Rising costs push nearly 80pc of Australians to look for a new job in pursuit of higher pay: Hays data

The persistent cost-of-living crunch is pushing more workers to move around the labour market in pursuit of a higher pay, rather than dig their heels in with current employers. A fresh survey from national recruitment company Hays to be released on Wednesday revealed as many as 77 per cent of employees were either looking or planning to look for a new job in the next 12 months. In its 45th year, the survey of more than 15,000 respondents across 26 different industries identified elevated cost-of-living pressure as the number one reason that employees were looking to leave their current employer in pursuit of a higher salary. These pressures have also driven a 750 per cent increase in employers’ considerations in determining the value of a pay rise. Hays APAC chief executive Matthew Dickason said the past three reports had seen a trend of employees expecting higher salary increases. “The mismatch between what employees want and what employers are willing to offer will play out over the next year, with almost 40 per cent of employees being dissatisfied with their salaries and 73 per cent saying it doesn’t reflect their individual performance,” he said. Mr Dickason said 67 per cent of employees expected a pay rise of less than three per cent in 2019. In just five years, 61 per cent of employees now expect a pay rise of more than 3 per cent. When determining the value of a pay rise, Mr Dickason said employers’ considerations have changed dramatically over the past 12 months. While individual performance remained the number one consideration for a pay rise, at 84 per cent, employers will also consider factors including responsibilities, expertise and the organisation’s performance. Hays said skill shortages have not gone away, with 24 per cent of employers indicating they have intensified over the past 12 months. However, there has been a 20 per cent reduction in employers reporting moderate or extreme skills shortages.