By now, you’ve no doubt heard of the great resignation that is happening worldwide. You may even be part of the great resignation, and we want to make sure that your finances can handle this new change in your work life.
What is the great resignation all about?
The COVID pandemic has changed our lives, but one of the biggest and longer-lasting impacts is around the work-life balance. Working from home and remote learning has forced many to rethink the importance of “office dwelling work”. While many employers are asking their employees to come back to a more traditional work environment, many are wondering if this is something they want. The pandemic made working from home, spending more time with family, and generally having more flexibility around work-life balance a topic of importance to employees. Some employers are embracing it, while others are fighting against it, which is causing “The Great Resignation” as employees look for work with companies embracing the change.
As stated in this excellent article from SmartCompany.com, “More than 15 million Americans (and counting) have quit their jobs since April 2021. The estimates vary, but some say 25% of women are contemplating leaving the workforce altogether, while others estimate 40% of the global workforce is looking to make a change in their job.”
Great Resignation Australia
Australia will not be immune to this trend, with many Australian companies getting ahead of this and making flexible work arrangements already.
If your employer isn’t embracing this “new normal”, you might be looking to move on. Are your finances, and maybe more importantly, your mortgage, ready for this change?
Getting Financially Ready
Speaking to an expert about your mortgage and finances is a great start. Adjusting any projections for a change of income will mean you can mitigate budget surprises later.
When it comes to finding a more flexible job, Danny King, founder and principal of Sydney law firm Danny King Legal told The Australian, “Check the money. Start with the minimum payable under the National Employment Standards and then double-check any applicable modern award, enterprise agreement, contract, and policy. Point out any errors your employer has made and ask that they confirm you will be paid the correct amount.”
No matter what side of the great resignation debate you fall onto, it is something of great cultural significance that will affect investing, employment, and keeping you on the journey to #LessDebtMoreLife.