Half of employees considering career change

Half of employees say they are willing to switch careers in the next 12 months, according to recruitment firm Robert Half.

The top reason why staff have said they are willing to change jobs is to improve their work/life balance as they feel their current role does not suit their lifestyle, which is a leading factor across all generations.

Older generations are generally prioritising work/life balance, while the youngest generation has put financial motives at the top.

Money Management previously spoke with advice firm Invest Blue, which implemented a nine-day fortnight, and head of people and culture Kasey Patterson said the structure reported success across all metrics. 

“We set key measures of success that we wanted to monitor over the trial period, all of which trended in a positive direction, which was an outcome that we were looking for. After the six-month period, we implemented it as an ongoing people benefit. After 12 months, all the metrics were looking the right way which included quantitative metrics as well as a survey we did asking our staff about morale, motivation and work/life balance.”

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Half of employees to the Robert Half survey said they would change for a greater earning potential, interestingly this was lowest among Millennials at 46 per cent, despite this demographic being early on in their careers compared to Gen X or Baby Boomers.

Research by Hays found financial advisers typically earn between $95-120k nationwide while a senior financial adviser can earn $110-150k with the highest salaries for both roles found in New South Wales.

Reasons which were cited less by staff were lack of advancement opportunities (26 per cent) and greater job stability (29 per cent).

The recruitment firm’s survey of 1,000 full-time workers in Australia found those in Victoria were most likely to switch at 62 per cent, followed by 56 per cent in NSW, and 54 per cent in Western Australia. 

Nicole Gorton, director at Robert Half, said: “In today’s economic climate, we’re seeing a significant uptick in professionals re-evaluating their career path.

“The uncertainty and volatility of both work and life over the past few years have spurred many to seek new opportunities for growth, stability or better alignment with their values. The traditional notion of staying in one career for life is fading. People are realising that many of their skills are transferable, and that a career change may offer them a fresh start and a better future.”

However, 44 per cent of staff said they would be hesitant to risk a change at this stage of their career. 

She recommended employees to undertake research of possible new career fields to understand any necessary skills or qualifications they may need and be prepared that they may need to undertake further education or even start again from scratch. 

For employers, employee retention could be helped by offering a flexible workplace and opportunities for professional development. 

In a recent adviser report from BT Financial Group, it highlighted that finding and recruiting staff was a challenge for 76 per cent of firms, and 56 per cent identified a challenge with staff retention. 

Alisdair Barr, founder and CEO of Striver, said it is important for firms to have good career plans for their employees to deter them from leaving, especially when recruitment has been flagged as being a difficult task.

“Understand where people want to go and remunerate them properly. While it isn’t always about money, it is important that you are having a conversation with them, working on their career plan, and providing them with the best opportunity to learn and grow in the business.”

A separate report from Iress and Deloitte which specifically surveyed financial advisers flagged that 21 per cent of the surveyed advisers said they were likely to switch careers or retire in the next 12 months. Three-quarters of those looking to depart were advisers aged under 40.