Home topics news Credit: Christina @ wocintechchat.com News News A worrying trend for the workforce Yajush Gupta March 28, 2024 Australian workers face conundrum: longer hours, lower wages, and stagnant growth, reveals SME index. Although Australia’s workforce saw a 1% increase in median work hours last month and a 2.3% annual uptick, Employment Hero’s SME Index reveals a concerning trend: wages have declined by -1.3%. This discrepancy hints at potential underemployment among SME employees, with median hours worked dropping by 2.8% in the past month and declining by 8.2% quarterly, while employee growth remains stagnant at 0.3% monthly and 5.1% annually. Additionally, the index highlights challenges faced by Australia’s aging workforce. Employees aged 65 and older experienced a notable month-on-month increase of 10.4% in work hours, possibly driven by financial strain. Despite these hurdles, Australia’s overall employee growth remains resilient, averaging a monthly increase of 0.4% and an annual growth of 6.7%, aligning with ABS’s latest unemployment figures. However, the median hourly wage paints a less optimistic picture, dropping to $38.08 in February, despite an impressive annual growth rate of 7.5%. Particularly noteworthy is the Science, Information, and Technology sector, which saw a significant month-on-month drop in hourly rates by -4.8% to $57.12, indicating broader economic shifts affecting various industries. Small businesses showing signs of struggle The strain is most acute among small businesses (between 1 and 19 employees), with the Index data indicating this cohort is not only seeing slowed employee growth of 0.3 per cent MoM and 5.6