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Although Australia is in the enviable position of experiencing its lowest unemployment rate since the 1970s, there are dark clouds on the horizon. While the high level of worker participation and rapid economic growth are all positive factors, the difficulty in sourcing and retaining top talent is an ongoing challenge for Australia-based tech companies.
According to the 2022 CFO Survey, a staggering 88 percent of CFOs consider talent retention and attraction a major concern for their companies. In Australia, that sentiment is only likely to continue for some time since programs and initiatives to curb shortages require time and investment to mature.
Where does this leave Australia-based companies looking to continue their growth journey?
Fortunately, there are global employment technologies that can help employers immediately, reliably, and sustainably bridge local hiring gaps and access the talent they need to achieve global success.
Addressing pain points now
As revealed by record-low unemployment rates, the problem is not that workers are opting out of participation. Instead, the issue lies in a fundamental lack of relevant talent in the country.
This is not a new problem for Australia. In fact, the country has always relied on a steady influx of international talent to fill roles. However, recent global events have caused setbacks in this long-standing system.
The urgency of local labor shortages calls for a swift response.
Initiatives focused on upskilling students in areas of talent shortages, for example, will take years to produce results. Similarly, improvements in immigration policies cannot instantly relieve the pressure on companies.
Programs like The Global Business and Talent Attraction Taskforce are a step in the right direction, but they, too, need time to bear fruit.
Increasing compensation as a strategy to attract more talent, on the other hand, while welcome, may also hurt in the long run as it can indirectly trigger higher inflation rates. The precedent this sets is also a concern for corporate top brass according to 72 percent of CFOs surveyed.
A quicker solution, however, is remote hiring through global employment technologies which can immediately yield top talent. With the ability to rapidly and seamlessly tap into emerging talent hubs around the world, companies can maximize their growth trajectories without delay.
Employers prepared to take on a remote workforce, therefore, are in a unique position to take advantage of the broader, global talent market, while also minimizing relative costs.
Capitalizing on opportunities
Accessing global talent pools means companies can work with remote teams from around the world, bypassing most of the difficulties facing the Australian talent market today. Companies in tech, research, and more, have this opportunity right now.
In fact, this approach to talent is already being maximized by companies around the world – including Australia-based pioneers like Fusion Sport. This globally recognized brand started in Australia, with their benchmark analytics platform used by many of the world’s leading athletes today.
But aside from having an outstanding product, the company’s success has been fueled by access to the right talent. Fusion Sport initially struggled in the Netherlands, where it took them 12 months to establish an entity and gain a foothold in the local market.
After that experience, Fusion Sport decided to work with Globalization Partners. They leveraged G-P’s Global Employment Platform™, which simplifies and automates key tasks in recruiting and hiring processes, enabling them to quickly and compliantly hire talent in Asia Pacific. This immediately opened up new market opportunities in Singapore, Taiwan, and Japan.
Preparing for the future
Australia’s reliance on international talent is not likely to change any time soon.
Today, almost one-third of people living and working in the country are migrants.
Brandan O’Connor, the country’s minister for skills and training, said the new Labor government is even considering increasing Australia’s annual migration cap of 160,000 to provide more companies with much-needed workers.
This proposal only emphasizes the huge role of international talent in supporting the current economic growth of the country. It also provides a glimpse into how critical international talent will continue to be in the future.
Consequently, technologies that enable companies to seamlessly access employees in other parts of the world will also continue to be essential. Not to mention their role in catering to the continuous evolution of the workplace and the talent-centric landscape.
Employers that are able to recognize the necessity of, and capitalize on, the opportunities offered by global employment technologies will be better equipped to navigate these future talent challenges.
For an in-depth look at how global employment technologies can help your company access talent now, join the Globalization Partners’ session “Bridging the Talent Gap through Tech” at the HRD HR Tech Summit 2022. Register here.