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Signs that the “Great Sacking” has started

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First came the Great Resignation, but now there are signs that businesses are about to begin the Great Sacking, to cope with economic headwinds

For the past 18 months, workers around the world have been signaling they’ve had enough. From burnout to worker fatigue, thousands have handed in their notice and in many cases taken that once in a lifetime trip.

Only two years earlier they would have been deemed mad to quit their high-flying corporate job, to step off the career ladder and venture into the unknown.

On their side was a record-low unemployment rate, and rising wages as businesses tried to lure fewer and fewer available workers.

But now there are signs that the good times for workers are coming to a sudden and dramatic end.

The great sacking

Amidst new forecasts indicating the impending ‘Great Sacking,’ a Brisbane employment lawyer, Jonathan Mamaril of NB Employment Law, urges workers to abandon quiet quitting and brace themselves for uncertain times.

The pandemic-induced rise in wages and the escalating cost of living have pushed employers to reevaluate their payroll structures, seeking ways to cut expenses.

One critical cost factor that has surged is the Wage Price Index (WPI), which gauges labor costs. Over the past three years since March 2020, the WPI has escalated by 1.5 per cent, reaching a peak of 3.7 per cent, the highest since September 2012, after a slight dip during the pandemic’s early stages.

Wage growth has also surged, with the private sector witnessing a 3.8 per cent increase and the public sector a 3 per cent climb between September 2020 and March 2023. The Average Weekly Earnings Report reveals that the average adult earns $1875.20 weekly, subject to the type of work, sector, and any overtime worked.

To cope with these mounting costs, mid-to-large sized businesses are now contemplating restructuring and redundancy strategies to curtail company spending.

Mr. Mamaril predicts that the first major wave of the wages correction cycle will likely strike just before Christmas, extending into early 2024. Overpaid employees may be the first to face lay-offs, especially those earning 30 per cent above industry and job level averages due to businesses’ desperation to secure staff.

Furthermore, positions that can be outsourced, such as administration, human resources, and marketing roles, are also at risk of being eliminated.

The situation calls for vigilance and readiness as the workforce braces for potential workforce reductions and restructuring in the coming months.

Telstra redundancies

Big companies are now trying to keep investors happy, amid higher costs.

Under the leadership of Chief Executive Vicki Brady, Telstra has made a significant move by cutting nearly 500 positions, marking its first major round of job cuts.

The telecommunications company is reducing staff across its enterprise unit, with the majority of the 472 affected roles located within the telco’s enterprise workforce.

These job cuts are part of Telstra’s ambitious goal to reduce fixed costs by $500 million as outlined in its T25 strategic plan. The plan was initially introduced by former CEO Andy Penn and has been continued under Ms. Brady’s leadership.

A Telstra spokesperson confirmed the proposed changes, stating that they aim to reshape the business to maintain competitiveness, efficiency, and effectiveness in their operations.

However, Telstra says there will be no workforce reductions in the Telstra consumer teams responsible for serving customers in stores, over the phone, or at home.

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Money

Boeing face delivery delays following guilty criminal charge plea

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Boeing’s deliveries are down after months of controversy, is it because they can’t make the planes, or because airlines right now don’t want them?

Boeing has agreed to plead guilty to a charge of conspiracy to defraud the United States in connection with the investigation into two fatal crashes involving its 737 MAX aircraft.

Boeing reported a significant 27% decrease in deliveries for June compared to the same month last year, possibly attributing the decrease to the companies ongoing controversies.

Aviation expert Geoffrey Thomas joins to discuss. #featured

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Blockchain sparks a transformative influence in Australia

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Professor unveils blockchain’s role in transforming the economy and innovative projects taking place at RMIT University.

Crypto Corner explores the latest market movements, expert insights and the influence of macroeconomic factors on the crypto industry.

Crypto Corner is hosted by Caroline Bowler, CEO of BTC Markets.

In this episode, BTC Markets CEO Caroline Bowler interviews Professor Chris Berg, Director of RMIT Digital3 and Co-Founder of the Blockchain Innovation Hub at RMIT University. They discuss RMIT’s cutting-edge projects and the transformative impact of blockchain technology in Australia.

Professor Berg shares insights into RMIT’s Digital3 philosophy, which combines research, innovation, and collaboration to drive the digital economy. Learn about groundbreaking initiatives in blockchain, cyber security, and AI, and how these disruptive technologies are reshaping business, government, and society.

Discover how RMIT is leading the charge in rethinking and regenerating the way we work through world-class research and tailored education, offering a glimpse into the future of technology and its potential to benefit both the economy and society. #crypto corner

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From $25K to $1.5M in real estate: expert unveils game-changing strategy for investors

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Empower your property investing with these key tips

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Dean Fraser, Founder and CEO of BrickFloor. #trending #wyld money

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