The start of a new year provides a range of opportunities to businesses, and the latest figures suggest many are optimistic about what the future has in store.
The 2013 ACCI – Westpac Survey for the December quarter revealed how expectations are good for the next six months, as companies hope to expand operations and take on more staff.
In fact, the outcome in the General Business Expectations index is the strongest for almost three years, showing 2014 could signal a period of change for firms all over Australia.
Elliot Clarke, economist at the Westpac Banking Corporation, offered some insight on the figures, suggesting businesses may be seeking to maximise the value of their workforce.
"At present, firms look to have put a halt to job shedding, but are seeking to maximise the productivity of their current staff," he commented.
There are various ways in which companies can achieve this goal – carrying out training needs analysis can help establish what direction your staff want their careers to take.
Providing regular training not only keeps the workforce on top form, but also provides opportunities for further development that could ultimately benefit the organisation as a whole.
Additional statistics from the ACCI – Westpac Survey show businesses expect to become more profitable over the coming months, particularly as wage cost pressures start to ease.
However, companies in some sectors such as manufacturing are finding it difficult to pass on cost increases through higher selling prices, so the net outcome for average selling prices still remains relatively soft.
Companies are under more pressure than ever to keep an eye on costs, which is why it is so important to invest in current members of staff.
Taking on new employees can prove costly and time consuming, so why not make sure your workforce is receiving the training it needs.
Why not click here for a free custom-branded demonstration of PeoplePulse to find out what your employees want?