Trying to recruit hard to fill roles? Look to the world’s biggest talent pool
In the war for talent, few industries have been spared. If you’re looking to grow your team, consider expanding your horizons.
For employers looking to the August Labour Force data for signs of relief in the recruitment market, there was little to be seen. Unemployment ticked up by the smallest increment (0.1%) which leaves the rate of 3.5% near record lows. Whilst figures for underemployment, total hours worked and the participation rate all show the labour market remains incredibly competitive.
Further corroboration was provided by Seek, who announced a 31% increase in the number of job ads compared to August 2021.
With 99.8% of the world’s graduates living outside of your home city and the rise of remote work, growing numbers of businesses are looking across the country and around the world to employ the best talent no matter where they’re located.
As reported in the AFR, accountants are using international employees “in growing numbers for tasks as varied as audit, accounting, administration and financial planning work, as the talent crunch in Australia means they cannot find the staff to do so locally.”
Experienced accounting and finance professionals are in high demand which is driving up interest in hiring outside local markets. This is illustrated by the high growth in job ads for knowledge roles in international markets such as the Philippines. JobStreet recently reported knowledge roles now fill the three most in demand job categories.
Top 10 Industries by increases in Job Ads
This growth in job ads reflects the increasing quality of finance talent available in places like South Africa, the Philippines, Malaysia and Indonesia.
Building a remote team
Taking the first step to expand your team remotely can seem daunting, but there are some simple tips to get started.
Firstly, it's important to recognise that you’re building a team, not outsourcing to a BPO. Remote employees are an integral part of your business and you need to recruit, onboard, train and engage them in the same manner as your local employees.
By investing in these processes equally to your local team you’re likely to establish stable teams that you can confidently invest in developing for long term reward. Our friends at Employment Hero have expert advisers to help you in developing these strategies.
In the same way local employees may enjoy the benefits of a workspace provided by you (typically in an office), you need to consider the workspace of your remote employee. Work From Home (WFH) is now a well established practice however employers need to ensure WFH employees are set up for success.
Providing a contribution towards a proper desk, chair and monitor are a common approach and very effective at ensuring your remote team is productive. The investment required is typically comparable to an office based employee and if you factor in the savings on rent and other potential overheads, the economics quickly become an advantage.
You can find out more about establishing remote work in our Remote Working Guide, but to illustrate how easy getting it right can be here are five key success drivers:
- Communicate often
- Set clear expectations
- Focus on output over hours
- Establish Objectives and Key Results (OKRs)
- Reward and recognise your team for great work
Through Employment Hero’s Global Teams service, our clients have augmented their headquarter teams by adding experienced, qualified professionals from across Asia-Pacific.
In the case of Accounting and Finance professionals, we spoke to Amit Thapa from the Global Talent Agency who specialises in finding candidates from around the world. Here are some examples of roles and salary ranges:
If you would like to speak to one of our experts on remote employment, get in touch here.