As the cost of living continues to rise in Australia, more workers are leaving their jobs for better pay, now more than ever before, according to a survey conducted by National Australia Bank (NAB).

In its quarterly Changing Workplace report, NAB results show that the rate of Australian workers intending to leave their jobs had gone up in the last quarter from 21% in the third quarter to 24% in the fourth quarter. In the last quarter, 8% had changed jobs, while one in three had over the last two years.

As for the reason workers are leaving their jobs, the report said the cost of living was showing up as the most important factor in finding a job, with seven out of 10 workers considering it a high priority. Half of those who sought better pay received higher salaries, the report said.

Other notable factors included stability, flexible working schedules, and purposeful work were a priority as well at around 50%.

“As we see pressures of inflation hitting many Australians, I think employee wellbeing will need a very sharp focus. This is a workforce that has just lived through the many challenges of the pandemic,” said NAB Group executive of People and Culture Susan Ferrier.

“Understandably salary is a big factor right now, but we also know through this research and a survey of 13,000 NAB employees flexibility is high on the list,” Ferrier said. “Australians are far more thoughtful about work-life balance since the pandemic and it plays a key role in their job satisfaction. A company’s willingness to accommodate employee preferences goes a long way in supporting their loyalty.”

The survey results also found that when it comes to asking for a raise, men are not only more likely to ask for one compared to women, they are also more confident in getting one.

When asked if they intend to seek a pay bump in the next 12 months, 36% of men said they would, while only 25% of women said the same. On whether they expect to get a raise in the next year, 70% of men said they felt confident versus 60% of women.

In terms of industry, the utilities sector registered the largest number of workers who said they intend to leave at 44%, followed by manufacturing and agribusiness at 35%, hospitality at 33%, and government at 30%.