Career change on hold as pandemic prompts workers to stay put in job
- Workers retrenched, rather than leaving jobs of their own accord in 2020.
- Number of retrenched workers rose by 60% in 2020.
- Proportion of workers voluntarily changing jobs fell from 26% in 2019 to 21.7% in 2020.
Only one in five workers voluntarily sought to change jobs at the height of the pandemic in 2020, compared to one in four the previous year.
The most common reason why employees left their job in 2020 was due to being retrenched, rather than leaving of their own accord, with data from the Australian Bureau of Statistics showing a 60% increase in retrenchments during the height of the pandemic.
The data indicates that workers were holding onto the job they had during the pandemic, as they sought to weather the impact of the economic downturn.
There is good news for workers, with the V-shaped economic recovery fuelling jobs growth and pushing job vacancies in Australia to record highs.
You can read the full story at Grafa
THE WEEK AHEAD
TUE | 13th July | 1130 AEST — NAB Business Confidence (June)
Did business conditions in Australia continue to slide in June as COVID-19 outbreaks emerged across the country?
TUE | 13th July | 2230 AEST — US Core Consumer Price Index (MoM) (June)
How are US consumers responding to economic recovery in terms of its impact on the price of goods and services?
THU | 15th July | 1130 AEST — Australia Employment Change (June)
Despite growing COVID-19 outbreaks across the country, did the number of Aussies heading back to work continue to surge in June?
THU | 15th July | 1200 AEST — China Gross Domestic Product (YoY) (Q2)
Did the world’s second largest economy continue its exponential growth trajectory in June as it speeds through recovery from the global pandemic?
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