The latest Randstad Workmonitor, a leading global indicator of jobseeker confidence and mobility, has risen to its highest level since 2011 as more Australians believe they will be in a different role six months from now.
The findings shed a different light on expectations of softening labour statistics, with workers remaining optimistic of their ability to find alternate employment despite data showing rising unemployment and a fall in job adverts.
The Randstad Mobility Index, which currently sits at 111 and is reflective of the level seen in January 2011, is also far higher than most other nations with Britain and the USA both registering a 105 rating and New Zealand registering only 100.
Interestingly, workers aged between 25-34 are the most confident, with this age group registering a score 13 points higher than the national average. Employees aged over 55 were the least optimistic and registering the same score as the New Zealand average.
The Randstad Workmonitor, commissioned by recruitment and HR services specialists Randstad, surveys over 13,000 people across 32 countries each quarter and is a leading indicator on employee intentions and confidence levels globally.
Steve Shepherd, Group Director of Randstad, says, “While the mobility rating may reflect the same figure as early 2011, the factors behind the high score are significantly different than they were two years ago.
“The high mobility rating recorded this quarter is fuelled primarily by two main factors, a lessening sense of job security coupled with the continued strength of the jobs market. While employees don’t necessarily believe they will be with the same employer in the next six months, they remain confident they will be find work elsewhere.
“This is slightly different to the high figures seen in 2011, when post GFC, the Australian economy was one of the strongest globally and unemployment was nearing record lows. However, what is clear is Australian workers still hold faith in the local jobs market. While Thursday’s ABS Labour Statistics might show a slight softening in employment figures, local workers still appreciate its comparative strength globally,” says Shepherd.
Despite this faith in finding a new role, the Randstad Mobility Index also shows a growing number of Australians are feeling insecure in their current job. Almost two thirds of Australians (62%) believe job security no longer exists in the current market, with this diminishing sense of job security being felt most amongst older workers.
Young employees are slightly more optimistic, with only 50% saying workplace security is a thing of the past.
Despite this high figure, Australians enjoy a greater sense of job security than most counterparts within the region. Eighty five per cent of workers in Hong Kong believe there is no such thing as job security, while 71% of Singaporean workers, 70% of Chinese employees and 68% of Malaysian workers also believe the notion of security has faded.
Steve Shepherd says the strength of the local employment market remains a major distinguishing factor between the Australian market and our regional neighbours.
“It’s clear Australia’s continued low unemployment rate is driving the upward trend in employee mobility. It’s interesting to compare this to our closest neighbours, who are equally as insecure in their current roles but don’t have the confidence in their ability to find an alternative position in the short-term.
“It could also be a sign of the increase in passive jobseeking in the local market – people who aren’t actively jobseeking but would be interested in knowing more about a relevant position. This is when executive search and headhunting techniques are used.
“When faced with shallow talent pools, employers often look to a range of sourcing techniques which give people more confidence in their prospects in the open market,” says Shepherd.
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