Growing trend in AU - Rightsizing preferred option over Downsizing

Australia is facing talks of a potential recession, prompting employers to revaluate their hiring strategies and turnover concerns. Multinational corporations with a presence in Australia are expected to exercise caution in their hiring plans, potentially implementing temporary freezes, taking cues from their counterparts in the UK and US.

Meanwhile, local businesses are shifting their attention towards maintaining their current workforce and filling existing vacancies, rather than creating new positions. Some companies, which experienced a surge in permanent hires in 2022, driven by a combination of heightened business confidence and growth initiatives, are now in a phase of restructuring. Their focus is on optimizing team size and managing workloads efficiently.

In the coming year, we anticipate companies will prioritize enhancing efficiency and maximizing the productivity of their existing employees.