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A recent report has revealed alarming figures that show Aussies are working harder than ever to stay afloat, with one-third working multiple jobs amid a cost-of-living crisis.
HR tech company Employment Hero has released its inaugural Annual Jobs Report, which found that one in three Australians and 56 per cent of 18- to 24-year-olds work multiple jobs.
Employment Hero CEO Ben Thompson said: “It’s a signal people are making big personal trade-offs to cope with the cost of living.”
The study was conducted by Employment Hero over 12 months, using real-time data from more than 350,000 businesses and 2.5 million employees worldwide, and was combined with a YouGov survey of 3,635 participants.
Transformation of the workforce
The provider said: “The workforce is undergoing significant transformation, shaped by generational shifts, cost-of-living pressures and new expectations around work.”
Based on its findings, over half of Aussies and 68 per cent of young workers “prioritise stability over progression”, with only 1 per cent who said they will work for a start-up.
“Employment of people aged 55 and over has been declining slightly since the beginning of last year [which] ... may also indicate that ‘ageism’ constitutes a barrier to the employment of older Australians,” Thompson said.
The report also found that nearly a quarter (24 per cent) of Aussies and a third (33 per cent) of young workers believe that AI has already lowered job availability.
“While 71 per cent of Australians feel confident adapting to new technologies, confidence is far higher among younger workers and those in larger businesses,” it said.
“Australians are trading ambition for survival, and second jobs are no longer a choice but a necessity.”
Our youngest workers
“Gen Z are driving the jobs boom, with employment for 14- to 17-year-olds up 27.6 per cent and 18- to 24-year-olds up 16.6 per cent in the past year,” the HR tech company said.
Independent economist Saul Eslake explained: “The continued rapid growth in employment of people aged under 25 may owe something to the recent pick-up in employment in the retail, hospitality and tourism sector.”
According to the report, “these younger Australians are also putting in longer hours, averaging 23 per week, up 6 per cent on last year.”
“Over the past 12 months … average hours worked [have slowed] as employers adapt to the rising cost of operations,” Eslake said.
Thompson said: “The pace of change is accelerating, and that’s an opportunity for small businesses to get ahead.”
