Job Loyalty Wanes: Australia Faces Talent Revolution in 2023
SYDNEY, AUSTRALIA - Media OutReach - 20 July 2023 - The "Great Resignation" phenomenon is far from over, according to the latest Talent Trends 2023 report, which presents a comprehensive analysis of the Australian job market.
The report, commissioned by Michael Page Australia, is based on responses from nearly 70,000 professionals worldwide, making it the most extensive talent study of its kind.
The study reveals a significant shift in employee attitudes and motivations, affecting every age group, country, and industry. It indicates that the change we see today is here to stay, and there's no returning to the pre-pandemic way of doing things. Even satisfied workers are willing to move on to better opportunities, and job loyalty has lost its lustre.
The report shows that the rate of resignation increased during the period attributed as the Great Resignation, and in 2022, this number more than doubled. With 52% of the workforce being "active job seekers" this year, along with the increasing volatility of the global economy, this trend is expected to continue throughout 2023.
The study also reveals that 90% of Australian talent is open to new opportunities in 2023, a trend that spans across various job functions, seniority levels, and age groups. This is not an isolated event, but a universal movement, reflecting a renewed sense of personal value and a shift in what individuals want to achieve in their own lives.
The report suggests that employers must adapt to this new reality by focusing on fundamental building blocks such as salary, career progression, talent development, and flexibility. These are critical for developing sustainable and successful talent strategies.
"We view these changes as an 'Invisible Revolution' that carries significant implications for employers," says Sharmini Wainwright, Senior Managing Director of PageGroup. "Our study sheds light on a long-term transformation of the employment market, as people reconsider the role of work in their lives following the pandemic disruption."
David George, Senior Managing Director of PageGroup, adds, "The study also highlights the top reasons for resignation. A significant 20% of respondents cited work-life balance and company culture as the main factors, while 16% are looking for career progression and promotion, and another 16% are seeking a big change in career, role, or industry."
Nicholas Kirk, CEO at PageGroup, said, "The trends in Australia mirror the sentiment of the global talent market – every region has seen a transformative change across all age groups, markets, and industries.
"These are not fleeting trends or reactionary responses to a period of turbulence. Rather, they are reshaping the workplace in a way that will subtly yet fundamentally change the way businesses attract and retain their talent."
Given the workforce's openness to change, Australian employers must rethink retention strategies, focusing on improved work environments, growth opportunities, and competitive compensation to retain talent.
Hashtag: #MichaelPage #TalentTrends2023 #InvisibleRevolution
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