Research Finds Money Most Important for Job Seekers

Rising living costs and other financial difficulties are prompting Australians to prioritise salary over perks and convenience when choosing jobs, a study recently found.

The research by LinkedIn revealed 53 per cent of Australians are motivated to look for new job opportunities in search of a better salary, while less than 20 per cent were motivated by better perks and benefits.

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LinkedIn director of talent solutions Jason Laufer said the number of people chasing more money was up on recent years and it comes at a time when 89 per cent of talent is prepared to move for the right role.

“The reason the majority will leave an organisation is poor leadership, but second to that is compensation,” Mr Laufer said. “Candidates want to know who they are working for, what the structure is and what they will earn.”

The research also found that 74 per cent agree that when a recruiter reaches out, information regarding the estimated salary range is essential. In addition, 37 per cent had moved to their current role because of the higher salary on offer and 55 per cent had successfully negotiated a more favourable salary package than was initially offered.

“In Australia, housing affordability is at an all-time low. Childcare and other costs of living are more expensive than ever, especially in our capital cities. Salaries need to be able to cover that,” Mr Laufer said. “Great work life balance is also important, along with inspiring leadership and a sense of purpose within that organisation. If that can be coupled with an attractive package it would be ideal.”

Overall survey insights indicated Australians don’t see themselves as likely to stay in jobs as long as previous generations, with 89 per cent saying they were interested in hearing about new opportunities. In fact, 28 per cent saw themselves leaving their current roles within a year, while 50 per cent would be motivated to look for a new role if they felt they weren’t being challenged.

Meanwhile, further research found that 87 per cent of employees would like annual salary reviews.

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