Australia Millions of people are quitting their jobs. But will Australia miss out on ‘The Great Resignation’?
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Think you deserve better than your current job? You’re not alone. A record number of American workers — 4.3 million— are leaving their jobs in what has been dubbed “ “.
Australian employers are nervous that the trend could spread across the Pacific, as it has to. There is growing evidence that an increasing number of workers are fed up and looking for new opportunities. , and estimate two in five Aussies feel this way, while suggest it could up to three in five.
But maybe don’tand storm out just yet. While Aussies might feel similarly dissatisfied, there is a reason to believe they might not rip their aprons off at the same rates as their overseas counterparts: our government isn’t on their side.
Net zero: Will Australian climate plan cost jobs and push up prices?
With his government undecided on a net zero by 2050 target, Mr Morrison on Friday announced he would attend the COP26 climate talks in Glasgow at the end of this month. His decision came as the Queen - Australia's head of state - was recorded on a hot mic criticising world leaders who 'talk but don't do' and Aussie comedian Dan Ilic booked satirical adverts mocking his lack of climate action in New York's Times Square.
The pandemic has made working life harder for many, reinforced the preciousness of social activities and leisure, and reminded us that life is short. This has prompted many people to reassess their current employment deal and look around forand conditions like ongoing remote work, more paid leave, and flexibility of hours to catch up on lost holidays and family gatherings.
It’s getting hot in here
Job dissatisfaction alone doesn’t result in mass walkouts. Plenty of miserable people stay in dead-end jobs for a long time. To finally quit, workers alsothere are better alternatives out there.
Most people’s ideal alternative is a better-paying job. But over the last three decades, many Seek searches have not been plentiful. That’s because ofto keep it that way.
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Since the 1970s, officials have worried that a “hot” economy with too many job opportunities would force employers to pay their workers more to secure their loyalty, and that this upward pressure could kick off an inflationary spiral. To dampen workers’ expectations, governments kept a tight rein on unions, public sector jobs and welfare benefits, and many central banksto prevent too many businesses from expanding and hiring.
But this approach emerged discredited from the global financial crisis, and now the Biden administration has. The US Federal Reserve, under Trump’s surprisingly good chair nominee Jerome Powell, has to hike interest rates to cut job opportunities, even as inflation rises. And the Democratic majority in Congress, meanwhile, has been writing trillion-dollar cheques to create jobs in social services, infrastructure, green energy and more.
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The result: there are nowthan unemployed workers in America, which allows applicants to be choosy. New York Times journalist Ezra Klein has the “take this job and shove it” economy. When employers began whingeing that they couldn’t attract or retain workers with their usual payrates, President Biden bluntly : “pay them more”.
Morrison doesn’t want ‘jobs and growth’
There are signs Australia could be heading in a similar direction. Those who have accumulated “COVID savings” will soon start splashing the cash, which will increase the number of jobs and their pay rates — just ask thewho offered over $40 base rates for recent “Freedom Day” shifts in Sydney and Melbourne.
The Reserve Bank has also pledged toto try to lift employment and wages. And Treasurer Josh Frydenberg has indicated than he previously thought possible.
A big factor in employment decisions is the dole — if it’s too low to live on comfortably, jobseekers must jump at the next available position instead offor a better one. Yet Canberra has on liveable welfare payments as vaccination rates rise, even though many venues still face .
Where Have All the Workers Gone?
The U.S. economy is booming, but there’s a mysterious hole in the labor force.Not Frank Herbert’s magisterial sci-fi epic novel, or Denis Villeneuve’s new and reportedly sumptuous film adaptation. I mean David Lynch’s infamously bewildering 1984 movie version, which is remembered mostly for being a semi-glorious mess. Like that space oddity, today’s economy is too strange to neatly categorize as “clearly great” or “obviously terrible.” You keep waiting for it to just be normal. But it stays weird—big economic indicators point in conflicting directions—so you have to accept that nothing is going to make sense for a while, and maybe it’ll be okay.
The Morrison government alsothe Fair Work Commission’s recent minimum wage rise, unlike and in the UK. Australia’s recovery spending has also been far less ambitious than our major allies, as the PM seeks another “business-led recovery”. Finally, the Coalition is keen to help their mates in industries like agriculture by of temporary migrant workers, even to help the sector avoid raising wages to attract local workers.
Much of our present jobs growth is being eaten up by. And once the post-lockdown splurge runs out of puff, the lack of government support will likely dampen workers’ confidence to take career risks.
Labor has promisingly suggested aif it wins the next election, though why further investigation is needed while other nations make concrete changes remains unclear.
In the meantime, one can only hope the Coalition’s intransigence isn’t strong enough to stop “The Great Resignation” from arriving on our shores. Otherwise Australians could be stuck at their same old desks with their same old pay for many years to come.
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Millionaire explains why 'Great Resignation' won't happen in Australia .
Fred Schebesta, the co-founder of financial comparison group Finder, has explained why 'The Great Resignation' that is sweeping the US won't be replicated in Australia.Fred Schebesta, the co-founder of financial comparison group Finder, said there was a fundamental reason why Australian workers would not be copying the US.