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Recession planning essential for businesses as customer behaviours start to change
Last updated: November 2, 2022
Insight into what should businesses should be doing to prepare for the current macroeconomic climate, including research from Qualtrics outlining how customer and employee behaviours are changing.
Workers in Australia are looking for new jobs, asking for extra shifts, and switching to cheaper brands as everyday expenses eat up a bigger chunk of their paychecks according to research from Qualtrics.
“As budgets tighten, people across Australia are searching for ways to meet the rising cost of living, from finding ways to increase their salary through to spending less on discretionary items and switching to cheaper brands,” says Crissa Sumner, Employee Experience Solutions Strategist for Australia and New Zealand, at Qualtrics.
“If businesses fail to recognise and respond to these changing behaviours they risk customer churn and unexpected employee departures – two things no organisation wants in the current environment,” Sumner says.
“With inflationary challenges set to continue through 2023, organisations that can confidently identify and meaningfully respond to changing customer and employee behaviours will be well placed to navigate the months ahead.”
Read more at Forbes.com.au.