Quality of jobs vs quantity in COVID recovery
JobKeeper has certainly provided a lifeline to millions of Australians throughout the worst of the COVID-19 pandemic.
However, with the subsidy set to end later this month, will Australia head toward a ‘fiscal cliff,’ in terms of the official unemployment and underemployment rates?
In a recession, economists have tended to focus on the quantity, rather than the quality of jobs, but perhaps we should instead focus on job quality if we are to recover in a stronger position post COVID?
Experts have suggested that a ‘better’ job can result in a lower rate of turnover, lower absenteeism, and even improve the health and wellbeing of workers and their families.
Further, the Australian OECD asserts that quality jobs are an important driver of increased labour force participation, productivity and economic performance.
So, what is a quality job?
To measure job quality, we would consider pay and benefits, as well as non-economic factors, such as terms of employment, nature of the work and wellbeing.
At JK Personnel, our focus has always been on the quality of work available to an individual, because we believe this will ultimately lead to a stronger and more productive business, and a more resilient local economy.
If you’re looking to grow your business, or fill a new, or vacant position, find out more about JK’s recruitment services here.