How to retain staff amid the turbulent economic climate of 2023

Employers may believe they’ve braved the ‘Great Resignation’, but in 2023 it’s set to be harder to hold onto employees than ever before.

The post-pandemic malaise that saw many quit their role has now given way to a number of underlying economic factors affecting the jobs market. A combination of the rising cost of living, soaring interest rates and slower wage growth is set to have more of your staff canvassing their employment options than ever before. 

With unemployment in Australia at record lows, not only will it be harder to find new staff, but it will also be more costly. All of this will in turn, also push salary demands from your incoming candidates. That’s also not factoring in training and recruitment costs.

Put simply: in 2023 companies will yield substantial savings from retaining talent rather than replacing it.