A top employment expert has warned Australians to brace for mass layoffs at their companies as bosses look to dramatically change their work structure.
Employment lawyer Jonathan Mamaril says the Great Resignation is about to make way for the Great Sacking.
Mr Mamaril forecasts by year's end wages will fall and retrenchments and redundancies will rise.
He says that businesses are moving to correct a culture of staff overpayment, which was a result of Covid, as unemployment rates were at a historic low in 2022 and businesses had to offer lucrative salary packages to secure staff.
The NB Employment Law director says mid-to-large size businesses are restructuring their workforce as they look at ways to cut costs.
'The first major wave of the wages correction cycle is likely to hit just before Christmas, extending into the first quarter of 2024,' Mr Mamaril told The Courier Mail.
'Overpaid employees will be the first on the chopping block. In many instances, desperate businesses were forced to pay 30 per cent above industry and job level averages to secure staff.'
The Great Resignation was forecast to hit Australia at the end of 2022 and see as many as 2million workers quit their jobs within a six to 12 month period due to burnout, fatigue and dissatisfaction within their workplaces.
Allianz Australia released data showing job satisfaction had plummeted with 42 per cent of workers experiencing fatigue or burnout and 34 per cent struggling to cope with increased workloads.
Mr...
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