Publish Date: Oct 01, 2014
A recent report from Hays has highlighted the significant challenges that companies face when it comes to finding the right candidates for their work, with business migration suggested as one solution.
The study pointed to a number of conditions that are putting upwards pressure on the country's economy. Finding the right employees was the strongest factor here, with a skills shortage in high-skilled jobs adding to the strain on the country's workforce.
Hays ranked countries globally across seven indicators, with each one receiving a score out of 10. The average across these seven indicators was then combined to create an overall score for the country.
Australia reached a score of 5.3 out of 10, suggesting that the country is in the middle of the road in terms of overall economic performance. However, there was significant variation within those seven categories. For example, wage pressure in high-skilled industries reached eight points, while overall wage pressure reached 6.5.
This means that high-skilled jobs are experiencing a shortage of qualified candidates, while lower-skilled jobs remain plentiful. This is in turn leading to greater salaries for highly skilled workers and companies devoting greater resources to attracting these workers.
Managing director of Hays Australia Nick Deligiannis pointed to the need for companies to be creative to attract top workers.
"As confidence improves and the market becomes more active talent pools will tighten, particularly for highly-skilled and experienced professionals in high-skill industries such as IT, engineering, life sciences, finance and construction," said Mr Deligiannis.
"But for employers, there is a need to look at more innovative strategies to attract and retain top talent."
The importance of skilled migration was also pointed to in Hays' global recommendations. Allowing greater skilled migration was one of the three recommendations that the company made to try and ease the skills shortage. The other two recommendations were for increased collaboration between industry and universities and policies to encourage older workers to remain in the workforce.
As companies in Australia continue to grapple with the need for high-skilled workers, many are looking overseas to find the right candidates.
Any firm looking to hire overseas workers to ease the demand for highly skilled workers in Australia will need to discuss this option with a migration lawyer. They will be able to offer much greater advice on the specific requirements that your business has to meet in order to hire overseas workers and offer professional advice on this process.