Why staff are job hunting more than ever before

New data indicates that the steep cost of living is fueling heightened concerns among employees regarding job stability and driving a surge in the number of individuals contemplating changing jobs.

Aimee Hutton, who heads customer insights at the recruitment platform Seek, noted a significant increase in candidates actively monitoring the job market, a trend unprecedented in its volume according to Seek's data.

"The prevailing sense of job insecurity is prompting more individuals to explore new job opportunities," Ms Hutton remarked, citing Seek's findings that 72 per cent of Australians are troubled by the escalating cost of living.

The data reveals a notable uptick in job transitions, with a 9 per cent rise from October to December of the preceding year, as employees seek greater assurance of job stability amid concerns over escalating business costs.

Ms Hutton emphasised that the pursuit of higher income has become a primary driver for 47 per cent of job seekers, marking a 9 per cent increase from the previous year.

Such fervent job-seeking has led to a decline in candidate quality, with individuals increasingly vying for positions without possessing requisite skills or experience in hopes of securing higher pay.

Interestingly, among high-income earners who changed jobs within the last year, 42 per cent were not actively seeking new opportunities.

In response to these dynamics, Ms Hutton advised clients to disclose salary ranges in job postings, even if it means offering compensation below market rates, as it tends to attract more applicants.

The discussion extended beyond job transitions to encompass the evolving nature of remote work, with leaders deliberating on strategies to balance flexibility with organisational needs.

Rhonda O’Donnell, director of Spirit Super and chairman of DB Results, proposed the concept of "anchor days" as a potential solution, suggesting designated days for organisation-wide in-person activities while allowing for flexibility on other days.

Meanwhile, organisational psychologist Dr Amantha Imber shared insights from her firm's trial of a four-day workweek, acknowledging both the benefits and challenges associated with such arrangements.

Amidst these discussions, Paul Guerra, CEO of the Victorian Chamber of Commerce and Industry, underscored the pressing challenges faced by businesses in managing costs, particularly in light of impending industrial relations reforms and a noticeable exodus of both individuals and businesses from the state of Victoria.