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Australia’s employers face a tough local talent market - here’s why they should be thinking further afield

Companies in Australia are facing talent shortages that threaten to halt business growth. It’s time they start looking to the global talent pool for a solution.

October 5, 2022 3 mins read

Australia’s employers are currently facing huge talent shortages as the country’s unemployment rate fell to a near-record low in June. The result? Many businesses simply can’t fill job vacancies despite a growing economy. And the tech sector has been hit the hardest.

It’s not just a shortage of staff, though; it’s a shortage of skills (technical, soft, and digital), which is affecting over 90% of Australian businesses, particularly in the tech and engineering industries. The vast majority reported that these skills shortages would slow down business growth and negatively impact operations. In other words, the Australian talent market is tight - and businesses are facing tough competition.

In light of this, the government has introduced new measures to combat these shortages, as well as the reliance many businesses currently have on temporary workers. It’s doing so by raising its permanent immigration intake, speeding up visa processing (which stagnated due to the pandemic), and investing in vocational training. The main focus of this migration push is bringing more nursing, engineering, and tech talent into the country’s talent pool.

But what if this isn’t the only solution? What if Australia’s businesses could tap into top talent without relying solely upon those who want or are in a position to move to the country? What if, instead of bringing talent to them, they could meet workers where they are? What if they could hire anyone anywhere in the world?

Fortunately, this isn’t just a fantasy for Australia’s corporate world; it’s a real possibility.

Australia’s zero-tolerance policy during the height of the COVID-19 pandemic led to strict lockdowns and an almost completely closed border. So, like the rest of the world, much of its white-collar workforce moved their workdays from urban offices into their own homes. By June 2021, two-thirds of Australians were working remotely.

But despite restrictions being lifted, the appetite for remote work hasn’t waned in Australia. “Work from home” was the top search term used on Australian job marketplace SEEK in June 2022, and further data suggests that 61% of workers who already have a job would resign if remote work allowances were revoked. What’s more, many Australians have also started to take advantage of digital nomad visas, such as the visa recently introduced in Indonesia, turning the “work from anywhere” dream into a reality.

It’s clear that remote work is the answer to these talent shortages - and not just as a way to attract and retain local talent. Offering remote positions also opens businesses up to an even bigger opportunity; the opportunity to hire from a global talent pool.

International hiring has accelerated in the aftermath of the pandemic, and global teams are undoubtedly the future. But many businesses aren’t tapping into this potential. That’s partly because building a global team is challenging. You have to work harder to maintain a cohesive culture, invest more in effective communications, and get your head around the complexities of salary benchmarking. However, the benefits far outweigh these challenges.

Businesses that embrace global teams are primed to thrive in the future of work; they’re set to be more innovative, diverse, and collaborative. And they’ll be able to tap into highly skilled talent from across the world. After all, talent and skill shortages are much less acute when your talent pool is unrestricted by borders.

What’s more, it’s really simple to hire international talent thanks to global employment models like the Employer of Record (EOR) arrangement. You don’t even need to have business operations in a country in order to hire talent there - an EOR can take care of employment, compliance, and payroll for you.

The Australian talent market is undoubtedly tough right now, but employers need to look beyond the bounds of their island continent; they must look to the rest of the world. Because great talent is everywhere - not just on your doorstep.

If you’d like to hire from a global talent pool, Omnipresent is here to help. Our EOR service enables ambitious companies to onboard and retain highly skilled talent - wherever they do their best work. Through tech smarts and always-on expertise, we can help you build the best teams on earth. Book a call with our team to get started.

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