Home topics workplace Credit: Australians For AI Safety News Workplace News Cost of living concerns spark talent retention challenges for SMEs Yajush Gupta October 10, 2023 The persistent challenges of rising living costs and evolving employee priorities are exerting continuous pressure on business leaders and HR teams, as per the latest findings from Reward Gateway’s industry research. According to the Australian Talent & Engagement Report, the workforce is increasingly open to new opportunities if their current needs are not met, with a staggering one in three Australians actively searching for or intending to seek new employment within the next year. Key drivers for this restlessness include poor compensation (cited by 61% of respondents), excessive workloads (mentioned by 51%), and unsatisfactory company culture (noted by 48%). Furthermore, one in four employees currently seeking new job prospects or planning to do so this year express feelings of being unrecognized by their current employers. A noteworthy 25% of Australians are biding their time, waiting for economic conditions to improve before embarking on job searches, while 53% admit that the mounting stress stemming from the escalating cost of living is negatively impacting their job performance. Dissatisfaction leading to employees staying in roles primarily due to economic concerns is contributing to increased attrition, financial strain, reduced productivity, overworked teams, and heightened disengagement. In the midst of a fiercely competitive job market, longer lead times and amplified hiring costs, as well as constrained HR budgets, Australian employers are grappling with substantial challenges related to talent attraction,