More Australian professionals resigning for jobs with better pay

Professionals who have postponed their career moves during the pandemic are now quitting their jobs for better-paid ones.
By: | December 23, 2021
Topics: Australia | Compensation and Benefits | Health and Wellness | News

This observation was made by the Reserve Bank of Australia (RBA), which said workers were buoyed by the strong labour conditions after pandemic lockdowns were eased.

Minutes of the central bank’s policy meeting showed that professionals working in the private sector were the only category of workers to have wage growths of more than 3% in the third quarter as they were most active and pushed employers for higher salaries.

However, the rise in wages did not extend to the entire private sector. Meanwhile, the wages in the public sector remain stagnant.

The RBA also noted that wage growth had only improved to about its pre-pandemic level. The central bank will continue to monitor whether other workers will also follow suit and change jobs.

READ: Unemployment in Australia falls as pandemic restrictions ease

“The higher rates of voluntary job turnover in some sectors, especially in a tight labour market, could in time lead employers to offer higher wages to retain their workers,” the minutes said.

Border restrictions due to the pandemic are giving workers more bargaining power to negotiate for higher pay, according to The Guardian.