A few years ago, a full-time worker who switched jobs saw an average of 5 per cent pay rise, according to some research carried out by the Reserve Bank of Australia. This is no longer the case.
In mid-2021, workers who changed jobs received higher pay of 8 to 10 per cent, according to single-touch payroll data. There have even been instances when corporates offered candidates wages that are 10 to 20 per cent higher than their current salary to persuade them to change jobs.
Apart from the pay rise, through switching jobs, workers get better chances at landing a promotion or getting a fancier job title than they would have if they stayed put. It’s no wonder this trend is becoming more popular among young professionals.
According to LinkedIn’s 2022 research, LinkedIn users who changed their jobs grew by 37 per cent in 2021. Gen Z workers, those born in 1997 or later, were the “most restless,” with one out of four respondents say they hope or plan to leave their current employers within the next six months.
The largest pay bumps are most seen in sectors like construction, audit, finance and mining, where labour was in high demand. For those finance and professional services jobs, a lot of that has been driven by the fact that borders have been shut and so these global firms have not been able to bring in workers from overseas.
That said, accounting firm owners are said to be spending much more on staff in the foreseeable future. Not only they have to offer higher pay to attract talents, they have to offer better benefits to current staff so that they won’t leave for rival firms.
And for accounting firms that are unwilling to spend more on staff as it is no longer financially beneficial, maybe it’s time to look at alternatives like outsourcing.