Quantcast
au iconAU

 

 

Workers say economic security at a record low

New research has revealed that just 15 per cent of Australian workers consider the economy as secure.

Workers say economic security at a record low
smsfadviser logo

The latest ELMO Employee Sentiment Index – a nationwide poll commissioned by ELMO Software among more than 1,000 geographically dispersed working Australian found that employee burnout is on the rise.

A contributing factor to the climbing burnout rates may be the increased work volumes of working Australians, with a third (32 per cent) of workers feeling overwhelmed with the amount of work they had to do while almost a quarter (24 per cent) said they had taken on more responsibility at work.

The survey also found that fewer Australian workers reported taking leave in the first quarter of 2022 compared to the same time last year (33 per cent Q1 2022; 37 per cent Q1 2021).

However, although more workers are feeling burnt out, fewer workers are reporting taking a mental health day with just 14 per cent reporting taking a mental health day in Q1 2022, a decline from 17 per cent in Q4 2021.

Cost-of-living pressures are also battering Australian workers with almost a fifth of workers (19 per cent) stating they are not working enough hours to meet their cost-of-living needs. This is up from 17 per cent in the first quarter of 2021.

Despite a growing proportion of Australians being unable to make ends meet, Australian workers are continuing to work the same average number of hours per week as they were last year (33.1 hours in Q1 2021; 33.1 hours in Q1 2022).

In signs the Great Resignation may not be over, more Australian workers considered a career change in the last three months than during previous quarters, with three in 10 (29 per cent) considering changing their career.

A quarter (24 per cent) of Australian workers have taken on more responsibility at work in the past three months, this is slightly higher than in the final quarter of 2021 (22 per cent).

The proportion of Australian workers who feel they are fairly remunerated for their work has reached a record low with three-fifths (59 per cent) of workers stating they feel remunerated fairly.

This is down from 63 per cent in the previous quarter and down from 66 per cent in Q1 2021. Workers are also less hopeful of a pay rise or bonus than they were a year ago.

Half of Australian workers expect a pay rise within the next year, down from 53 per cent in Q1 2021. Similarly, the proportion of workers expecting a bonus has fallen from 37 per cent in Q1 2021 to 31 per cent this quarter.

Other key findings include:

  • Almost four-fifths (78 per cent) of workers believe global conflict will have a negative impact on economic security.
  • Burnout hits highest levels on record at 46 per cent; up from 34 per cent in Q1 2021.
  • A third of workers expect they’ll leave their current employer within the next 18 months.

Subscribe to Public Accountant

Receive the latest news, opinion and features directly to your inbox