Inflation worries 85% of workers; one third moved jobs for less than $5K
New survey from RMIT Online released today explores a moment of change in the job market amidst economic uncertainty
MELBOURNE, 30 August 2022 — Inflation worries 85% of workers; a third moved jobs for less than $5K.
One of the main focuses of the Job and Skills Summit this week will be how Australian workers can get wage increases while companies find and keep talented employees.
Data from an RMIT Online survey released today 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.
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.
Not feeling valued is the primary reason (57%) why employees are dissatisfied with their jobs, closely followed by not having an adequate salary for their role (51%).
"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.”
Graphs and data
Survey methodology
The survey was produced by the RMIT Online team in partnership with the market research company IPSOS. In total, the research team interviewed 800 Australian workers between the 8th and 15th August 2022. The positions were classified as managers (Executive or business owner, CEO, Director and Manager) and non-managers (employees and interns).