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Financial worries bite: over 70% of Aussie workers hesitant to switch jobs

Catherine Kennedy, Managing Director of people2people Recruitment, sheds light on a significant shift in Australian workers’ attitudes toward annual leave, finances, and career transitions amidst growing economic uncertainties.

“Our recent polls have demonstrated how the Australian workforce is responding to the rising cost of living, interest rate hikes and global economic uncertainties. The key areas where workers are making changes include parking annual leave to save money on travel, cutting back on luxuries and expenses, and most concerning is that those wanting to change careers or current roles feel unable to do so in the current marketplace,” says Catherine.

people2people Recruitments 2023 Annual Workforce Polls show:

Annual Leave Trends: With financial prudence taking centre stage, summer holidays are looking a little different this year. Although the numbers are slightly up post covid, over 50% of Australian workers are again opting for staycations, this time due to the cost of living. In comparison in 2022, 43% had planned to take more annual leave than the previous year, while in 2021 8 in 10 Australian workers had taken less than two weeks of annual leave, with 60 per cent of those less than a week.

Financial Concerns and Work Transition Anxiety: The financial strain has led over one-third of workers to bank their annual leave this year due to the rising cost of living. Moreover, more than 70% express significant concern or worry about applying for new roles amidst global economic uncertainty.

Lifestyle Adjustments and Financial Worries: An overwhelming 80% of workers have adjusted their lifestyles to align with the escalating cost of living, with 40% making significant changes. Notably, a staggering 64% are more worried about their finances now than at the start of the year.

Catherine Kennedy’s 5 tips to navigate these changes include:

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1.    Embrace Flexibility: In uncertain times, flexibility becomes invaluable. Embrace flexible work arrangements that cater to both personal needs and career ambitions.2.    Invest in Professional Development: Elevate your skills and knowledge. Invest in continuous learning and upskilling to ensure you’re equipped to pivot and seize new opportunities.3.    Financial Planning is Key: Prioritise financial planning amidst rising costs. Establish budgets, savings plans, and emergency funds to mitigate financial stress. A strategic approach to finances is empowering. 4.    Network and Stay Connected: Networking remains pivotal. Cultivate professional relationships, engage with industry peers, and expand networks. Connections often open doors to new opportunities.5.    Maintain a Positive Mindset: Amidst challenges, maintain a positive outlook. Focus on personal well-being, mental health, and resilience. A positive mindset enables individuals to navigate uncertainties with confidence.

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