Australian workers are changing jobs more frequently in search of higher pay and better benefits, and younger workers are the most likely to give up their loyalty to advance their careers. One Melbourne woman said her salary almost doubled in two years just by changing jobs.
Exclusive new research from Finder reveals nearly a third (29%) of Australians change jobs every two years or less. About 14% of the 1,049 people surveyed admitted that they only stay in a job for less than a year on average before applying elsewhere.
Sarah Megginson, a personal finance expert at Finder, tells Yahoo Finance that work loyalties are changing, and people are choosing to take a few jobs to earn extra cash, hone their skills and advance their careers elsewhere. He said some workers are considering changing jobs by the end of the month.
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“When it comes to financial and livelihood benefits, loyalty begins and ends with the individual,” Megginson says.
“Whether you’re tired of your boss or tired of your salary, changing jobs is one of the most effective ways to level up your career.”
Melbourne woman said she ‘wholeheartedly’ agreed with ‘tips to make more money’ [was] Change jobs a lot. She said her salary “almost doubled” from $70,000 to $120,000 within two years.
“I moved to Melbourne two years ago and worked four jobs in that time,” she shared on TikTok.
“My first job in Melbourne, I actually had to take a pay cut, but I wanted to take the first job I got, which was $70,000, and I worked as a mediator.”
Shortly after, she said she took a new job reviewing contracts and was paid $45 an hour as a contractor.
“If I had an annual salary, I would have been making about $80,000 a year there, so that’s more than a $10,000 increase,” she said.
“I then took another job as a policy officer and earned $97,000 a year, not including retirement benefits.
“Finally, I currently work as a policy officer. My salary is currently $120,000 per year, including retirement benefits.”
Many Australians thanked the woman for sharing her story, with one joking that she was now planning to quit her job and another saying she would jump on SEEK.
“Literally led me to get a job that pays $120,000,” added another.
“This is so true, but we get used to work for no reason,” wrote another.
story continues
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Young Australian workers are changing jobs the most.
Finder’s research found that nearly half (47 percent) of all workers have been with the same employer for more than five years. However, this was true for just 39 percent of Millennials, compared to a whopping 78 percent of Baby Boomers.
Only 18% of Gen Z stays with the same company (although this may be due to the fact that the oldest of the generation is still 27 years old), compared to 69% of Gen X.
“Many people are motivated to make the most of their skills, but lack the sense of security and stability that our parents enjoyed by remaining connected to one employer for decades. They’re not getting it,” Megginson told Yahoo Finance.
Sarah Megginson, a personal finance expert at Finder, said changing jobs was an effective way to “level up”. · Source: Provided
According to the latest data from the Australian Bureau of Statistics, around 1.1 million people changed jobs in the year to February 2024.
Younger workers were found to be more mobile than older workers, with a mobility rate of 12.6% for 15-24 year olds, compared to 9.3% for 25-44 year olds and 5.3% for 45-634 year olds. It was.
Human resources expert Jonathan Woolfley said shorter tenures were also influencing the trend of “conscious bossing away”, where young workers were deliberately taking middle management positions and This refers to a growing tendency to avoid the added stress that management brings.
“In the baby boomer generation, people’s tenure in organizations is much longer. It’s not uncommon for people to be with an organization for 30, 40 years,” he tells Yahoo Finance.
“As a result, people have become much more patient about retirement. I plan to stay with this company for decades. I work my way up, put in the hard work, and ultimately get paid. I’m going to get ‘.’
Woolfrey said people are currently not “necessarily” rewarded with pay increases in the short term or loyalty and dedication in the long term.
“Some of the long-term planning and commitment that previous generations had is gone. They used to play the long game more often,” he says.
Mr Megginson said that while the culture around job changes had “evolved” over time, there were still some potential risks that workers should be aware of.
“In the past, it was common for people to stick with a role they didn’t really like for at least a year or two to avoid having a cumbersome, limited-time role on their resume,” she says.
“Nowadays, people are much more open to referring to it as a contractual role, or explaining that it was a job that didn’t go well. This actually opens up discussions about company culture and expectations. This could be a huge step forward.”
Megginson said employers and recruiters are less likely to view “one-off short roles” as a “red flag”, especially if you explain the reason for the short role, such as a short-term project or seasonal role. That’s what it means.
“But if you move around very often, for example, if you’ve had four roles in the past two years, that may ring alarm bells that perhaps you’re unreliable and unstable. ” she said.
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