Young Australians are not flourishing in the workforce as they should be and the bottom line of Aussie businesses are being affected.

New research by Skillsroad, Australia’s leading youth and careers platform, has found that our young people are “just doing ok”, with the data suggesting that average levels of well-being are not only affecting our youth but also the bottom line of Australian businesses.

Commissioned by Apprenticeship Support Australia (ASA) the Skillsroad 2017 Youth Census links average levels of wellbeing to high job turnover, the national skills shortage, increasing university and vocational dropout rates, and a myriad of employment issues.

“The fact that young people are ranking pay as the most important consideration when applying for a job shows that young people are likely to prioritise money over career paths that they’re genuinely passionate about, increasing the chances of them ending up in a career they don’t enjoy and impacting their confidence and resilience,” said ASA’s managing director Darren Cocks.

“Given, when an employee resigns, it can cost as much as 400 percent of their salary, the cost of churn is a heavy burden for many companies.

“Pursuing careers that are intrinsically important to young people is far more likely to result in engaged staff who enjoy their work, have fewer sick days, benefit from higher levels of wellbeing and are therefore more likely to stay longer.”

The census confirmed that parents possess a huge amount of power in shaping the careers of young people, as they were ranked the most likely person to turn to for career advice.

“We need to supply parents with information and tools so that career conversations are positive, unbiased and comprehensive,” Mr Cocks said.

“These conversations need to happen early and present youth with all the options so they have the best chance of choosing the path that suits them, makes them happy—minimising the risk of a false start—and increases wellbeing.

“As a community, we need to be mindful we are not pushing anyone career pathway—whether it’s because of a lack of resources or a misguided belief that one tertiary system is better than the other—we need to encourage young people to find out what truly interests them and plays to their strengths.”

52.3 percent of young people still at school are planning to attend university, despite fears of financial hardship for some and a lack of jobs in some sectors after graduation.

Only 15.8 percent are considering VET pathways— including apprenticeships and traineeships—despite VET graduates being more likely to be in employment post completion than university graduates.

Apprenticeship Support Australia and Skillsroad are supported by the Business Chamber Movement in Australia; representing the interests of over 300,000 businesses.