By Globalization Partners
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Australia, like many countries worldwide, has faced a pandemic-induced economic dry spell.
However, according to the 2021-2022 federal budget report, Australia’s economy is set for a revival, with the government pumping US$291 billion into the economy for support. The economy also exceeded government expectations and outperformed every major advanced economy over the past year.
Still, Australia isn’t in the clear as concerns around skills shortage continue to mount.
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 percent of its GDP by 2030.
And in a recent speech, Prime Minister Scott Morrison declared building in-demand skills as “the biggest single challenge facing the Australian economy.”
Considering Australia’s already limited talent market, shrinking population – a first since 1916 – and upskilling needs, Australian companies that wish to maintain a competitive edge should start considering looking internationally to source talent and fill critical roles.
What are some of today’s hottest jobs in Australia, and where are the best places to hire?
Hays, a professional recruiting group, stated that Australia’s current coveted jobs are those deemed critical to project delivery or business operations, and tech and finance dominate our list.
To hire the best possible talent for these roles, Australian HR specialists must cast a wider net and start sourcing remote global talent to ensure international competitiveness. But where?
Here are Australia’s three most highly sought-after roles right now and where Australian companies should look to fill positions:
1. Engineering: Canada
Within Australia’s engineering sphere, highly sought-after skills include control system engineers, civil designers, and civil, and structural engineers.
Often dubbed as the next Silicon Valley, Toronto has quickly proven to be a flourishing hub for engineering talent in the Americas.
In 2021 alone, DoorDash, Shopify, and Pinterest all set up engineering hubs in Canada, with Shopify announcing plans to double its team to 1,500 by 2022. Before this, in 2018, Uber set up an impressive five-year US$200 million investment project to build an engineering hub in Toronto.
Toronto is also home to world-class universities like the University of Toronto — in 2021, its engineering program ranked third among North American public universities, a testament to the next generation of growing talent. The city also boasts diversity with over 250 ethnicities and 170 languages. ethnicities and 170 languages.
2. Accounting and Finance: Sri Lanka
Apart from the need for qualified accountants and commercial analysts, payroll professionals are also high in demand. For Sri Lanka, fulfilling that need is easy. The tiny island has a population of about 20 million but has carved out a highly skilled niche market in accountancy.
With a population of about 20 million, Sri Lanka’s highly skilled niche market lies in accountancy. Their internationally certified accountants provide unmatched accounting services and financial analytics, solidifying the country’s position as a knowledge hub for human capital.
The Institute of Chartered Accountants of Sri Lanka placed current memberships at 5,100 and has an active student base of over 44,000. The widespread adoption of English, high literacy rates of over 90 percent, competitive labor costs, and relatively low attrition rates also serve as additional plus points.
3. Information Technology (IT): Ukraine
Talent with IT expertise, specifically cloud engineers, security awareness consultants, and full stack developers, are in great demand in Australia.
Ukraine makes the perfect fit as a leading IT outsourcing destination with a massive amount of qualified technology talent. It currently has more than 192,100 IT professionals and over 1,600 companies providing diverse IT-related services.
Over 47 percent of its developers are fluent in English, and the software engineering workforce is expected to hit 220 000 by 2021.
It’s no wonder then that tech juggernauts like Samsung Electronics, Google, and Microsoft hire R&D (research and development) teams in cities all over Ukraine.
Strategies for Australian HR specialists
Australian companies have been more conservative with their hiring processes than their developed counterparts in the U.S. and UK, which have traditionally hired remote workers.Australian companies have been more conservative with their hiring processes than their developed counterparts in the U.S. and UK, which have traditionally hired remote workers Click To Tweet
But if Covid-19 has taught business leaders anything, it’s that adaptability is vital to ensuring long-term success and stability. Companies must be agile and quick to seize opportunities.
The pandemic has created a new world of work with technology and its related skills servings as the new oil. The Australian skills shortage issue will only worsen if the country fails to subscribe to this new model. PwC’s recent survey of Australian CEOs found that 78 percent felt the availability of key skills to be a top threat to growth, up from 71 percent last year.
But businesses can close the skills gap by casting a far wider net with remote hiring. Access to new markets, a global talent pool, reduced operating costs, and increased sales productivity are just some of the benefits that the move could bring to the country.
Learn how we can help
Globalization Partners is a global Employer of Record (EOR) with an active presence in 187 countries across the world. Our full stack global employment platform makes it simple and easy to hire a remote team – in just a few clicks. And our local teams include HR professionals who understand the nuances of Australia’s local laws and customs.
When you work with Globalization Partners, all you need to do is find top talent to join your organization, and our team will handle onboarding employees, payroll, and providing legally compliant and competitive employment terms. Learn more about our EOR solution to determine whether this is the right fit for your expansion strategy.