Millions of Australians are taking on second jobs to cope with the rising cost of living, but a new report shows how discouraging this is for some.
Talent company Randstad has revealed the grim reality Australians face in a new report.
After surveying more than 6,000 workers and companies, Generation Z was identified as “high risk” for burnout, with those born between 1997 and 2012 now juggling multiple jobs or increasing work hours in a bid to improve your financial security.
Mikaela, 25, works numerous jobs to meet her financial responsibilities. Image: supplied.
Victoria’s Mikaela Copland is among those working multiple jobs to offset cost-of-living pressures.
The 25-year-old works three jobs in total, two part-time positions within the arts industry and occasional shifts through an app called Sidekicker.
Copland said that regardless of his ability “so far” to juggle numerous jobs, it is “unlikely” he will be able to continue working three jobs long-term.
“Maybe I can keep it up with the casual side of things, but probably not with the other two. I think it will be one or the other in the next year,” she said.
The hard-working Generation Z splits her time primarily between a music marketing role at Music Victoria and running her own talent management company and influencer marketing agency, Tall Poppy Management.
While Sidekicker doesn’t “guarantee” shifts, Copland said the app was ideal for integrating gig work alongside her two other, less flexible jobs.
“I usually do a shift at the Festival Hall through him (Sidekicker), as a ticket taker or usher when it suits me,” he said.
He manages his conflicting work schedule by maintaining a “meticulous calendar.” He said it’s also important to stay on top of your budget.
“I would say about 70 percent goes to the essentials and then the last 30 percent, I try to divide it between, you know, maybe one thing that I would really like,” he said.
Generation Z has been identified as those at “high risk of burnout” when trying to cover cost of living increases. Image: supplied.
Despite annual wages growing 0.5 per cent in the first quarter of 2024, many Australians are still feeling the impact of the cost of living, with the report revealing that one in eight Australians are actually receiving compensation for inflation .
Along with one in five, approximately 2.6 million people, are now considering taking on a second role to meet their financial responsibilities.
Women and older workers were identified as the “most likely” to be left behind, with two in five Australians not receiving any financial support from their employer in the past two years.
This comes at a time when the vast majority of Australians, 88 per cent, are also not being compensated for the costs of inflation.
To cope with the rising costs plaguing the nation, Coplan said he tries to save the money he earns from one job and the other to “live.”
“I’m a little worried about the future, obviously, the fact that the rent has no limits and is constantly increasing,” she said.
“I’m trying to have a job where it’s like my savings and I don’t really touch it, and then the other one that I can live off of,” Ms. Copland said.
The REBR report outlined federal budget forecasts that expect unemployment to rise to 4.5 per cent in 2025. Image: NCA NewsWire David Crosling.
The report also found that the “biggest” concern among respondents was “fear of dismissal” as changing roles could lead to unemployment.
“Although worse off financially, Australians are unwilling to take the risk of changing roles as last-in, first-out concerns loom large,” the report details.
With a strong focus on “prioritizing” work for companies believed to be “operationally and financially secure,” the report also showed the top ten winning companies across the country.
Pip Dexter, Deloitte Australia’s chief people and chief purpose officer, said the organization was “proud” to be ranked number one this year and to be recognized for its “financial health and good career progression” among respondents.
“We know our people come to Deloitte to do meaningful work, develop their skills, learn from others and develop their careers. Our continued commitment to inclusion and equity creates an environment where people can thrive,” he said.
Copland said that while he has seen some changes in debt payments, such as HECS debts, he hopes to be able to get a job in the next few years.
“I feel like the recent HECS announcements are a step in the right direction, but I’m not really sure what it will do in the long term,” she said.
“You know, the two rates that are going up now could keep going up and then we would be in the same situation.”
While Deloitte took the top spot, up 38 places from last year’s ranking for “most desirable employers” by 2024, it was followed by IAG Australia and the New South Wales Department of Communities and Justice.
