As we look to 2022 and beyond, one has to wonder if 2021 presented more questions than answers, our march toward a new normal somewhat unsettling but also, affirming. 2020 was the year of uncertainty, world leaders and topical experts clamouring to contain and better understand the scourge that is COVID-19. It appears that our way forward now is through high vaccination rates, to which, Australia has responded admirably.
In something of a positive segue, in 2021, Nexia International showed that by honouring its core values, good things can and will happen. Our emphasis on relationship building and the provision of high-quality services saw our global network become the 8th largest accounting network in the world. Furthermore, lead by former Nexia Australia and current Nexia International Chairman, Ian Stone, our network won the prestigious Network of the Year award at the Digital Accountancy Awards 2021 event. The award recognises Nexia’s delivery of initiatives promoting our brand proposition, virtual knowledge sharing and technological adoption and innovation. We couldn’t be prouder of our collective efforts.
Australia’s economy in 2022
The Reserve Bank of Australia (RBA) appears cautiously optimistic by the prospect that inflation is tipped to rise to pre-pandemic levels and remain inside its target band. However, this scenario assumes a wage growth rate of 3%, requiring a delicate balancing act. We shouldn’t automatically assume targets will be met but for business planning, this provides helpful guideline moving forward.
Supply chain management has become a hot topic of conversation. The past two decades have seen organisations focus on developing financially efficient supply chains, where COVID demonstrated the importance of deep supply chain thinking.
A phenomena labelled “The Great Resignation” may be upon us. In short, professionals (predominantly) in the 30-45 age bracket are feeling the effects of burnout on their mental health, and en masse, will resign looking for better work-life balance. Effectively, employees are looking for more flexible working arrangements which include the option to perform work remotely. Literature suggests these employees (arguably, all employees) place significant emphasis on how an organisation treats its employees and the continued development of organisational culture.
Australia is tipped to suffer an employment skills shortfall of some 830,000 workers by 2024, our formerly high migration rate masking over some of the structural imbalances in not only our labour market but also, training and education systems. For instance, the mining sector is facing a serious deficit in mechanics, which for those who’ve visited a mine site, understand the significance of such a shortage.
With the call for more flexible working arrangements and the installation of remote working opportunities, the subject of excessive screen time and its effects are beginning to materialise. Through COVID-19, the use of social media applications, messaging, video conferencing and online team networks, became dominant factors in how operations continued, and how people stay connected through socialisation efforts. Nonetheless, how we choose to (or not) use screens, connecting with both clients and contemporaries, will prove instructive. As I like to say, get out from behind the screen to in front of it—your clients will thank you for it.
