“Career Pacing” Takes Over Workplaces as Aussies Declare Pay Is Not Enough to Keep Them in Their Jobs
- Written by: Times Media
As more Australian workers decide to switch gears on their careers and prioritise work-life balance over pay, a generational divide has emerged according to a new survey from leading talent company Randstad.
The Randstad Employer Brand Research surveyed more than 5,700 employees, finding good work life balance (61%) was the number one thing workers thought an organisation should ‘most definitely have’, followed by competitive salary and benefits (57%), and job security (53%).
"Talent are prioritising wellbeing over pay, with work-life balance the undisputed number one driver for candidates,” said Randstad Australia Executive General Manager Angela Anasis.
The top elements of work life balance, according to the research, are a good work environment (48%), flexible work arrangements (44%), and reasonable workload and expectations (41%).
“Interestingly work-life balance looks different depending on how old you are, with the importance of a good work environment increasing with age,” she said.
Flexibility matters most for Millennials (46%) and Gen X (48%) while for Baby Boomers they value a reasonable workload and clear expectations (59%).
“The data shows that despite rising cost of living pressures, Australian workers will prioritise their wellbeing over a paycheque. This is also known as ‘career pacing’ where they’re prepared to sacrifice ambition and salary to focus on getting that life balance right,” said Ms Anasis.
“Even though many people (36%) are taking on side hustles or looking for a second job, workers are still willing to draw a line between what they need financially and what they are prepared to sacrifice to get there,” she said.
“The job market is uncertain at the moment, so it will also make sense for some employees to be choosing stability over ambition,” she added.
The report reveals that employers who are able to pave the road for career-pacing employees are likely to be rewarded with better retention.
“When it comes to attracting new talent, salary is still a leading factor,” said Ms Anasis.
“But, in the current climate of economic volatility, where employers may not be able to offer widespread salary increases, those that credibly champion holistic wellbeing and balance are likely to have high retention, saving significant turnover costs,” she added.
The Employer Brand Research, also shows one in four workers plan to change jobs in the next 12 months, with work-life balance being a key reason to leave for Gen X (44%) and Baby Boomers (43%). Meanwhile, Gen Z and Millennials say lack of career growth (34% and 30%) and insufficient challenge (28%) are the reasons they are planning to change.
“For those workers looking to leave, it comes down to unmet expectations. Employers who are listening to what their employees want are going to give themselves the best chance of retaining their best talent,” said Ms Anasis.
About Randstad
Randstad is a global talent leader with the vision to be the world’s most equitable and specialised talent company. As a partner for talent and through our four specializations - Operational, Professional, Digital and Enterprise - we provide clients with the high-quality, diverse and agile workforces that they need to succeed in a talent scarce world. We help people secure meaningful roles, develop relevant skills and find purpose and belonging in their workplace. Through the value we create, we are committed to a better and more sustainable future for all.
Headquartered in the Netherlands, Randstad operates in 39 markets and has approximately 40,000 employees. In 2023, we supported 2 million talent to find work and generated a revenue of €25.4 billion. Randstad N.V. is listed on the Euronext Amsterdam. For more information, see www.randstad.com
