Australia's Changing workplace

Based on NAB's Q2 2023 survey

Key findings

• A sizeable share of the adult working population continues to change jobs. 1 in 4 workers have switched jobs in the past year (1 in 10 in the past 3 months alone - Q2 2023).
• Job change remains much more fluid among younger age groups with almost 1 in 2 workers aged between 18-29 changing jobs within the past 12 months. Job switching was lowest among workers in Wholesale Trade and Finance & Insurance, where only 1 in 8 have changed job in the past year.
• While cost of living fears may encourage workers to stay with their current employer and seek greater job security, 2 in 3 Australians who changed job, moved to a different organisation, rising to 8 in 10 among the 18-29 year old group. With labour shortages continuing in a number of industry sectors, there is an opportunity for employers to better understand why workers are leaving and increase retention.
• While there is a big difference between considering leaving a job and actually quitting, a large number of Australians are thinking about leaving their current job. 1 in 4 workers are considering changing jobs and a further 4 in 10 are actively keeping up to date with potential opportunities. The number considering leaving their current job is highest among IT & tech workers and general unskilled workers.
• Salary is becoming a more important motivation to look elsewhere. On balance, almost 1 in 3 workers that changed jobs in the past 12 months are earning more money. And, 1 in 3 Australians intend to ask for a pay rise, with 2 in 3 of these workers confident they will get one.
• Job satisfaction is typically linked to employee retention, customer loyalty and financial outcomes for companies. Australians report quite high levels of satisfaction with both their current job and their current employer with 1 in 3 workers are “very satisfied” with their job (8+ pts out of 10) and over 4 in 10 with their employer. But while 2 in 3 workers aged over 65 are very satisfied, only 1 in 3 are in the 18-29 group.
• One of the main concerns for companies going into the pandemic was how remote work would impact teamwork and efficiency. From an employee perspective, nearly 9 in 10 workers are happy with the amount of time they interact with colleagues.
• And, with increasing awareness around the importance of work-life balance for mental and physical health, 2 in 3 Australians feel they have a good work-life balance.
• The impact of the pandemic on work has been profound. On average, Australians are still spending one-third of their work week at home and ideally would like to spend half of their time working from home. Even among younger workers aged 18-29 the desire to spend more time at home is significant (24% of time currently vs. 55% ideal). By industry, workers in the Finance & Insurance sector are the only group currently working close to their ideal amount of time at home (60% of the work week currently vs. 65% ideally).
• There remains considerable debate as to whether remote workers are less productive. Overall, 1 in 4 Australians do not believe they are as productive at home as in the workplace, and almost 1 in 5 are unsure. The highest share of workers who think they are as productive at home are in Property Services and Finance & Insurance (where 8 in 10 believe they are as productive).