Recent findings reveal that Australian businesses are increasingly focusing on international expansion and workforce mobility as areas of growth and opportunity.
The survey revealed that 40 per cent of respondents already have a mobility option in place, enabling their staff to work abroad. This highlights the growing recognition among Australian businesses of the benefits associated with global operations and the value of international exposure.
Additionally, 16 per cent of participants mentioned that they are actively developing or implementing plans to facilitate workforce mobility, further emphasising the significance of this trend.
In terms of challenges, the survey conducted by Deel found that 45 per cent of senior business decision-makers in Australia identified rising operating costs as their top concern in the current market. To address this issue, an overwhelming majority of 92 per cent of these decision-makers are planning to implement measures to manage cost increases and inflation in 2023.
When it comes to managing costs, 47 per cent of the surveyed business leaders indicated that they would either refrain from offering pay raises in 2023 (14 per cent) or base them on employee performance (33 per cent). Furthermore, nearly two in five (38 per cent) business leaders anticipate the need to lay off staff in 2023 as a result of cost-cutting measures.
These findings from Deel’s Australian Business Leader Pulse Check: Business Growth, Workforce and Hiring report shed light on the challenges faced by Australian businesses, including a shortage of skilled professionals and escalating employee-related costs driven by inflationary pressures. In response to these obstacles, businesses are urged to explore innovative strategies and solutions to navigate the evolving economic climate while ensuring long-term growth and stability.
As the Australian market continues to grapple with talent shortages and rising operating costs, businesses must adopt forward-thinking approaches to attract and retain top talent. Additionally, exploring alternative cost-saving measures and implementing efficient workforce management strategies can help businesses maintain a competitive edge while mitigating the impact of increasing expenses.
“Businesses in Australia are not only aware of the benefits of flexible work and a global perspective on finding and keeping talent, but are clearly embracing it,” said Shannon Karaka, Country Leader, Australia and New Zealand, Deel. “As talent challenges in the local market mount, a global approach to hiring represents a path forward for Australian businesses looking to buck the local market trends and go for growth.”
“The research showcases just how prevalent an international strategy has become among organisations in Australia, and local businesses are fast adopting a recruitment and employee management approach to match. Data from Deel’s global hiring platform is further proof of this trend, with Australia leading APAC for fastest growth by organisations’ rate of hiring and number of organisations hiring as shown in our most recent global hiring report,” Karaka added.
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