The Great Resignation, also known as the “Big Quit”, continues to be a challenge for Australian businesses in the near future. A recent survey from Elmo Software found that up to one-third of Australian employees believe that they will only stay with their current company for up to 18 months.
Some alarming results from the survey:
- 44% of Australian workers plan to actively search for a new job this year.
- 34% of employees believe they’ll only stay with their current company for up to 18 months
- 22% of employees will stay up to 12 months
- 8% of employees will leave within 6 months
- 32% of employees felt overwhelmed with the amount of work they had to do
- 24% of employees said they had taken on more responsibility at work
It is worth mentioning that almost half (46%) of Aussie employees are experiencing burn out, which they say is a direct consequent from unmanageable workloads and overworking. This is a significant increase above the previous year’s figure of 34% and is said to be the driving force behind the Great Resignation.
In the Australians Are the Most Burnt-Out Workers in the World blog post, we pointed out that an average Australian works 6.1 hours overtime each week. Due to significant understaffing, one employee must wear numerous hats and work long hours on a regular basis in order to satisfy deadlines and customer needs. Despite this, they are not adequately paid for their efforts. As a result, many quit even without having another job line up.
Besides burnout, rising costs of living due to global conflicts also contributes to the Great Resignation. In a survey by Beyond Bank of more than 500 Australians shows up to, one in four participants are struggling to make ends meet. As a result, the job-hopping trend, in which employees leave for firms that offer better pay, has also grown in popularity among Australian professionals.
The findings above serve as a reminder that the workplace of tomorrow is going to be very different to what we know today. Accounting firm owners must adapt to the needs of their workforce or look for alternatives to hiring staff (like outsourcing) if they are going to remain competitive.
If you’d like to talk more about how Odyssey can assist your firm, drop us a line.