We’re excited to announce the launch of our annual survey, Executive Outlook 2023. No other survey gives such a detailed analysis of business sentiment in our region, matched against broader trends (this is our 15th year running). Business leaders share insights into the challenges they face, confidence levels, hiring trends and market conditions.
Executive Outlook is recognised as a barometer of the local employment and economic landscape (and a forum to share ideas).
“Excellent presentation, well done – so much research” … “Informative, interesting and very well presented”.
This year, there are so many mixed messages. Treasurer Jim Chalmers has acknowledged that economic headwinds will slow our domestic market and put pressure on the jobs market.
The IMF has downgraded the growth outlook for global economies, against the backdrop of high inflation and turmoil in the banking sector. Financial risks have increased, “yet inflation has not decidedly turned the corner”.
NAB’s business survey found confidence wavered in their March survey. Economist, Alan Oster, said the economy is robust, but signals an impending slowdown.
The housing market is strong, despite a rental crisis, record unaffordability levels and the collapse of multiple building giants. The IMF has warned that Australia has one of the highest levels of housing debt in the world (second only to Canada).
Deloitte’s biannual CFO Sentiment survey showed CFOs are in two minds. Confidence is steady, but CFO’s are wary about the economic outlook. Securing and retaining talent, inflation, the risk of a global recession and data/cyber security emerged as the most pressing concerns.
There is a sense that the wheel will turn, but there’s cause for optimism. Jobs growth and commodity exports are strong, despite interest rate hikes and recession chatter. China has agreed to review tariffs on our barley (hopefully it bodes well for wine, timber and lobster exports). China’s economy has reportedly stabilised, backed up with an affluent middle class attracted to our high value products.
At the same time, COVID’s global supply crisis helped bring home the story of local manufacturing. Many Queensland manufacturers (and their supply chains) are thriving. Distribution centres across the region are booming, despite the prospect of market turbulence.
But back to mixed messages. Unemployment is steady at 3.5%, despite rising wages. The tech sector giants have captured headlines for laying off tens of thousands of workers, following a COVID-led hiring spree. Google’s parent Alphabet Inc announced 12,000 jobs will go as it faces “a different economic reality”. That follows announcements of job cuts at Microsoft, Amazon and Meta/Facebook. How many more businesses will do this if a downturn bites?
It’s instinctive to lean on technology, but the trick is to retain solid people, even if that means a slight profit drop. You will make that back tenfold in the upswing. When the market recovers, you have a resilient team ready to thrive, while competitors bleat about staff shortages.
Executive Outlook 2023 explores how local businesses are faring in these unusual times, with a focus on sentiment, challenges, inflation, market conditions and hiring trends. Last year, we found the stand out constraint was labour shortages (against a backdrop of job switching, counter offers and poaching). A year on, this seems to be easing. This year, Executive Outlook also looks at this theme through the eyes of a cross-section of candidates registered with us. We explore their wish-lists and values in a job, why they stay, why they leave and career aspirations (and scope underemployment trends).
Presented exclusively by Top Office Group, no other survey gives such a detailed analysis of business sentiment in our region (this is our 15th year running). We explore the views of business leaders via in-depth interviews, and present the outcomes to you via our annual networking breakfast in October. If you would like to come on board to share your insights, please call Roger on 3812 2920.