Discover This Month – February 2023
Global economies have seen drastic changes over the last 3 years since the beginning of the COVID-19 pandemic. Changes that no crystal ball could have predicted.
Now post pandemic the world has started to see some recovery and some are slowly emerging from chaos. In Australia we are not immune to these shifting economic times so in this edition we examine more closely what that means to our economy and job markets.
Some of the issues started with supply chain shortages worldwide that saw businesses crippled by a lack of materials to work with such as silicon chips and electronic components.
Transportation of goods and then the limited access to manpower due to lockdowns, social distancing and those directly affected by illness have all affected job markets.
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On all corners of the globe including some of the biggest economic players like the UK and the USA, inflation is rapidly elevating and interest rates have followed suit. Again these are things that the Australian economy was not protected from as international trade and business has moved into a recession-ready status. As the prospect of the US avoiding a recession in 2023 looks unlikely, how will Australian ride out the economic uncertainties?
Cutting back spending in many forms is first and foremost on the financial agenda, regardless of the size or scale of businesses in 2023.
It’s usually the first action of businesses to tighten their belts. Staff pay cuts and reducing staff levels are another way for those that feel they can not ride out the current climate and need to act immediately.
Employee perks and sweetners could make way for more long term tangible investments that yield long term results; such as staff training and upskilling, equipment and software purchases, making sure the most value is being utilised with the existing workforce.
Investment in software technology and process improvements can increase efficiency now and later can reduce man-hours but organisations need to be mindful that this is not a knee-jerk reaction.
But wait, it’s not all doom and gloom. With every challenge, a new opportunity comes to light. The improvement of access to information and technology proves to be an essential key to reducing costs and steering businesses towards improved efficiencies. Over the past years in Australia we have seen more government support, business subsidies and grants to help companies weather the storm. While this support helps the staffing shortage for technical and skilled talent is still an ongoing concern and is something that keeps leaders up at night.
In this current climate investing in employees is top of mind for management and we don’t mean perks such as gym membership and free coffee. Those that consider a 4-day work week, ongoing flexible arrangements, training and education options and flexible work times appear to be successful in holding on to their key players. A recent Linked-in survey mentions that over 59% of workers are considering moving employers with employment conditions and money and conditions still the biggest factors.
With a candidate short market it’s important that companies and organisations retain their key staff members. The goal is to slow attrition and hold your status as a great place to work. Treasure your staff that show loyalty and willingness to help steer the company through these uncertain times. A dual challenge exists, retaining great employees and backfilling those that may already have moved on.
It’s a great time to pause and work out what is possible and make a firm plan to address any issues that stand in the way of you attracting more talented, skilled workers and holding on to those you have already.
Consider some of the following suggestions:
If keeping hold of your key staff in these economic times is a priority for you we have lots of strategies and ideas that can help you do so. Speak to us about implementing some of these strategies.
Get in touch.
Anyone can be forgiven for wondering what 2023 will bring.
We still have our usual suspects of skills shortages, rising costs and economic uncertainty and shifting money markets abroad; it has been reiterated to us that everything is connected. Although our island home is often immune to difficulties faced overseas, in today’s world and economy, we too need to consider tightening our belts and at least be prepared for the road ahead.
There is no need to be alarmed. Job markets seem to move in waves and we have seen this candidate short, low unemployment situation before. Things will change, that is for certain. A space, no matter how challenging, offers room to grow and mature for everyone.
However the challenges present themselves to your organisation, at Recruitment Central, we are ready.
With a strong portfolio of talent across an array of industries and sectors, look no further when it comes to finding the right candidate for your business’s needs.
We are constantly sourcing and interviewing candidates from all various levels of experience, backgrounds and skill levels. This keeps our database full of people who have been interviewed and are ready to work.
We look forward to how 2023 develops and are here to partner with you on your recruitment needs.
As always we would love to hear from you if you think we can be of assistance or if you have seen one of our many candidate profiles on social media.
From the team at Recruitment Central, we wish you a fruitful start to 2023 and look forward to bringing you more insights in our newsletters throughout the year.
Cheers
Sandra
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