Earn
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Earn
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data.
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data.
January saw the Australian workforce logging 2.5% fewer hours than in December, hinting at a potential decline in productivity that could adversely affect the nation's economy in the long term.
One of the primary challenges for Australian employers is the significant skills gap present in the workforce. A study by G-P found that 75% of Australian executives surveyed have experienced difficulties in sourcing skilled talent from their existing pools. This discrepancy between the skills available and those required by businesses is impeding the country's ability to fully leverage its labour force.
To address this skills gap, many Australian businesses are broadening their search for talent beyond national borders. Nearly half (46%) of the executives surveyed are exploring the option of recruiting internationally to meet their growth targets and secure top-tier talent. This trend is underscored by the fact that a significant 82% of businesses are actively involved in global recruitment efforts.
Despite the challenges posed by the macroeconomic environment, 73% of Australian businesses are focusing on growth strategies for this year. According to the findings from G-P, thinking globally is deemed essential for sustaining growth into 2024. Businesses aiming to attract and retain the best talent globally are advised to improve their compensation offerings, invest in employee upskilling, and cultivate a workplace culture that encourages global teamwork and collaboration.
RELATED ARTICLES
Salary
The financial benefits of a diversified income stream
In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial ...Read more
Salary
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more
Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more
Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to ...Read more
Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for ...Read more
Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. Read more
Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. Read more
Salary
Show me the money: I deserve a COVID recognition payment, and so do you
Staff are currently in high demand. But they’re also mostly overworked, overtired, underplayed and underpaid. Read more
Salary
The financial benefits of a diversified income stream
In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial ...Read more
Salary
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more
Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more
Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to ...Read more
Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for ...Read more
Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. Read more
Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. Read more
Salary
Show me the money: I deserve a COVID recognition payment, and so do you
Staff are currently in high demand. But they’re also mostly overworked, overtired, underplayed and underpaid. Read more
