Employee wellbeing plunges from COVID, financial concerns

Australian employees are suffering financially, physically, and mentally, according to a new report from Gartner, which found that overall employee wellness is on a decline.

Gartner's Global Talent Monitor Survey, which included responses from 992 Australians, found that overall employee wellness dropped to 34.5% in the fourth quarter of 2022 (4Q22).

This decline is reflected on the financial, physical, and mental wellness dropping to their lowest points in more than two years, according to the report.

For Australians, their financial wellness dropped to an all-time low of 22.5%, while their physical wellness also fell to an all-time low of 25.3% in 4Q22.

The timing of the decline is consistent with the fourth wave of the COVID-19 pandemic, according to Aaron McEwan, vice president in the Gartner HR practice.

Australia's fourth Omicron wave ended in late February after lasting around 19 weeks, longer than the previous waves that lasted around 12 weeks, according to the country's Health Department.

In addition to the pandemic, Australians are also battered by additional financial stress, McEwan said.

"It's not just about increased workload or burnout, Australians are battling high interest rates and the fastest growing annual increase in the cost of living since 1990," the executive said in a media release.

He predicts that this could trigger a spike in cases of quiet quitting among staff.

"They're likely to do the bare minimum this year, with many telling themselves there's more to life than work," he said.

Business confidence declines

Meanwhile, the Gartner report further found that Australians' business confidence also declined to 44.5% in 4Q22, down from the 50% in the first quarter.

Perceptions on job availability also declined for the first time since 1Q22 by 0.4%, with active job search behaviour decreasing by 1.6% during 4Q22.

But what could make employees leave their organisation? The report found that the drivers of attrition for Australians are:

1. Manager quality
2. Respect
3. People management
4. Compensation
5. Location
6. Work-life balance
7. Recognition
8. Co-worker quality
9. Health benefits
10. Ethics

Meanwhile, what factors would lure employees to another employer? The report found the following drivers of attraction:

1. Location
2. Work-life balance
3. Respect
4. Compensation
5. Vacation
6. Co-worker quality
7. Stability
8. Recognition
9. Ethics
10. Job interest alignment

McEwan said the rankings suggest that the workforce is undergoing a "human-centric workplace era."

"The human-centric revolution is set to disrupt life and work for the long-term," McEwan said. "Good leaders know people can't run marathons all the time. Instead, organisations should focus on small sprints, flexible working conditions, and providing access to meaningful wellbeing and psychological support."