The Impact of the High Cost of Living in Australia

The Effect of AU's Cost of Living Crisis Memo
Student's Name
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To: Senior Management
From: Employee
CC: Organizational Departments
Date: 27th September, 2023
Subject: The Impact of the High Cost of Living in Australia
XCorp is a marketing company based in Australia. It plays a critical role in enhancing the success of other companies and firms. The company facilitates the growth and expansion of companies by establishing their brand awareness, advertising the commodities and services offered, and establishing their connection with their customers and clients. XCorp meets these objectives by embracing various approaches, plans, and strategies. These include but are not limited to enhancing their brand well-being. Branding entails establishing a firm's brand's uniqueness, a substantial explanation of the firm's fundamental principles, and the creation of appealing logos to attract a broad customer base. XCorp's other role entails conducting detailed market research for other companies to enhance and promote effective decision-making within the firms. This paper analyzes the prevailing consumer behavior patterns, identifying the existing demand for the commodities offered and the perceived competitors within similar industries.
Relationship Between the Crisis and Employees' Well-being and Company
Australia's high cost of living has significantly affected my colleagues within XCorp company. These effects include but are not limited to posing substantial financial constraints to them. The limitations and distress result from the wide gap between their wages and the perceived expenses necessary to support their essential lives. Based on the conversation with most colleagues, most of their salaries and remunerations cater to everyday basic needs such as healthcare, transportation, purchase of food commodities, and rental payment (Parliament of Australia, 2023). The insights thus suggest that these employees find it hard to maintain decent livelihoods and are entitled to worries and anxieties regarding their financial well-being. The perceived financial-related stress adversely affects their mental well-being, lowers their overall productivity, and causes a decline in job satisfaction due to reduced concentration on the assigned roles and responsibilities.
The colleagues also attribute Australia's high cost of living to limited access to healthcare facilities and opportunities. The employees tend to allocate substantial funds to rent payments, purchasing food commodities, and other necessities, thus needing more appropriate healthcare benefits. The lack of access to desirable healthcare poses detrimental impacts to the employees, such as the deterioration of their health status, health complications such as ailments, and a decline in productivity levels, making it difficult for XCorp to meet its set goals and objectives.
The employees also attribute the high cost of living to their decline in unnecessary spending. The employees live on tight budgets, making spending their money on leisure activities such as travel, entertainment, and interests impossible. The perceived lack of expenses to cater to their additional needs results in them lacking motivation and productivity derived from the extra activities that enhance their happiness and joy. The perceived lack of money to spend on recreational activities also results in the employees' anxiety and frustrations (Parliament of Australia, 2023). They think their salaries are less beneficial, as they are deprived of happiness and exciting moments outside their regular work schedule.
In addition, the employees within XCorp feel that the high living costs reduce their savings capabilities. The salaries could be higher than the prevailing expenses, thus leaving no room to save and invest, especially after catering to their necessities. These situations make it ambiguous for the employees to save for the future and accomplish their goals and plans. The employees also feel highly susceptible to significant financial setbacks, such as losing their jobs, thus increasing fin...