More restructures reported as businesses reach a 'crunch point' - MyHR
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More small and medium businesses are looking to trim the fat after years of constant pressure.
MyHR data shows in the first three months of the year, the hospitality industry recorded 191% more restructures than in the previous quarter.
Financial and insurance sectors had their highest levels of restructuring in two years.
MyHR spokesperson Sylvie Thrush Marsh told Mike Hosking businesses aren't always turning to redundancies.
She says some may be dropping a shift or trimming hours to save jobs.
Thrush Marsh says it's reaching a crunch point for a lot of businesses – there's been high interest rates for most of 2023 and 2024, with tariffs and the Strait of Hormuz closure.
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