Cost of living woes trump worker satisfaction

Disclosure:Ā Lifestyle Wealth Partners Pty Ltd and its advisers are authorised representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.Ā General Advice Warning:Ā Any information on this website is general advice and does not take into account any person's objectives, financial situation or needs. Please consider your own circumstances and consider whether the advice is right for you before making a decision. Always obtain a Product Disclosure Statement (If applicable) to understand the full implications and risks relating to the product and consider the Statement before making any decision about whether to acquire the financial product.

Four in five working Australians are more concerned about living costs than job satisfaction.

Research by tech company SafetyCulture details challenges facing frontline industries amid several years of inflation.

It found women workers to be more concerned about the impact of the cost of living, with 85 per cent focused on price spikes compared to 75 per cent of men.

Across both genders, 79 per cent of the more than 2000 employees and managers who took part in the study flagged increasing prices as their biggest worry, over any workplace dissatisfaction.

Hospitality and retail staff had the highest level cost-of-living anxiety compared to all others at 84 and 80 per cent respectively.

Chief product officer Sam Byrnes said bosses needed to take notice of how economic conditions were impacting staff.

ā€œFrontline workers are telling us they feel unheard, overstretched and compromised,ā€ he said.

ā€œOn top of this, there is a strained relationship between employees and management that isnā€™t conducive to a healthy workplace culture or optimal outputs.

ā€œItā€™s time businesses woke up to the fact that listening to people on the frontline is one of Ā the fastest ways to improve the bottom line.ā€

When surveyed workers were asked what could improve the relationship between management and frontline employers, better pay and benefits came out on top.

Again, female respondents placed greater emphasis on this, at 58 per cent female versus 55 per cent of men.

Sixty five per cent of Gen Z workers said better pay and benefits would improve the relationship compared to 51 per cent of Boomers.

The majority, 76 per cent, of Aussie workers are dissatisfied with some aspect of their job.

Among these, the primary reasons are unreasonable expectations leading to burnout, 37 per cent, slow responses to resolving issues or risks, 36 per cent, and pressure to cut corners to save time or money, 33 per cent.

Ā 

Holly Hales
(Australian Associated Press)

Ā 

0

Like This