Recent research shows that Australian companies are increasingly focused on international expansion as well as workforce mobility.
The survey found that 40% of respondents have already implemented a mobility solution, which allows their employees to work abroad. The survey shows that Australian companies are increasingly aware of the advantages of global operations, and the importance of international exposure.
A further 16 percent of participants stated that they were actively developing or implementing a plan to facilitate the mobility of their workforce, highlighting its importance.
The survey by Deel revealed that rising operating costs were the top challenge for 45 percent of Australian senior business decision makers in the current market. In order to address this problem, 92 percent of these business decision-makers plan to implement measures in 2023 to manage inflation and cost increases.
In order to manage costs, 47% of business leaders surveyed indicated that they either would not offer pay increases in 2023 (14%), or base them on the performance of employees (33%). Nearly two-thirds (38%) of business leaders expect to have to lay off employees in 2023 due cost-cutting.
The findings of Deel’s Australian Business Leaders Pulse check: Business Growth, Workforce and Hiring Report shed light on challenges facing Australian businesses, such as a shortage in skilled professionals and rising employee costs due to inflationary pressures. Businesses are encouraged to find innovative solutions and strategies to help them navigate the changing economic climate and ensure long-term stability and growth.
Businesses must be innovative to retain and attract top talent in Australia, where the market is still struggling with a talent shortage and rising costs. In addition, implementing effective workforce management and exploring alternative cost-saving strategies can help companies maintain a competitive advantage while reducing the impact of rising expenses.
Shannon Karaka is Country Leader for Australia and New Zealand at Deel. As talent shortages in the local market increase, businesses that want to go against the trends of the local market and achieve growth should consider a global hiring approach.
The research shows how widespread an international strategy is among Australian organisations, and that local businesses are adopting recruitment and employee management approaches to match. Deel’s global hiring platform provides further evidence of this trend. According to our latest global hiring report, Australia leads APAC in terms of the fastest growth of organizations’ hiring rates and number of companies hiring.