ZaaBiz Blog

While we currently try to purchase the final Christmas gifts, the management of those retail outlets we are frequenting are starting to worry about what will happen in 2009.

Four interest rate cuts in the past months have helped the consumers with their mortgages, another help came to many families with the Rudd year end gift. But what happens next year?

Many analysts believe that we will not see any recovery in the sector until at least 2010. And the big retailers are already sending out signs, that they will have to execute lay-offs and closures of stores, such as announced by Harvey Norman’s chairman.

The forecast is that the first wave of businesses will start going out of business between January and June next year. Which leaves the question of how we could get around this: another interest rate cut is imminent, whether the consumer spends this free cash with confidence is the real unknown.

Shopping in Melbourne

The global financial crisis brings up its difficulties, in particular with jobs in the finance industry disappearing day by day. No matter whether New York, London, Singapore or Sydney, to hold a finance job these days is a risky one.

Sydney CBD on a sunny day

But, we wouldn’t be Aussies, if we wouldn’t have our jokes for this situation - so here we go:

Q: What’s the definition of optimism in the finance sector?
A: Ironing five shirts on a Sunday night.

Still smiling, Anabel.

I have just read on a news-ticker that the number of jobs advertised online and in newspapers dropped sharply in November. They decreased by 8.6% in November from the previous month and more than 18% to the postings a year earlier.

These figures come as no surprise to the analysts predicting a sharp rise in unemployment in Australia in the next months.

Find a new job on ZaaBiz

Our view here at ZaaBiz is that membership numbers have risen drastically over the last months, indicating that professionals also use our business networking platform to actively be in contact with Australia’s business elite. “Business networking has certainly gained impact in Australia in the past twelve months’” explains Michael Brecht, CEO and founder of ZaaBiz, “and we see many new members using our platform to network with other professionals from their area of expertise once they are on board.” We are pretty sure, that some of these links between members are used to find new jobs.

Happy networking!

Keeping up with the world’s financial sector has almost been a full time job of late. And with so much speculation in the past week about interest rates and market trends, it’s sometimes hard to know where to look for practical advice and opinion.

Those who tipped that the cuts would come in at one full percentage point were right on the money (so to speak) with the official 1 per cent cut being announced yesterday.

Finance Minister Lindsay Tanner said the government expected the banks to pass on as much of the rate cut as possible, while the opposition took the hard line, saying that banks should pass on the full cut.

Whatever the next move is for the banks, this rate cut will be a welcome Christmas present for many, following up a month of stronger than expected earnings in the retail sector, and possibly marking the begining of another as the real spending silly season begins.

I would also like to recognise today’s importance as the International Day of People with a Disability, and tip my hat to the geniuses behind Australia’s Don’t DIS my ABILITY campaign. I think that we can all embrace the day’s message of greater social inclusion, focusing on ‘ability’, and removing the stigma’s surrounding disabilities.

Signing off,

Louise.

The global credit crisis is taking its toll. The Times in London has pleaded with Australians living in the United Kingdom not to move home. But our English friends are facing an uphill battle:

The financial crisis has made working in the City of London a risky place, the $200 tax per flight out of England back to Australia which was proposed yesterday doesn’t help to boost confidence and the dark and cold November days and nights in London make each Australian think twice about where to spend the next years. On top of that, the latest report from OECD suggests that Australia will avoid a recession, the one the UK is currently sinking into in full swing.

London in the rain

Our team here at ZaaBiz says welcome to all Aussies currently considering a move back to this great country! Summer is coming up so you better hurry to join your families for a Christmas turkey on the beach. And you are not alone as approximately 2,500 Aussies already move back to OZ every month.

Anabel

The million Dollar View

Last night we were guests of Australian Business Talent, the new recruitment arm of NSW’s Business Chamber. The event took place at Milson’s Point and indulging in great food and wine, all networkers enjoyed the million dollar view onto the harbour and Sydney’s icon, the Sydney Harbour Bridge.

The team around Aaron, Nathalie and Ben did a fantastic job in looking after their 50 guests. Many interesting discussions were held with the general consensus, that the current credit crisis hurts several businesses in Australia but that still the Australian marketplace is far better off than most of the economies in Europe or the US.

Aaron and colleagues

People across the globe will soon be feeling the effects of Citigroup’s latest round of job cuts – if they haven’t felt them already.

As the company cuts back 50, 000 jobs worldwide in an effort to reduce employees by 14%, there will also be a reduction to the 2, 500 strong Australian Citigroup workforce, with some job cuts already taking effect.

This is just the latest addition in a string of stories resulting from the global financial crisis, and these pieces of bad news aren’t likely to slow down any time soon. Not only does the Citigroup example show the volatility of today’s business environments, it also reminds us all of our place in the global business sector.

Whether we like it or not, Australian businesses are inexorably linked to the global stage. Rather than keep this factor in a blind spot, organisations, no matter how large or small, should remain both aware of, and active in, the global sector.

The best starting point for this world-wide engagement is through the world-wide-web. As our lives become more and more effected by the world beyond our doorsteps we can’t just sit back and carry-on with traditional ‘business-as-usual’; the many ways in which we engage with that world outside also have to change.

As a community saavy to the trends in the global marketplace, ZaaBiz member and finance professional Duncan Arkinson has founded the Global Crisis Group on ZaaBiz. We hope that, in time, this group will help to increase practical communication about the crisis amongst ZaaBiz members, and act as a place to raise ideas, concerns and questions in this time of economic hardship.

Signing off,

Louise.

We would like to congratulate the new president of the US Barack Obama for his amazing win at today’s election in the United States. Do not take us wrong: we are not a political blog and we stay out of politics whenever possible, but this day is an amazing one: Obama becomes the 44th president and the first African-American leader - this in its own right is worth a congratulation.

What has become clear in these past weeks is that the internet has played a significant role in how the candidates approached the masses; both candidates using blogs, social networks and other digital media to get their messages across to Americans voting for them. And therefore this election is also a proof of the importance of sites such as ZaaBiz as a tool to communicate and network on a global scale.

So this is the day, when Australians will drop their pens, move away from their computers or simply stop serving customers. It is the day that stops the nation, the one and only Melbourne Cup Day. Australians are BIG spenders when it comes to betting who will be the winner of the Melbourne Cup. Up to this morning, betting spend is up by 25% from last year, no sign of a recession at all. At the end of the day, this is Australia!

Every year, this horse race stops what Australians do, whether in Australia or abroad. The whole country is unapproachable for three minutes, only the mums that pick up their kids from public schools at 3pm are the ones, that have no chance to watch, although some schools now offer TVs in staff rooms as a remedy.

On such an important day, we know: networking stops too, just for these three minutes and guess what: there is plenty of networking going on after that, so let us enjoy our horse race and let us network before and after the Melbourne Cup.

Anabel

ZaaBiz has taken the revolutionary step of upgrading all memberships instantaneously for free. As financial troubles begin to affect more industries ZaaBiz has produced a light at the end of the tunnel of gloom. Business people nationwide have seen this light and thousands have created profiles on ZaaBiz to keep them ahead of their colleagues. By creating and maintaining an online business networking profile you too can be exposed to potential employers and business partners in an ever tightening job market.

Use an online business network to find your next job!

ZaaBiz are waiving the usual $99/year membership fee so that you can network, find jobs, discover business opportunities and discuss current industry news for free. New members can also take advantage of this offer simply by registering through a quick and easy signup process. Hurry and enjoy this opportunity to empower your business network. Remember, as a premium member you can send messages, create groups and use other functions which are not normally available to standard members.

It is expected that ZaaBiz will become a hub of activity as employers continue to meet potential employees while business partners find others who have the skills to complement their own. What an exciting time for online business networking!