The big four firm says there is no “productivity crisis” and recent lacklustre results can be explained by the workforce shake-up caused by the pandemic.
Already a subscriber?The return of overseas workers will allow businesses to sack low-performing staff, reduce labour hoarding and boost productivity, which will all contribute to the jobless rate rising to just under 5 per cent, according to KPMG.
Chief economist Brendan Rynne said there were signs productivity growth was picking up in the United States, and given the “economic parallels”, Australia should follow suit in the coming year. Businesses were also worried about worker shortages and therefore more likely to hoard labour, including low-performing employees. At the same time, existing employees were promoted to senior positions they were not adequately skilled for, meaning they were less productive than their predecessors.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why KPMG employs four full-time ‘prompt engineers’Amid warnings that AI could destroy millions of jobs, the emergence of prompt engineers offers an insight into the type of job the technology might create.
Read more »
Tasmanian power prices set to rise by 0.5pc as regulator hands down decisionTasmanian power prices will remain almost unchanged for the next 12 months and, when combined with state and federal government rebates, consumers could see an overall reduction.
Read more »
Why Hayne’s convictions were quashed - and why he might not face a retrialA series of messages on social media were at the heart of Jarryd Hayne’s successful appeal against his sexual assault convictions.
Read more »
Why Hayne’s convictions were quashed - and why he might not face a retrialA series of messages on social media were at the heart of Jarryd Hayne’s successful appeal against his sexual assault convictions.
Read more »
Why Hayne’s convictions were quashed - and why he might not face a retrialA series of messages on social media were at the heart of Jarryd Hayne’s successful appeal against his sexual assault convictions.
Read more »
KPMG consulting firm appoints ex-RAAF officer as part of halved partner intakeKPMG has announced a significantly reduced intake of new partners as it pivots away from generalist consulting.
Read more »