With the federal election looming, the latest ELMO Employee Sentiment Index * highlights employee concerns around economic stability, record burnout rates, remuneration and trends for the remainder of the year. 

Economic stability

Almost four-fifths (78%) of workers believe the global conflict will harm economic security. Only 15% of Australian workers consider the economy secure, a 20% decrease since quarter four of 2021. 

Cost of living is increasing, with almost a fifth of workers (19%) saying they are not working enough hours to meet their needs, an increase of 17% from quarter four of 2021. 

Despite the growing proportion of Australians unable to meet their living costs, nearly two-thirds (64%) of Australian workers continue to work the same 33.1 average number of hours per week compared to last year. In contrast, the other third of employees worked up to 60 hours per week.

Employee priorities

When choosing another employer, the top priorities for employees were: 

  • 'Remuneration and bonus payments/incentives' remained in first place for the fourth straight quarter.
  • Second place is tied between 'stability of an organisation' and ‘flexibility/remote working’, and 
  • ‘Culture of the organisation’ and ‘easy/short commute’ tied third.

The growing importance of stability may be related to concerns about economic security and the desire for a stable employer. 

At the bottom of the list were wellbeing initiatives, diversity among the executive and online reviews. 

Recognition and remuneration

Three-fifths (59%) of workers stated they felt remunerated fairly for their work which was a record low that steadily decreased quarter to quarter. Positively, two in five (40%) Australian workers will seek a pay increase despite being less hopeful of a pay rise or bonus than a year ago. Also, the expectation of a bonus has fallen to 31% this quarter, down 6% from a year ago.

2022 trends

An issue for employers to watch out for is employee burnout as it hit the highest level on record at 46%, up from 34% in quarter one 2021. 

The ‘Great Resignation’ continues as a third of workers expect to leave their current employer within 18 months. A third of workers (33%) plan to quit their job after securing a new one – however, 18% plan to quit without another job. 

More than two in four (44%) Australian workers state they will actively be searching for a job during the remainder of 2022.

Hybrid working continues to feature two in five workers (40%) planning to work from home part-time during the remainder of 2022.

The frequency of changing jobs is becoming more common.

Workers anticipate they will stay with their company:

  • up to 18 months, (34%) of Australian workers 
  • up to 12 months, just over one in five (22%), and 
  • more than five years, nearly a third (31%) of workers and for Gen X workers, it increased to 42%.

* 1,016 Australian workers aged 18 years and over were surveyed between 11 March 2022 and 31 March 2022.