Job switching remains ‘fluid’ among younger workers: NAB
Around half of employees under the age of 30 have changed jobs in the past year despite economic uncertainty prompting fears about job security, a NAB report reveals.
The NAB Behavioural Insights report for the second quarter has indicated that a sizeable share of the adult population continues to change jobs with one in four workers switching jobs in the past year.
One in ten had switched in the three months to the end of June 2023.
The NAB report stated that while cost of living fears may encourage workers to stay with their current employer and seek greater job security, two in three Australians who changed job, moved to a different organisation.
Job changes remain much “more fluid” among younger age groups with almost one in two workers aged between 18-29 workers changed jobs during the 2022-23 financial year. Among those who changed jobs in this age group, eight in ten moved to a new organisation.
By job type, the highest number that changed jobs within the same organisation were other IT/tech workers (47 per cent), professionals (43 per cent), managers (36 per cent), machinery operators & drivers (33 per cent) and labourers (32 per cent).
It was lowest for community & personal services workers (12 per cent) and general unskilled workers (15 per cent). Over 1 in 2 (53 per cent) workers in the Telecoms industry changed jobs within the same organisation, and around 4 in 10 in Construction (41 per cent), Government (41 per cent) and Education (40 per cent). This fell to around 1 in 5 in Agribusiness (19 per cent) and Mining (22 per cent), and 1 in 4 in Recreational & Personal Services and Health Services (25 per cent).
While there is a big difference between considering leaving a job and actually quitting, a large number of Australians are thinking about leaving their current job, the report said.
“One in four workers are considering changing jobs and a further four in ten are actively keeping up to date with potential opportunities,” NAB said.
“The number considering leaving their current job is highest among IT & tech workers and general unskilled workers.”
Salary a key incentive to change jobs
The report also found that salary is becoming a more important motivation to look elsewhere.
“On balance, almost one in three workers that changed jobs in the past 12 months are earning more money. One in three Australians intend to ask for a pay rise, with two in three of these workers confident they will get one,” the report said.
Job satisfaction
Australians generally reported quite high levels of satisfaction with both their current job and their current employer with one in three workers are “very satisfied” with their job (8+ pts out of 10) and over 4 in 10 with their employer.
Two in 3 workers aged over 65 are very satisfied, but only 1 in 3 are in the 18-29 group.
In terms of profession, job satisfaction ranged from 55 per cent for other IT/tech workers to 20 per cent for digital & data workers. In terms of industry, it ranged from 56 per cent for property services and government to 24 per cent for education.
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