As the Australian job market bounces back from the effects of the pandemic, employers are looking beyond our shores for talent.
According to recent statistics, Australia is facing a growing skills deficit. According to a survey by the Australian Bureau of Statistics, more than 70% of businesses plan to hire international talent on a permanent basis in 2022; over 60% plan to recruit on contracts.
There are many benefits to hiring international employees, but the most important is that they provide a pipeline of talent that has no borders. This assertion is also true, however, for the competition to attract them.
Australia is a good place to find employment. Now, the global talent crunch has prompted 40% of employers to raise starting salaries and offer other incentives in order to attract and retain workers.
With such fierce competition, it’s essential that Australian businesses start to plan now to get the most out of their hiring plans.
3 reasons why hiring international employees is a smart move
In spite of the added expense, hiring from abroad is worth it. Businesses with international teams are more successful than those that stick to local recruitment.
- You can fill a role in the workplace where domestic skills are lacking.
Recent research indicates that there is an increasing demand for international talent in the Australian market to offset rising skills shortages. This is especially true in the tech space, where 84 percent of CIOs say they are likely to hire international talent to relocate and work within Australia.
Hiring employees from other countries provides access to unique skillsets that may be hard to find locally. For example, the industry for artificial intelligence solutions is more well-established in the United States than in Australia. Having access to such a pool of talent allows companies to compete on a global level and tap into experience and resources that may be limited at home.
If you are looking to source talent overseas, reach out to a professional recruitment company like AABD.
- Increased diversity leads to greater new ideas and increased productivity.
Diversity in perspective, not just knowledge base, is a crucial element of international employee success. McKinsey’s research has found that workplaces that focus on diversity, equity, and inclusion (DEI)—in culture and in gender—are more likely to have above-average profitability. Similarly, they’re also much more likely to outperform competition.
Fresh perspectives bring new ideas, new ways of looking at problems, and novel solutions. They can bring insight into workplace customs, which can be gleaned only from lived experience. The cross-cultural experience brings businesses up to the global standard—yet another key benefit of hiring international employees.
- Expand your business into the global market by drawing on locally-specific knowledge.
By hiring international employees and bringing the company up to global standards, companies are more likely to succeed in the local market.
But fluency in a second language is not the only thing that provides advantages. It’s also an innate understanding of local customs and practises, what customers want and expect, business laws and regulations—and the ability to easily integrate into the target market. This can allow you access to certain markets where a foreigner would not have the trust required to do business.
Hiring international employees can give your company a competitive edge. These three benefits of hiring international employees can give your company the competitive edge you need to outperform your competition.
In addition to being good for business in a practical sense, employee engagement is excellent for workplace culture and reputation, which can reduce employee turnover, increase productivity and efficiency, encourage creativity and lead workers to develop new products and services.
If you’re looking to hire from a global pool of talent, work with AABD. We have a network of recruitment specialists to help you find the right person for the job.