The biggest businesses are more likely to make workers redundant to cut their costs as economic conditions get tougher in New Zealand, reports Radio New Zealand, citing the annual Beyond Recruitment Economic and Labour Report. The research showed businesses with more than 1,000 staff were feeling economic pressures the most and were twice as likely to cut jobs than small, medium, and large firms.

"The data indicates that major corporations are encountering fiscal pressures, especially in managing personnel-related expenses that smaller enterprises often sidestep," Beyond Recruitment chief executive Liza Viz said. Finding staff remained the top issue for respondents, with 48% placing it as their top concern compared with 70% in last year's survey, but there was a sharp rise in those saying it was easier to recruit and keep staff.

Viz said the cost of living was nominated as the second most pressing issue as rising costs for travel, wages, premises, and the like significantly increased the cost of business, especially for very large firms. Other report findings showed 44% of respondents expect growth this year down from 59% last year; wage growth has slowed slightly to 3-4%; and firms are using hybrid work options, flexible hours, and company-paid training to offer non-cash benefits.