Written by
2024 has presented Australian businesses with a unique set of challenges: rising living costs, interest rate hikes, and the complexities of returning to the office. Despite these headwinds, organisations built on trust, fairness, and purpose have shown remarkable resilience.
Overall Workplace Satisfaction
While overall workplace satisfaction has slightly dipped from 80% in 2023 to 78% in 2024, certified Great Place to Work® organisations continue to outperform their peers. These certified workplaces have maintained higher levels of employee engagement and innovation, highlighting the enduring power of strong workplace cultures.
Company Performance by Size
- Large Companies: Have maintained a steady 62% satisfaction rate, demonstrating resilience in a fluctuating market.
- Medium Companies: Have experienced a decline, with the best-performing medium-sized companies dropping from 73% to 66%. A notable performance gap is emerging between top-performing and average medium-sized businesses.
- Small Companies: Show the strongest positive trajectory, with top-performing small companies increasing from 81% to 83%.
- Micro Companies: Remain the highest-performing category, although they have experienced a slight decline from 95% to 91%.
Smaller organisations appear to be outperforming larger ones, suggesting that agility and closer employee connections may be key advantages in today’s workplace.
Workforce Demographics
- Generational Composition: Millennials and Gen Z make up 67% of the workforce. Despite generational differences, trust in leadership is a universal priority.
- Part-Time Employment: Has increased by 1% over the past 12 months, with a significant proportion of part-time workers in leadership roles, particularly women.
- Gender Leadership Gap: Female representation in executive roles has decreased by 1%, highlighting the ongoing challenge of gender disparity in leadership positions.
Employee Engagement Drivers
- Remote Work: Has positively impacted work excitement, colleague effort, and work-life balance.
- Purpose and Pride: Employees who feel a sense of purpose and pride in their work are significantly more likely to recommend their workplace, stay long-term, and rate their organisation as a Great Place to Work.
Flexible work arrangements and a strong sense of purpose are emerging as powerful drivers of employee engagement and retention.
By understanding these trends, Australian businesses can adapt to the evolving workplace landscape, foster strong workplace cultures, and attract and retain top talent.
The post Key Trends Shaping Australian Workplaces in 2024 appeared first on Small Business Connections.
