Despite bearish economic indicators, declining GDP figures and an unpredictable international political landscape, Australians remain optimistic about their financial future, heading into 2017 with more workers confident of a pay rise than last year, according to HR and recruitment specialists Randstad.
The latest Randstad Workmonitor Report (Wave 4 2016) reveals that more than half of Australians (53%) are optimistic the national economy will improve in the new year and, in a boost from last year, 57% are expecting a pay rise at the end of the ’16-17 fiscal year compared to 45% at the end of ’15-16.
Over two-thirds (67%) of Aussie workers claimed their employer achieved more robust financial success this year than last year, and nearly three-quarters (73%) expect their employer to perform even better in 2017.
Confidence was highest in workers under 45, with 61% of this younger group expecting the country to have a financially stronger 2017.
2016 had unpredictable political events and short-term economic outcomes. However, despite dire expectations from various experts, workplace confidence has notably increased since last year.
Overall, it can ascertain that Australians are more confident in the 2016 financial results and expect 2017 to be even better.
It can also say that most employees are not expecting an end-of-the-year reward.
The end-of-year period is when people often reflect on their jobs, career plans and long-term future. Thus, rewards and benefits should be considered to boost morale and maintain employee engagement and retention over the holiday period, even if minor.
australian confidence beats asian counterparts
Of the 33 countries surveyed, Australians are considerably more optimistic than many other Asian nations.
Compared with 53% of Australians expecting an improved economy in 2017, only 43% of Singaporeans, 42% of Malaysians and just one-quarter of Japanese respondents were as optimistic.
New Zealanders were slightly more optimistic than Australians, with 59% expecting their economy to rally. 77% of New Zealanders thought their employer would perform better in 2017, 4% higher than Australians.
randstad workmonitor q4 research highlights:
- 67% of Australians said their employer performed better financially in 2016 than in 2015 (62% globally; 71% in New Zealand)
- 73% of Australians expect their employer to perform better financially in 2017 (69% globally; 77% in New Zealand)
- 53% of Australians expect the economic situation to improve in 2017 (52% globally; 58% in New Zealand)
- 57% of Australians wish to receive a pay rise at the end of the fiscal year (53% globally; 57% in New Zealand)
- 38% of Australians wish to receive a one-time financial reward at the end of the fiscal year (49% globally; 32% in New Zealand)