Recent reports and our own TMA findings have shown a major skills shortage in Australia that could have detrimental effects on the country’s economic recovery.
More than half-a-million skilled migrants have left Australia due to the COVID pandemic, and a lack of skilled migrants and low unemployment means there are major skills shortages in many sectors of the economy at present.
However, employers can still gain access to global talent despite the critical skills shortage issue and TMA is still helping employers hire internationally to bring these much-needed skills to Australia.
Meanwhile, the pandemic has also revealed occupational and skills trends, which will help to set Australia up for the future.
In this article, we outline the trends in the new-economy occupations and how you as an employer can access the critical skills needed now and in the future.
Australia’s future economic state is dependent on the global talent shortage
Research conducted by PWC and the World Economic Forum found that closing the skills gap could lead to a US$90 billion gain for the Australian economy or 5.2 percent of its GDP by 2030. (Source: PWC)
Our trusted partners at Globalization Partners recently shared an insight that a high skilled labour deficit is expected to deteriorate at 11.3 per cent annually to reach 2.2 million people by 2030. This is equivalent to 43.8 per cent of Australia’s highly skilled labour workforce in 2030. (Source: Korn Ferry)
Meanwhile, Prime Minister Scott Morrison lists workforce skills as the “single biggest challenge facing the Australian economy” in its recovery from the COVID-19 pandemic, while Immigration Minister Alex Hawke says the Government sees the migration program as integral to how Australia will recover from COVID.
It comes after the Committee for Economic Development of Australia (CEDA) stressed the urgency of “increased and more flexible temporary and permanent migration as global competition for skills and talent intensifies in the post-pandemic recovery”. (Source: The Conversation)
In a recent article, The Conversation stated: “Australia typically relies on immigration for almost two-thirds of its population growth, and skilled migrants are an important source of talent. COVID-related closures of national and state borders added to the problems of industry sectors that rely on temporary and permanent migrants to overcome skills shortages.”
With Prime Minister Morrison fast tracking the plan to reopen international borders, now is an ideal opportunity for Australian companies to invest in the pool of skilled foreign talent available to them.
New-economy occupations
While the “new economy” is a hot topic of debate and discussion, employers do have the opportunity to pave the way for Australia’s future.
While a lack of skills and a mass exodus of skilled migrants has left of hole in Australia’s employment sector resulting in talent scarcity, it has also opened the door to new opportunities and occupations designed to help set Australia up for strong economic growth.
At TMA, we have been working with our clients to access the new-economy occupations and bring a new and emerging set of skills into Australia through global talent and international hires.
According to Hays, skills in demand include:
- Accountancy and Finance
- Architecture
- Banking
- Construction
- Contact Centres
- Defence
- Education
- Energy
- Engineering
- Executive
- Facilities Management
- Healthcare
- Human Resources
- Insurance
- Information Technology
- Legal
- Life Sciences
- Logistics
- Marketing and Digital
- Manufacturing and Operations
- Office Support
- Policy and Strategy
- Procurement
- Property
- Retail
- Resources and Mining
- Sales
- Trades and Labour
(Source: Hays)
Our future rests on these new and emerging skills and occupations
A recent report, released by the National Skills Commission, has called for a review into the Skilled Occupation List and talks about the new-economy skills needed for Australia’s future.
However, these skills are not clearly defined for immigration purposes.
As a country and industry, we need to be thinking about the future skills required for Australia and incorporate them into the Skilled Occupation List.
TMA has been referring to this document when making immigration submissions to the Department of Home Affairs around emerging occupations and why they are important in Australia now and into the coming years as well.
Recommendations in the report include:
- More flexibility to adapt to emerging labour market needs.
- Consolidation to develop a dynamic national workforce plan.
- A more streamlined visa application process for applicants and employers.
- More concessions for temporary regional visas.
- Longer temporary graduate visas.
- Intra-company transfer of executive employees.
(Source: Parliament of Australia)
FURTHER READING: A more detailed list of recommendations can be read here.
We are helping our TMA clients fill the skills shortage gaps
TMA has been engaging with clients and industry stakeholders on the skills shortage issue, and discussing how industries can still access those skills globally and hire internationally.
We have seen first-hand the effects on employers who are desperate to find these skills to fill the gaps within their organisations.
We don’t have an oversupply of talent in Australia, in fact unemployment levels are low and the exodus of temporary migrants has put a lot of pressure on employers to solve this problem, and we are working closely with our clients to do this. The good news is, it is still possible to access skilled staff from overseas through the current visa and travel exemption pathways.
If you need help navigating immigration to address skills shortages in your industry, please contact us on (02) 8896 6056 or info@themigrationagency.com.au to have a discussion about how we can help you access global talent.
