services firm, Michael Page Australia, launched the ‘Talent Trends 2022 Report’, titled ‘The Great X’ (https://www.michaelpage.com.au/talent-trends/the-great-x?utm_campaign=TT22PR) that features insights and market sentiment drawn from a survey of 3,715 employers and employees in Australia.

While salaries, bonuses, and rewards are still top motivators for candidates, the survey shows a big swing towards non-monetary benefits. A significant 66% of respondents are willing to forgo pay rise and/or promotion for better work-life balance, overall well-being, and happiness.

Sharmini Wainwright, Senior Managing Director of Michael Page Australia, says, “When it comes to attracting talent, demand is outstripping supply. Candidates are placing an increased importance on company culture, sense of purpose and leadership ahead of company brands and promotions. Technology continues to see tremendous demand for talent with COVID-19, in some cases, being an enabler of innovative ideas for start-ups and traditional players alike.”

As economies improve, companies cannot underestimate the psychological effect merging “work” and “personal” life has over the past two years. 82% of respondents want a hybrid work arrangement between working from home and the office.

In addition, 55% of professionals have asked or will consider asking about a company’s DE&I policy and 33% say the lack of clear DE&I commitment would stop them from actively pursuing a job opportunity.

The pandemic has also shifted priorities, with 57% of candidates stating that they believe mental health and well-being should play a part in employee performance. Companies must create positive workplace cultures or risk losing high-performing talent to competitors.

A significant number of employees has been found to not feel supported by their employers. 49% of respondents say that their workload has increased compared to before COVID-19. 84% believe that their company does not take active steps to ensure work-life balance. Companies need to change things and help employees work more efficiently.

SOURCE: Michael Page