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could mean more social unrest. the big boss of global recruitment firm robert waters tells me what companies are demanding of new recruits as they try to keep profits flowing. also, is travel the answer to our economic woes? expedia is one of the biggest travel firms, its big boss will tell me if all that pent up demand is still strong enough to keep us opening our wallets. wherever you arejoining me from, a big hello and welcome. january, it s the time of year when many of us take stock of our lives, and that often involves looking at our careers. is this the year to find a newjob? well, it might not be that easy in 2023. the global economy is teetering on the edge of recession, that s according to the world bank. and a growing number of companies are battening down the hatches and cutting jobs to get through the impending storm. big names are making the headlines, particularly evident in the tech sector, where the likes of amazon, microsoft, facebook s parent meta, an ....
accepted an error with his taxes was careless rather than deliberate . now on bbc news, talking business. hello, welcome to talking business. let s take a look at what is on show. as the global economy falters, is 2023 shaping up to be a year of big drop offs? a growing number of major companies are already laying off workers in their thousands, so our employers also now taking back control of pay and conditions? i will hear from the head of the un international labour 0rganisation about why the globaljobs market is under pressure and why that could mean more social unrest. the big boss of global recruitment firm robert waters tells me what companies are demanding of new recruits as they try to keep profits flowing. also, is travel the answer to our economic woes? expedia is one of the biggest travel firms, it s big boss will tell me if all that pent up demand is still strong enough to keep us opening our wallets. wherever you arejoining me from, a big hello and welc ....
What i m seeing and hearing from my clients, companies are reluctant to obviously let people go unless they have to. clearly, they need to manage cost space and some people are losing jobs. people have realised how difficult it has been in the last two years to secure and retain good people. we are seeing increased off shoring because of generally the wage inflation, so the us, uk high cost locations. so, we are seeing opportunities particularly in places like india, manila, where actually, some of these eastern european locations as well, but seeing people now looking at skills which perhaps can be utilised in other lower cost jurisdictions. we still have these shortages across the globe, so actually i feel reasonably positive about this year i m not suggesting it will be an easy year but i don t necessarily think we are in the same place we were perhaps in the great financial crisis, which was a very different experience. on that point, a pleasure ....
And clearly doing what you can as a responsible employer to support that, but recognising the general overall cost base. correct me if i am wrong here, toby, but your company focuses on professional office jobs. in the us, that picture is under pressure as companies try to cut costs, letting go some of their labour force, its back office, its management. whereas obvoiusly keeping the front line workers, you know face to face. i m just wondering, thosejob losses in the office, the back office, etc, will that eventually feed through to possiblyjob losses in other areas? so i think broadly, what i m seeing and hearing from my clients, companies are reluctant to obviously let people go unless they have to. clearly, they need to manage cost space and some people are losing jobs. people have realised how difficult it has been in the last two years ....
At the specific sectors that many of the clips were highlighting, it was in the energy sector the, the price at the pump, but also meat and food industry companies. and what we have seen is that profits have been going up because volumes are going, but the margins have been going up as well which means that prices have been going up faster than the rate of growth in the cost space. unilever did say in their earnings this week that they expect their profit margins to decrease quite significantly in 2022, neil. so while i do think there s been some merit to the argument that there has been excess profit taking over the last 12 months, i think 2022 could be the year where it actually catches up now to the negatives to some of the companies that have seen the [inaudible] over the last year. neil: you know, the only thing that worries me aside from this being a political show as much as we just try to look at the ....