CFOtech Asia logo
Technology news for Asia's CFOs and financial decision-makers
Story image

Solving talent shortages in Australian markets

By Contributor
Thu 13 Jan 2022

Article by Globalization Partners general manager of APAC, Charles Ferguson.

"Workforce, I believe, is the biggest single challenge facing the Australian economy. You will hear me talk about it until you're sick of hearing me say it, about the importance of building the skills our workforce needs."

So said Australia's Prime Minister, Scott Morrison, during his budget address in June - and many times since. He detailed a shortage of skills in critical industries as the main issue holding Australia back from stronger economic development.

The government has begun a series of initiatives to solve this skills gap. However, the underlying issue remains – without significant white-collar migration to Australia, in the short term, there are simply not enough skilled and trained professionals to fill certain industries.

For jobs in diverse areas such as teaching, mechanics, software programming and development and construction – there simply aren't enough qualified professionals to account for demand. According to a report by Hays, Australia's current most-coveted jobs are those deemed critical to project delivery or business operations, and tech and finance dominate the list of industries looking to fill these positions.

However, this list now also includes jobs that are emerging post-COVID-19, as well as other 'economy sensitive' roles that further education can't realistically keep up with: functions such as Contact Tracers, Temperature Screeners, COVID-19 Testers, Social Distancing Office Modulators.

Companies are also looking for consultants who can help them modify the interior layout of offices, restaurants, schools, and stores to facilitate social distancing. Another emerging talent trend is the need for help coordinating virtual events using videoconference technology. 

Research conducted by PwC and the World Economic Forum found that closing the skills gap could lead to a US$90 billion gain for the Australian economy or 5.2 per cent of its GDP by 2030. Conversely, failing to close the gap could cost the country US$587.56 billion worth of unrealised economic output – all due directly to talent shortages. This equates to approximately a quarter of Australia's potential growth over the next decade.

This issue is compounded by the fact that – for the first time since 1916 – Australia's population shrank last year. Fewer migrants coupled with an ageing population seem to be weighing heavily on the economy. Breaking this information down, it becomes apparent that demand is outstripping supply in the labour force and cannot account for the total addressable market. Despite this, a relatively buoyant economy and technologically advanced industries are creating demand, despite this scarcity of talent.

The Australian government, as well as various state governments, have begun the process of addressing this issue, but the way ahead is long and difficult. Initiatives such as encouraging regionalisation are a strong start – effectively activating talent pools in new areas. However, this also introduces the potential problem of changing standard work practices, as many organisations simply won't consider hiring remotely.

The pandemic has undoubtedly broken down many barriers though, and it is now evident that remote and hybrid work models are being increasingly embraced. According to the Dell Technologies Remote Work Readiness Index, for example, 84 per cent of respondents in APAC felt prepared for long-term remote work. Further to this, according to Deloitte, a potential 50 million jobs could switch to remote work across the ASEAN-6 countries.

This leads to the inevitable conclusion that individuals and organisations are beginning to embrace a more flexible working model. As a result, the old borders between work and home, city and country, or even local and international workforces are breaking down.

The Australian government is also supporting this drive to find talent by setting up initiatives such as The Australian Global Talent Program - essentially encouraging talented individuals to consider emigration to our shores. The end goal is to attract "high-value, marquee businesses and exceptionally talented individuals to Australia along with their ideas, networks, and capital."

Since the current pandemic, business conditions limit or inhibit travel TO Australia, and companies are beginning to embrace remote work, it makes just as much sense to consider 'borderless talent' as another viable means of solving these challenges. Essentially, if a skilled migrant workforce cannot arrive on these shores to help sustain business growth and productivity, then it is perfectly feasible to find that talent in other jurisdictions.

Further to this, in a recent survey by CFO Research of Industry Dive and Globalization Partners, 94 per cent of polled APAC executives said they were planning an expansion into new countries as part of their long-term growth strategy. Combining the need for skilled workforces to sustain the Australian economy with longer-term export growth points to a real need for breaking down barriers and considering borderless talent.

This in itself has been a problem in the past. Hiring remotely involved finding suitable talent with the required skillsets, then onboarding them in a compliant fashion – which meant managing tax, payroll, insurance and other employment legalities in that particular region. This was often a time-consuming process, which placed a significant roadblock in front of an expanding organisation, or indeed stopped it altogether.

A global employer of record platform effectively counteracts this issue. Rather than onboarding talent directly to the company – with all payroll, insurance, taxes and legalities considered for that jurisdiction and all risk assumed by the organisation - it enables companies to employ talent in a new country on their behalf, fully compliant with all local laws and regulations.

Without this, companies searching for international talent will not be able to grow as quickly as they need to and therefore in the longer term, will not employ as many people as they otherwise might.

With the global acceptance of remote work, company leadership must lose the fear of hiring internationally and practice the agility that is so often spoken of but not always delivered. With real foresight, finding the right talent in regional areas or new jurisdictions will lead to stronger local companies, local jobs growth and a buoyant economy. Right now is the perfect time to cast a wider net and find the quality global talent needed to drive forward.

Related stories
Top stories
Story image
EXCLUSIVE: Finding the best data center for your business needs with datacenterHawk
Companies using cloud are consistently looking for the best storage solutions to suit their enterprise needs and often have to go through rather complex processes in order to find the right fit.
Story image
Examining the future of ransomware threats with Vectra’s CTO
As customers' valuable data move to the cloud, so will ransomware. What is the current landscape and what do we need to know?
Story image
Thales on recruitment hunt for next disruptive innovations
"Recruiting new talent is part of Thales's belief in the power of innovation and technological progress to build a safer, greener and more inclusive world."
Story image
BT builds on Equinix partnership with new cloud offering
BT has launched a next-generation cloud connectivity offering extending its global network into strategic carrier-neutral facilities (CNFs) and building on its existing partnership with Equinix.
Story image
NOWPayments launches new service to analyse cryptocurrency fees
NOWPayments has launched a new network fee optimisation solution that analyses current network fees and picks the most profitable option out of the client's payout wallets.
Story image
Remote Working
RDP attacks on the rise, Kaspersky experts offer advice
"Given that remote work is here to stay, we urge companies to seriously look into securing their remote and hybrid workforce to protect their data."
Story image
How to achieve your monthly recurring revenue goals
Monthly recurring revenue (MRR) is the ultimate goal, the most important issue on which anyone in the IT channel should focus.
Story image
Digital Transformation
What CISOs think about cyber security, visibility and cloud
Seeking to uncover the minds of CISOs and CIOs across Asia Pacific, my company recently asked Frost & Sullivan to take a snapshot of cloud adoption behaviour in the region.
Story image
Kacific and Teleglobal support expansion of telecom networks in Indonesia
Kacific has partnered with Teleglobal in Indonesia to provide a large-scale deployment of mobile backhaul services to major telecommunications operators.
Story image
Contact Centre
Customer service agents don't want to return to contact centres
A new report has revealed that 85% of customer service agents want to work full-time at home and not return to contact centre offices.
Story image
Video: 10 Minute IT Jams - An update from Tricentis
Tricentis provides software testing automation, and software quality assurance products for enterprise software.
Story image
Microsoft Hong Kong partners with CUHK Business School
The collaboration sees CUHK Business School become the first business school as the authorised exam centre for Microsoft Certifications in Hong Kong.
Story image
Open source
DataStax secures US$115 million to fund database expansion
DataStax has secured US$115 million in funding, which it will use to develop and expand its Astra DB multi-cloud database and Astra Streaming service globally.
Story image
Honeywell launches new carbon energy management software for buildings
The new Carbon & Energy Management service allows building owners to track and optimise energy performance against carbon reduction goals, down to a device or asset level.
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
IT and security team collaboration crucial to data security
Many IT and security decision makers are not collaborating as effectively as possible to address growing cyber threats.
Story image
Data ownership
Brands must reclaim trust by empowering data ownership
According to Twilio's new State of Personalisation Report 2022, 62% of consumers expect personalisation from brands, and yet only 40% trust brands to use their data responsibly and keep it safe.
Story image
Public Cloud
Public cloud services revenues top $400 billion in 2021
"For the next several years, leading cloud providers will play a critical role in helping enterprises navigate the current storms of disruption."
Story image
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Multi Cloud
Cloud is a tool, not a destination
For many years, “cloud” has been thought of as a destination which has led to a misguided strategy that sees an enterprise trying to shift all its applications to a single cloud provider – regardless of the specific needs and nuances of each individual workload.
Story image
Robotic Process Automation / RPA
Salesforce announces latest generation of MuleSoft
Salesforce has introduced the next generation of MuleSoft, a unified solution for automation, integration and APIs to automate any workflow.
Story image
Tech job moves
Tech job moves - Bitdefender, Cohesity, Fortinet & MODIFI
We round up all job appointments from June 27-30, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Martech experts reveal the “buzz” on personalisation
In the digital age, innovative technology must be leveraged to power an efficient and effective relationship marketing strategy.
Story image
Artificial Intelligence
Salesforce harnesses automated solutions with new developments
Salesforce has launched Sales Cloud Unlimited, a new feature to help accelerate productivity with AI and automation.
Story image
Market growth
Salesforce unveils new offerings for consumer goods companies
Salesforce has announced new products for consumer goods companies to help brands navigate increasing market complexity more easily.
Story image
Tech and data’s role in the changing face of compliance
Accenture's study found that 93% of respondents agree or strongly agree new technologies such as AI and cloud make compliance easier.
Story image
State Library of Victoria
State Library of Victoria entrusts Oracle support and security to Rimini Street
“Our finance team are very happy with the support and security that Rimini Street provides, which keeps our assets and our customers secure."
Story image
Preparing for the digital decade with the right workforce strategies
For a decade that started under the pall of the pandemic, the 2020s is poised to end with a bang with the digital economy swelling to a high across the world.
Story image
New VMware offerings improve cloud infrastructure management
VMware has unveiled VMware vSphere+ and VMware vSAN+ to help organisations bring benefits of the cloud to existing on-prem infrastructure.
Story image
Supply chain
Supply chains continue to be disrupted, enterprises embrace circular economy
“Businesses urgently need to find a solution that can help them to manage this disruption, and transition to a circular economy."
Story image
Tech job moves
Tech job moves - ActiveCampaign, Arcserve, LogRhythm & Qlik
We round up all job appointments from June 17-22, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Motorola Solutions
Motorola Solutions deploys communication system to 5th Japanese airport
Motorola Solutions with its partner, Nippon Airport Radio Services deployed the mission critical communication system to Kansai.
Story image
Corpay announces new collaboration with Triterras
Corpay and fintech firm Triterras have announced a new collaboration between Corpay’s Cross-Border business and Triterras Inc.    
Story image
Gartner's top recommendations for security leaders
"Leaders now recognise that major disruption is only one crisis away. We can’t control it, but we can evolve our thinking, philosophy, program and architecture.”
Story image
Video: 10 Minute IT Jams - An update from CrowdStrike
Scott Jarkoff joins us today to discuss current trends in the cyber threat landscape, and the reporting work CrowdStrike is doing to prevent further cyber harm.
Story image
Kaspersky opens three new centers to boost data management
Cybersecurity company Kaspersky has opened three new Transparency Centers, one in Japan, the second in Singapore and the third in the United States.
Story image
Forrester names Talend Leader in enterprise data fabric
Forrester has named Talend a leader among enterprise data fabric providers in the Forrester Wave: Enterprise Data Fabric, Q2 2022 report.
Story image
Amazon Web Services / AWS
Qualtrics goes live on AWS Cloud Infrastructure in Japan
Organisations across Japan will now be able to access the Qualtrics XM/OS platform locally via data centre in the AWS Asia Pacific (Tokyo) region.
Story image
DigiCert acquires DNS Made Easy and affiliated brands
Greg Clark comments, says, "This combination enhances the security of certificate validation and enables the automation of future validations."
Story image
Artificial Intelligence
Siemens expands NVIDIA partnership for industrial metaverse
Siemens is expanding its partnership with NVIDIA to enable the industrial metaverse and increase the use of AI-driven digital twin technology.
Story image
Cloudflare outage in 19 data centers worldwide due to own error
Cloudflare says its outage for 19 of its data centers yesterday was because of a change in a long-running project to increase resilience in its busiest locations.
Story image
Singapore found to have the speediest internet rates in the world
New research from BanklessTimes has shown that Singapore has the highest recorded median internet speed in the world at 207.61 MBPS.
Story image
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
Thailand announces launch of the Thailand 5G Alliance
It will promote collaboration between the public and private sector, through companies such as Huawei, to commercially drive Thailand's 5G development.