- March 10, 2021
- Posted by: NorgayHR
- Category: Uncategorized
As JobKeeper Ends, What Lies Ahead?
With JobKeeper payments scheduled to end on March 28, the Australian business community is abuzz with ‘what ifs’.
What if it’s ending too soon? What if we can’t get back to pre-COVID activity levels? Heavens, what if we all fall off the financial cliff?
This anxiety is understandable. The federal government’s monthly JobKeeper payments have helped many businesses, along with their employees, weather some exceedingly difficult times during the extended lockdowns of 2020.
Yet signs of positive growth are emerging as businesses push back against these economic challenges. Australian business leaders have shown themselves to be hugely resilient – and intent on getting back to ‘business as usual’ during 2021.
Australian economy set to bounce back
Unlike much of the rest of the world, Australia has kept the pandemic largely under control. On March 5 this year, Australia had zero locally acquired cases and only six new overseas acquired cases. There were 78 active cases across the entire country
Factor in the national vaccination rollout now underway, and Australia is well placed to move ahead in 2021 with far fewer obstacles in its path.
As reported by the Australian Financial Review, Reserve Bank of Australia Governor Philip Lowe claims the economy has ‘turned the corner’. He anticipates unemployment rates peaking at around seven or eight per cent later in the year.
Prime Minister Scott Morrison also says more than two million people and 450,000 businesses have already graduated from the JobKeeper program, while JobSeeker enrolments have moderated.
And for those worried about JobKeeper ending, there may be more options. According to ABC News, the federal government is being urged to consider other possibilities – including targeted wage subsidies for vulnerable industries like tourism and hospitality, and government loans to businesses finding it hard to recover.
Leveraging employee trust to move ahead post-COVID
The Edelman Trust Barometer 2021 shows that employers are one of the most trusted leadership groups in Australia today.
As AdNews reports, 78% of those surveyed placed trust in their employers – more than business generally (63%), NGOs (62%), government (61%) and media (51%).
According to CEO of Edelman in Australia, Michelle Hutton, increasing numbers of Australians have reached out to their employers for “guidance, reassurance and information they can trust”. By leveraging this strong bond, business can look to deepen their engagement with employees in a post-COVID era.
Our survey another vote of confidence for business leadership
Norgay HR’s own survey, undertaken throughout 2020, also shows employees have real faith in their business leaders. Respondents showed more than 90% agreement that their leadership team had been accessible, communicated well and managed pandemic arrangements in a caring way.
More than 60% were also keen to try a ‘hybrid’ model of combined office and home-based work going forward.
While challenges no doubt still lie ahead, ask us how we can help you develop greater resilience and momentum in 2021!