A recent study by HR technology leader HiBob revealed that medium-sized Australian companies are displaying remarkable resilience amidst the global economic downturn.
The research indicates that 40% of these organizations are actively pursuing expansion by increasing their workforce.
Among these organizations, 48% are focusing on recruiting professionals for their operations teams. Additionally, 26% are aiming to enhance their customer support departments, while 21% are directing their efforts towards expanding their IT workforce.
These statistics underscore the strong confidence that medium-sized businesses currently possess as they navigate the uncertain economic landscape. Notably, only 46% of these companies report having made personnel-related cutbacks in response to the economic downturn. Furthermore, just 42% anticipate implementing a hiring freeze in the near future.
These insights stem from HiBob’s “Growing Pains” report, which delves into the impact of the global economic downturn on HR professionals within medium-sized Australian organizations (companies with workforces ranging from 100 to 2,500 employees). The report examines the effects on areas such as employee well-being, job security, company culture, gender pay equity, and more. It also outlines the top priorities for HR teams in the coming year as they navigate through economic uncertainty.
This positive news follows research by the Australian Bureau of Statistics, which reveals that larger and medium-sized enterprises are facing greater challenges than small businesses in terms of finding suitable staff.
Damien Andreasen, HiBob’s Vice President for the Asia Pacific and Japan region, based in Australia, remarked, “While many might assume that businesses have battened down the hatches to weather the economic downturn, our observations suggest a different story. Australia’s medium-sized enterprises are actively pushing back against the economic challenges, demonstrating a determination to expand despite the prevailing conditions.”
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