An "increasingly complex balance" between the need for work-life balance and cost of living pressures is reflected in a new study of the demands of workers and job seekers in Australia. The key seems to lie in the coexistence of five very different generations that make up the workforce.
SEEK's Laws of Attraction (LOA) portal surveyed more than 14,700 job seekers in the current market, aged 18 and over and intending to change jobs in the next two years. The study's findings reflect a nuanced interplay between shifting priorities and enduring values within the Australian workforce. While work-life balance retains its primacy, it finds itself in a tussle with salary considerations amidst the backdrop of a cost of living crisis.
Among the respondents, work-life balance is the most important quality when applying for a new job, with a score of 15.4%. This was followed by the salary and remuneration offered (13.9%), the working environment (11.5%), the leadership and quality of management in any new position (10.1%) and the career and development opportunities that could be explored (9.4%).
The study revealed another detail that the researchers found surprising: more than a third of Australian job seekers consider compensation for overtime and additional holidays to be a "must" for any position they apply for.
"This shows that what Australian workers want is increasingly complex and diversified, and reflects changing priorities as five generations coexist in the workforce", say the researchers.
Balance and career developments
"While work-life balance remains the top priority for most job seekers, it is increasingly competing with salary and remuneration, which have remained strong in the face of the cost of living crisis”, is one of the study conclusions.
Another is that Generation Z job seekers attach "less importance to working from home when it comes to work-life balance, and instead prioritize offers that give them greater control over their time".
Career development moved from seventh place at the height of the Covid-19 pandemic to fifth, a testament to "workers seeking advancement and pay rises, and the next generation entering the labor market in full force," the study continues.
Thirty-six percent of Australians surveyed said the flexibility to work from home remained a "must" when considering a job opportunity.
These are some of the study's other findings:
- Financial compensation for overtime is higher for female workers (59% consider it essential) and for gender-diverse people (65%), compared to 51% of men.
- In addition, workers earning less than $52,000 per year also prioritized paid overtime compared to other income levels.
- Of these, 63 percent said it was essential, while only 37 percent of those earning more than $104,000 said it was necessary.
- Workers in New South Wales and Victoria were some of the biggest advocates of working from home, with 29 percent and 31 percent respectively saying it was necessary.
- In comparison, only 23% of Queenslanders shared the same view.
TOP 5 PULL FACTORS FOR JOBSEEKERS:
- Work-life balance (15.4% importance).
- Salary and compensation (13.9%)
- Work environment (11.5%)
- Leadership and quality of management (10.1%)
- Career/development opportunities (9.4%)
FACTORS DRIVING JOB SEEKERS' WORK-LIFE BALANCE:
- 30 percent of Australian workers believe that overtime compensation is a must.
- Additional leave: 30 percent consider it essential.
- Flexible working hours: 29 percent consider it essential.
- Ability to work part-time: 27 percent consider it essential.
- Ability to work from home or remotely: 26 percent consider it essential.