In some ways, the global financial crisis was good for businesses. For the first time in a decade, the power pendulum swung back towards the employer as skills shortages softened and employees became thankful they had a job. Even the ordinarily impatient Gen Ys became extraordinarily loyal. But it looks like things are about to change.
A joint Australian and British survey released a few months ago by the Chartered Institute of Personnel and Development revealed that more than one-third of employees want to change their careers once the global economic crisis is over. This was backed up, albeit more alarmingly, by the principal of an American think tank, the Human Capital Institute, who told a Melbourne HR conference last week that 80 per cent of employees are ready to resign once the employment market picks up.
And this is happening sooner than anyone predicted. As the Australian economy bounces from one piece of good news to another, the unemployment rate stubbornly refuses to give the federal Coalition something tangible for which to attack the government.
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