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Economic Trends – What does this mean for your business?

As we approach the end of the Australian Financial year we reflect on what a hugely challenging year it has been for business and wonder how we can plan for the foreseeable future with any clarity and confidence. Without doubt we anticipate post COVID-19 the “new” normal will be vastly different from the “old” normal impacting business decisions about business structure, processes, use of technology, nature of employment, including office accommodation requirements.

 

Federal and State Government assistance packages have been fundamental in assisting with keeping people in work and (some) businesses operating however we all share some trepidation about the medium to longer term as this support is wound back over the next few months.

 

The Australian Financial review mentions the economic pain is expected to continue through fiscal 2021 and prompts questions like:

 

  1. Will you be optimistic or pessimistic about period 2021 – 2023
  2. Can you plan to recover business to pre COVID-19 levels
  3. What is the “right size” and employment mix moving ahead
  4. What challenges and opportunities exist in reviewing Supply Chain arrangements
  5. Do you have the necessary job competencies in your business to take a bold approach to future opportunities
  6. Will general credit worthiness be less reliable and trade terms extended

 

And many more questions…

 

Addressing Human capital issues will be pivotal to successfully navigating a sustainable and successful business – and career passage through the next few years.

 

A recent EY publication predicts by 2030 that the economy will make the duration of employment shorter as workers shift from a ‘career mentality’ to a ‘project mentality’. The worker of the future will also have significantly more jobs over their careers with a lower tenure than they do today.

 

Workforce Planning for Executive, Professional, Technical and Administration will be fundamental to delivering your business plan and mitigating operational and balance sheet risk – Our Interim Solutions Division is able to assist.

 

Options Consulting Group welcome you to open discussion on how we can support your business needs with our proven talent management strategy. Call Claire on 03 9693 9300, for a confidential discussion. Alternatively, forward your details to cfitzpatrick@optionsgroup.com.au.

 

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