Australians changing jobs despite recession fears

Fears of a recession are not stopping Australians from making a big change in their quest to be happier and earn more dollars.

Economic uncertainty and mass lay-offs have done little to deter Aussies from switching jobs.

Research from NAB shows one in 10 workers have changed jobs in recent months, while almost a quarter plan to quit their current role.

This is despite continuing fears of a recession, which could leave new recruits vulnerable if employers take a “last in, first out” approach, whereby the last workers hired will be the first to face the chop should staff need to be let go.

Falling job vacancies and recent worker lay-offs, including those by several tech firms, have also failed to discourage Australians from making a move.

Despite the risks caused by an uncertain economy, many workers feel they have little choice but to change jobs, Indeed APAC economist Callam Pickering says.

“It’s clear cost of living pressures are front and centre of people’s minds and … if (workers) see that they can get a 5 per cent (pay) increase from doing something else, they will consider it (switching roles),” he says,

Calculated risk

While the job vacancy rate has fallen from last year’s high, Pickering says it is still double that of pre-pandemic levels, meaning workers stand a good chance of finding new employment.

“I would certainly be thinking about where the economy is headed but … if you are struggling to pay a mortgage or send kids to school then you should probably look to change jobs,” he says.

“There’s still plenty of opportunities out there and there’s big pay on offer if you are willing to move.”

But he warns those who are already on a good salary to exercise more caution.

“In that case, it may be best to stay (with your existing company) because if you change jobs and you’re still on probation and the economy goes bad, you are probably more likely to lose your job than if you stayed with your current employer,” he says.

happy businessman with cardboard box with office supplies in hands standing outside office building, quitting job concept. quit job happy. ISTOCK

Career changers

While many workers switch roles within the same industry, new research from Indeed shows that in the year ending February 2022, almost 800,000 Australians made a more radical move and changed career.

GPs and classroom teachers were the most likely to seek a new profession, while a higher level of sector loyalty was experienced by workers in food prep, accounting, nursing and tech, the data shows.

Salary is often a strong motivator to move industries, but Pickering says disenchantment also plays a major role.

Former banking executive Joanne Alderton is among those making the change, securing aged care work with Whiddon. Her role includes carrying out household chores, bookkeeping, taking clients to appointments and grocery shopping.

Joanne Alderton with client Barbara Stewart.

Despite the move halving her income, Alderton says she was already in a financially secure position and the personal satisfaction from her new role has been worth it.

“I never thought I would leave the bank and always thought I’d have stayed until my dying days,” she says.

“But life is too short to be miserable. I get so much satisfaction out of what I do now and it was what I was missing for so many years.”

Plenty of opportunity

People2people group managing director Mark Smith expects worker movement to increase this coming year, noting there was a reluctance to switch jobs at the height of the pandemic because employees were kept satisfied by intangible benefits, such as flexible work conditions.

“(Workers) are (now) starting to consider trading off those other benefits because they need the cash (higher salary) to pay the bills,” he says.

He believes strong employment opportunities will continue for the remainder of the year.

“We have had a decrease in the number of (job) vacancies being reported but we are coming off highs which … I have never seen,” he says.

“So the market is still good – it’s remarkable. And it’s a good time to enter the market as there are still talent shortages there.”

The jobs Aussie workers most want to leave:

• General practitioner

• Classroom teacher

• Head server

• ESL teacher

• Carpenter apprentice

• Subcontractor

The jobs Aussie workers are most reluctant to leave:

• Executive chef

• Full stack developer

• Commis chef

• Immunisation nurse

• Line cook

• Senior accountant

Source: Indeed

Originally published as Australians changing jobs despite recession fears