Economic Update

Economic Update: Part of the Future-proofing your Organisation Event Series

On Wednesday 8th May 2024, Optimal Recruitment & Tayga Consulting jointly hosted a corporate breakfast seminar at Limani’s Seafood
Restaurant in Narrabeen. It was the second of four seminars in our 2024 ‘Future-proofing your Organisation’ series. These seminars
are specifically aimed at Northern Beaches organisations or executives who live on the beaches but work elsewhere. A big thank you to our guest speaker Paul Bloxham who led an engaging, thought-provoking seminar with some great Pre-Budget 2024 Insights.

Here are some key takeaways from the event:
Global inflation is easing, and major central banks are expected to cut interest rates soon, supporting growth. At
the same time, a record number of elections around the world means considerable geopolitical uncertainty.
In Australia, inflation is heading in the right direction, albeit more slowly than elsewhere. Growth has been
supported by a surge in inward migration.
Housing supply remains a challenge as does productivity. That said, falling inflation and tax cuts are expected to
support a pick-up in consumer spending in the second half of 2024. The next move for the RBA is likely to be
down, but it might be some time away yet.
The cost of running a business has increased by 6% however productivity has reduced by 2% with this in mind we
have put together 8 tips to help improve your productivity at work

  1. Practise self-care
    Self-care is about looking after your physical, mental and emotional well-being. What this looks like will vary
    from one person to another. You may enjoy curling up with a good book at the end of a busy day, while your coworker prefers to walk the dog. You do you. But everyone should recognise the importance of healthy eating,
    regular exercise and a decent night’s sleep.
  2. Start a to-do list
    Chances are you already have a list of tasks you need to complete. If not, start one today! There are different
    methods to explore, including a classic written or typed to-do list. If you’re into online scheduling, you might
    choose to block out time on an electronic calendar or digital task manager. Or you could take one priority task
    from a longer to-do list and write it on a Post-it which you then stick somewhere visible (no missing it then!)
    Whatever method you choose, make sure you define your priorities – What is urgent? What can wait? – and set
    yourself daily goals.
  3. Identify peaks and troughs
    Are you an early bird, who gets a lot done in the first couple of hours of the working day? Or do your energy
    levels start to peak later after morning tea and a strong coffee? Or maybe you’re more able to focus in the late
    afternoon. Different people work better at different times of day. It’s important to identify when your peak and
    your trough are so you know the best (and worst) times to tackle those priority tasks.
  4. Minimise distractions
    Mobile phones, Internet browsing, conversations with co-workers, noise . . . there are so many distractions in the
    workplace (and at home), it’s a wonder any work is done! Not only do distractions impact on the length of time
    you take to complete a task, they can also affect the quality of your output. By carving out a quiet space and
    focusing on the job at hand, you can enhance your productivity. Save the catching up with co-workers for your
  5. Take regular breaks!
    Yes, it might seem counterintuitive, but regular breaks really can enhance your productivity! If you feel that
    you’ve sat for ages at your desk and not got much done, chances are you need a breather. You might choose to
    have a warm drink and healthy snack, chat with some co-workers, or go for a walk around the block. Try to avoid
    additional screen time especially if you’ve just been working on a device. Your eyes and your brain need a break.
  6. Redesign your workspace
    Is your workspace conducive to working? If not, there are a few simple things you can do to enhance it. Consider
    a supportive office chair and ergonomic keyboard for starters. And natural light combined with direct-indirect
    artificial light, where necessary. And go green! Plants can help purify the air, reduce stress and encourage
  7.  Set boundaries
    If you’re overloaded with work, you’re likely to feel overwhelmed and stressed. Nothing is going to get done on
    time. Learn to say ‘no’ especially if the request is outside the scope of your regular activities. Let people know
    you don’t have time to take on new tasks. Setting healthy boundaries is good for you and good for your
  8. Delegate tasks
    Rather than taking on too much yourself, delegate! Consider who else in your team has the skills and experience
    to complete the task. There will likely be a few people eager for the extra responsibility and the opportunity to
    grow in their role. You can still provide input and guidance when necessary.

Focus on being productive rather than busy. You’ll be surprised at what you can achieve in your working day!

If you are interested in being involved in our next seminar series, please contact the Optimal Recruitment team
today on or 02 8416 4181