Finder co-founder Fred Schbesta explains why The Great Resignation won’t take place in Australia

One of Australia’s richest young entrepreneurs believes ‘The Great Resignation’ is a myth but admits Covid restrictions will bring permanent changes to work.

Fred Schebesta, co-founder of financial comparison group Finder, said there was a fundamental reason why Australian workers wouldn’t copy the US.

“I don’t think we’ll see as dramatic a Great Resignation in Australia as what we’re seeing in the US,” he told the Daily Mail Australia.

‘We have better labor laws, higher wages and a different work culture.’

The lengthy lockdowns in Sydney and Melbourne have left many professionals working from home and having to reassess their top priorities in life while seeking greater flexibility.

One of Australia’s richest young entrepreneurs believes ‘The Great Resignation’ is a myth but admits Covid restrictions will bring permanent change at work. Co-founder of the financial comparison group Finder, Fred Schebesta (pictured, center) predicted that Australia is unlikely to see the same level of layoffs as the US

It can still be difficult for bosses to retain staff, as 38 percent of Australian professionals plan to quit their jobs next year, according to a survey of 1,800 people from professional services firm PricewaterhouseCoopers.

Covid lockdowns in 2020 had created a sense of uncertainty, with the proportion of Australians changing jobs last year at the lowest level since 1972.

Only 7.5 percent of workers quit their jobs in the year to February 2021 to take up another job.

But despite Covid restrictions, an economic recovery fueled predictions that Australia would copy the US, where four million workers laid off in April.

Due to the high layoff rates, the number of job openings reached 10.9 million, the highest number since the U.S. Bureau of Labor Statistics began collecting data on available jobs in 2000.

Mr Schebesta, 40, who made The Australian Financial Review’s Young Rich List at number 29 with an estimated net worth of $340 million, said Australian bosses would have to let their staff work from home if they wanted to keep them.

“It’s a new standard for workplace culture, where some of the people want to work from home permanently, and that’s great for both companies reducing overheads and people to have a better work-life balance.” he said.

Mr Schebesta said he allowed his own staff to work from home and build a new life in a regional area, where real estate is more affordable, rather than having to commute to Sydney city center every day.

It can be difficult for bosses to retain staff, as 38 percent of Australian professionals plan to quit their jobs next year.  Melbourne suburb of Prahran)

It can be difficult for bosses to retain staff, as 38 percent of Australian professionals plan to quit their jobs next year. Melbourne suburb of Prahran)

“Some Australians are moving to regional areas, taking advantage of cheaper real estate and working from home,” he said.

“We see this through some of our crew as well.”

A rise in real estate prices, to levels beyond the reach of millennials, also encouraged more investment in cryptocurrencies such as Bitcoin

“We are seeing greater adoption of alternative investment options by younger people, such as cryptocurrency, which will likely be a result of many being pushed out of the real estate market,” said Mr. Schebesta.

In the year to October, Sydney’s median home price rose 30.4 percent to an even more affordable $1.33 million, new CoreLogic data showed.

But Mr Schebesta, 40, who made The Australian Financial Review's Young Rich List with an estimated net worth of $340 million, said bosses would have to let their staff work from home if they wanted to keep them (he is pictured in the city of Sydney). from his company office)

But Mr Schebesta, 40, who made The Australian Financial Review’s Young Rich List with an estimated net worth of $340 million, said bosses would have to let their staff work from home if they wanted to keep them (he is pictured in the city of Sydney). from his company office)

Even with a 20 percent down payment of $266,753, someone paying off a $1,067 million mortgage on their own would have to make $178,000 a year to avoid falling into mortgage stress, where he owed the bank six times what he earned.

Now that even saving for a mortgage is an impossible dream without parental help, Mr Schebesta said many young people lacked confidence in traditional work and investments to finance a home.

“Just like in the US, we’re seeing record numbers of people starting new businesses and sideline business during the pandemic,” he said.

“They’re looking for ways to increase their wealth and traditional ways are just not an option, such as super-low savings accounts and real estate.”

What to do before you stop

1. Remind yourself – add all your experience and skills to your resume and LinkedIn profile

2. Reflect – look at your overall career and life goals and what has been good and bad in the past five years

3. Research – look closely at what you could learn (short courses including personal skills, not just technical skills), ask (seek impartial professional guidance) and find (meaningful evidence)

4. Check out – all your options (you may want to complete this process on a fun vacation) and consider what you can do part-time to test the water

5. Done – as best you can, make sure you take ongoing steps in line with your bigger plan, knowing that every small step is part of your progress (an ongoing coach or mentor can also be helpful)

Source: Sue Ellson

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