A business expert says New Zealand companies are likely to try to retain highly skilled staff as the recession takes hold, having earlier struggled with labour shortages.
The chief executive of PricewaterhouseCoopers in New Zealand, Warwick Hunt, said companies need to plan ahead despite the immediate downturn.
He said because it has been so difficult for companies to attract enough highly skilled and qualified staff in recent times, most New Zealand employers may be very reluctant to now lay off staff.
A global survey by PricewaterhouseCoopers shows chief executives' confidence about future prospects for business has plummeted by 42% compared to last year.
In Asia Pacific, only 31% of chief executives expressed confidence about growth prospects for the next 12 months.
Mr Hunt said companies need to focus on surviving the tough times and coming out stronger.
He said New Zealand is a successful country that has grown reasonably effectively over the last 10 years or so.
Mr Hunt said it is important to keep perspective over the downturn which he believes will last at most two to three years.
As chief executive of PricewaterhouseCoopers, Warwick Hunt said he is focusing on the company's core business and retaining long-standing clients.
