Close to half of the 500 Australian workers surveyed by Humanforce, including those employed in the retail sector, have switched jobs in the past year. Despite a sharp increase in living costs, the driving force for 54% of these workers finding a new employer was not higher pay, but the pursuit of better work-life balance and wellbeing.
Humanforce chief people officer, Holly Barnes said, “This trend challenges the traditional belief that higher wages are the foremost concern for Australian workers, particularly during economic downturns. Our research findings suggest that workers are instead placing greater value on whether their workplace is a good fit for their overall lifestyle and if it affords them the flexibility they require.”
With 98% of respondents citing the importance of the overall employee value proposition (EVP) in their decision to move, today’s employees are looking for more than financial benefits, with the most appealing aspects of an EVP being work-life balance initiatives, as well as career growth and development opportunities.
“For today’s workers, a compelling EVP extends well beyond one’s salary. It’s integral to creating a workplace where employees’ personal lives and professional goals are recognised and supported—a strategy that is proving essential for attracting and retaining talent, even in tough economic times,” Barnes added.
Many workers are refocusing on longevity in roles that align with their lifestyle needs. This sentiment was reinforced by 60% of survey participants expressing little to no interest in changing jobs in the next six months.
Two in five (40%) of those who had changed roles in the past year reported lower job satisfaction than anticipated, showing there is still a lot of scope for businesses to take greater initiative in supporting employee wellbeing.
“Our data indicates that after a few turbulent years where high numbers of employees jumped ship to new employers, there is now a shift towards long-term satisfaction in the workplace, where wellbeing and stability are paramount over quick financial gains. Businesses that recognise and act on this by offering a high-quality EVP will set themselves apart as employers of choice,” Barnes explained.
There are four critical areas that an EVP should encompass: emotional wellness (mental health), social wellness (workplace culture and life outside of work), physical wellness and financial wellness. Almost 70% of employees confirm they had received support from their current employers, in a bid to retain them in their roles.
The Humanforce research also underscores the vital role HR technologies play in supporting a business’ EVP. An overwhelming majority of the Australian workers (96%) said these technology innovations are crucial in creating positive workplace experiences.