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Media Brief - July 2015

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The purpose of this monthly report is to provide you with an opportunity to better understand recent news at both a macro & micro level, to understand topical trends covered in the media around the economy and the contingent workforce - both locally & globally, and to discuss how these may impact business in Australia and New Zealand.

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Media Brief - July 2015

  1. 1. A CXC Global Knowledge Initiative Monthly Media Brief Employment | The Economy | Contract Work July 2015
  2. 2. INTRODUCTION The purpose of this monthly report is to provide you with an opportunity to better understand recent news at both a macro & micro level, to understand topical trends covered in the media both locally & globally, and to discuss how these may impact business in A/NZ. 1
  3. 3. THE ECONOMY The following, a summary of the coverage around the economic outlook for Australia for the period: August – mid September 2015.
  4. 4. ECONOMIC GROWTH Some sectors forecasting slow growth despite 2 interest cuts during the first half of the year. However, bright spots are seen in some sectors like in Housing and Construction A Listless growth due to slower transition Investment transition from Mining to Non-Mining C Will make Australia the biggest exporter in the world LNG – 2nd Biggest Export B This sector benefits from record low interest rates Booming Housing and Construction C A B
  5. 5. NAB & RBA NAB’s quarterly business survey shows patchy longer-term outlook for business, but improving near term indicators A B C D Business Confidence Business confidence was up in calendar Q2, the highest since calendar Q3 2014, increasing business confidence outside of mining A Oil Price Movements Oil price movements have been bearish in June & July B International Events Sour Investor Interest Poor investor interest due to: correction in Chinese equity markets, Greece’s high-profile economic instability lead-up to the conclusion of a nuclear deal between Iran & world powers C RBA Soft on Expected Growth The RBA has gone soft on expected growth: it believes the dollar has been over-valued and is adjusting to conditions D
  6. 6. IMF VIEWS The IMF has warned of a slowing of Australia’s economy in the absence of drastic tax reform. They suggest a tax reform that includes: Broader GST Paul Bloxham (HSBC AU and NZ) Chief Economist recommends the government moves away from policies that “distort economic decisions”, such as income taxes, and towards more “efficient” taxes such as GST. Ending Capital Gains Discount Each year the cost of the CGT exemption on the main residence costs the federal budget more than Defense, Education or Medicare according to the Main Residence Exemption Report Ending High-End Superannuation Concessions Provision of massive taxation concessions the highest income earners causes the Budget to lose billions of dollars of forgone revenue BroderGST 1 ZeroCapitalGains 2 Zerohigh-endsuperannuation concessions 3
  7. 7. JOBS OUTLOOK The following, a summary of the coverage around jobs outlook for Australia for the period: July 2015.
  8. 8. JOBS OUTLOOK Employment Decline HighUSJob Openings Increase in jobs in June Jobslostfrom TechBoom A B CD RBA Forecasts Decline in Unemployment NAB believes this is consistent with improvement in the non-mining economy, which in GDP terms, and overall demand, is being masked by the weakness in mining A Record High US Job Openings US job openings are at a record high considering no increase in attritionB 10.8% Increase in Job Ads in June YoY The latest rise was below the 14% recorded in May, a month that showed the strongest increase in more than two years C Technology Boom Costs Jobs An estimated 5 million jobs in the next 15 years will be lost with. Up to 40% of workers may need to reskill to be employable. Estimates are much higher in rural & regional areas D
  9. 9. Contingent Workforce Coverage
  10. 10. NEW VMS FOR ATO Fieldglass nominated by ATO as its VMS for managing contingent labour. It will replace multiple existing processes and approaches with Fieldglass to manage contingent labour and the ICT Statement of Work (SOW) Panel arrangement. The ATO aims to achieve: Greater efficiencies in identifying and remobilising resources. Enhanced contractor engagement, retention and performance Improved industry engagement A B C Strengthened accountability and transparency through the procurement process. On-going, sustained cost reductions D E A B C D E F
  11. 11. US JOBS & EMPLOYMENT Use of performance based contractors vs. fixed term • An increasing trend in the US with the belief that performance based will reduce the percentage of failed agreements with contractors US Tech companies converting contractors to employees • Shyp being the latest – a service that helps customers’ ship products around the country • Their belief is employees will provide a more consistent experience • The decision will likely add pressure to the entire start- up industry to address the employment status of its contract workers. Misleading data on worker classification numbers • Potential mislabeling causing misleading data on worker class numbers in the US • Surge of 32 million workers in 13 years whilst number of self-employed and part-time workers dropped • Provides the contract landscape and a difficult measurement stick
  12. 12. AUSTRALIA WORKFORCE SOURCING Beeline’s acquisition of Onforce are working towards the first self- sourcing solution for enterprise companies, via this new plugin A EMPLOYEE ADVANTAGE Company’s or MSP’s requisition through Beeline’s VMS, sends requisition to staffing agencies, as well as invite independent contractors to apply directly B REVIEWS REMOVED Deloitte’s head of people & performance in Australia (Alec Bashinsky) is running a global program to rid the business of performance reviews as he believes ongoing informal performance and appraisal feedback loop will be better C
  13. 13. Sources Economy & Jobs: 1. The economy 2. The RBA 3. NAB business outlook 4. NAB Oil market outlook 5. IMF views on Australian economy 6. Decline in unemployment at odds with RBA estimates 7. Job openings up in US but talent not quitting 8. Technology boom costing jobs 9. Job ads up in Australia Contract Work: 1. ATO/Fieldglass 2. Techs turning contractors to employees 3. Performance based contracts 4. Mislabeling worker types 5. Deloitte ditches performance appraisals
  14. 14. SOMETHING INTERESTING IS HAPPENING… UBER 1 The world’s largest media owner creates no content FACEBOOK 2 The most valuable retailer has no inventory ALIBABA 3 The world’s largest accommodation provider owns no real estate. AIR BNB 4 The world’s largest taxi company owns no vehicles
  15. 15. Contact CXC Global Level 6, 9 Hunter St Sydney NSW 2000Address: Phone: Web: E-mail: +61 1300 724 082