So you want to make money by working less. Well here is an interesting read from news.com.au.
EVERY worker wishes they could earn more money without being chained to their desk all week.
And according to Australia’s top demographer, there’s a growing number of jobs in Australia that offer just that — more money for less work — that most of us have never even heard of.
That’s the take-home message from demographer Bernard Salt, who published an article in The Australian this weekend based on Australian Bureau of Statistics data from the 2016 Census which revealed what he termed the “Income-Effort Equation”.
According to the 2016 Census, Australia has an official 37.5-hour working week, although the average worker claimed to have worked 44.4 hours in the week before the census, compared with an average of 44.9 hours in 2011 when the last census was conducted.
Mr Salt attributed that drop in extra hours to the slowdown of the mining boom, which was in full swing seven years ago.
The latest census also found the median wage for full-time workers was $66,000, a 14 per cent increase from 2011.
The average hourly rate of pay was $29 in 2016, up by 16 per cent from 2011 and ahead of inflation at 10 per cent.
Mr Salt crunched the numbers to find out who was working the hardest and who was putting in the fewest full-time hours each week compared with their income.
He found that Australia’s full-time workers — all 11.5 million of us — could be divided into one of four categories: rich workaholics, worker robots, time-rich cash-poor and rich lifestylers.
Mr Salt told news.com.au most of us would want to be a “rich lifestyler”, as jobs in this category attracted an above-average salary for less than 44 hours of work per week.
But he said in the past, people have instead tended to gravitate towards “stereotypical” well-paying but high-effort jobs in fields such as medicine and law without considering other options.
“There are a whole range of jobs that you’ve probably never heard of that are hard to define … that are emerging that are creative, interesting and highly-skilled and offer by this assessment a good quality of life,” he said.
“When you pull [the data] apart, the people who seem to have the best quality of jobs are those with skills and education who are creative — that’s really where the economy is growing and where jobs are being created.
“If a parent is thinking about what sort of job they should encourage their son or daughter to have, many will still want them to be accountants or engineers or lawyers which is fine, but what people are really looking for is workers with skills — people who are numerate, articulate, resilient and self-confident — and if you cultivate those skills in kids from a young age, they are more likely to gravitate towards better paying jobs with reasonable hours.”
So where does your job fit? According to Mr Salt, these are the definitions of each career category:
These are the people who earn an above-average wage — but work more hours than the rest of us.
They make up one-quarter of the workforce, and include chief executives, school principals, general managers and solicitors.
Drillers and miners, who work a whopping 62 hours each week on average for a median income of $106,000, also fall into this category.
Rich workaholics tend to be skilled workers who are employed in the private sector who earn more money for working extra hours.
These are the unlucky 16 per cent of full-time working Aussies who put in longer hours but also earn a below-average wage.
Worker robots include livestock farmers, crop farmers, hotel and motel managers and truck drivers.
According to Mr Salt, livestock farmers work an average week of 57 hours and earn a median income of just $42,000.
Meanwhile, hotel and motel managers work around the clock and live on-site.
TIME RICH, CASH POOR
Most of us — 37 per cent — fall under this category.
Time-rich, cash-poor workers put in less hours each week but also earn less money.
They include jobs in childcare as well as receptionists, secretaries, packers, call-centre workers, hairdressers and waiters.
For example, receptionists work an average of 40 hours a week and earn an average income of $45,000.
These are the rare workers who are truly living the dream by scoring an above-average income while working less than 44 hours per week.
They make up just 22 per cent of full-time workers — but while you would expect them to be among the most coveted jobs in the country, Mr Salt described them as working in the “unglamorous, hard-to-define, somewhat nebulous work that thrives in corporate head offices and throughout bureaucracy”.
They include information and communication technology managers, sales professionals and business and systems analysts, policy and planning managers and electrical engineers.