Hiring internationally to grow your Australian business, or expanding your business to new markets can be transformative for your organisation in 2022. However, without a solid talent strategy and immigration specialist on your team, you may not get the results you expect.
The world of immigration is changing rapidly. To source and attract the right global talent this year, companies need to cover two fundamental areas: an immigration partner who understands your business, and a global talent strategy aligned with your workforce needs.
Hiring highly skilled global talent brings a plethora of benefits to Australia and your company. In this blog, we share how organisations can make immigration work for them in 2022.
Understanding how immigration can help your business
Before covid, Australia’s population growth was mostly driven by overseas migration, increasing significantly in the last five years largely due to people on temporary visas, including overseas students and skilled migrants. (Source: Parliament of Australia)
Highly skilled global talents help grow our economy by filling employment needs, purchasing goods and services, and paying taxes. In a strong economy, businesses will see greater prosperity and are able to hire more employees to keep up with demand and growth, hence, increasing profits.
Other advantages to hiring international talent includes a more diverse culture and reduced skills shortages, an area many industries have experienced in the last 12 months of the pandemic as skilled migrants on temporary visas were forced to leave Australia.
The 3 Ps of immigration
So why is immigration so important to Australia’s economic prosperity?
Immigration has long been an important factor of Australia’s economy, but one that has been significantly undervalued. We believe migration will be critical to Australia’s post-COVID-19 economic recovery and why the border closure continues to pose a real threat to our economy.
To combat the future effects of the coronavirus pandemic, population growth will be a key element of Australia’s economic recovery and the reason why the Government needs to re-open the borders as quickly as possible. Our future as a country depends on it.
According to the Migration Council Australia, “Australia’s projected population will be 38 million by 2050 and migration will be contributing $1625 billion (1.6 trillion) to Australia’s GDP. Overall, by 2050, each individual migrant will on average be contributing approximately 10 per cent more to Australia’s economy than existing residents.”
We know the economic impact of migration reaches every corner of our economy, which makes up our population, productivity and participation as a country.
The Three Ps theory refers to Population, Participation and Productivity:
- Population: The number of people in the economy
- Participation: How many of those people work
- Productivity: How much value each employee generates from their work
According to the theory, the larger the population, the more people a country has to participate in the workforce and the more productive those employees are can potentially contribute to the growth of the economy.
In 2022, and the years following the pandemic, Australia will need to turn to immigration to boost its population as the missing piece of the economic recovery puzzle.
Out of the three Ps, population is the only growth driver that can help bolster and boost our economy quickly.
The impact that Australia’s border closures have had on our economy is being felt by many businesses across countless industries, with business owners crying out for employees to fill positions that are still vacant, even after months in isolation. The COVID period has shown us how important migrants are to the longevity of our country.
It’s the reason why the Australian Government will welcome 200,000 students and highly skilled migrants back to Australia in the next two months (Dec/Jan), and why the NSW Government is pushing for 2 million migrants to come to Australia in the next five years (400,000 people a year). (Source: ABC)
Key areas of consideration for your immigration strategy
Smart immigration strategy for business opens up a world of possibilities. The diverse landscape of Australian business demands an immigration specialist, with the experience, confidence, and capability to guide business on talent mobility and immigration now more than ever.
A strong immigration partner can help an organisation to not only handle temporary and permanent work visa applications, but also compliance, mobility best practice and policies, corporate restructures, business startup, scale-ups and global expansion, entrepreneurial activities and investments, and personalised immigration assistance for key personnel.
A highly optimised immigration strategy can help your organisation to:
- Gain global and industry insights to give you a competitive advantage when it comes to talent.
- Capitalise on immigration and talent mobility opportunities that support growth.
- Identify global markets from which highly skilled professionals can be accessed to solve local needs.
- Timely and reliable advice regarding visas for talent.
- Stay abreast of regulatory, compliance and employment law issues across multiple jurisdictions.
- Partner with people calibrated at the right level and with deep knowledge of their specific commercial operating environment.
A specialist immigration partner must be an extension of your team
At TMA, we work with businesses to devise bespoke immigration strategies and our clients value the way we design and deliver solutions that work. If you are ready to plan your workforce and make immigrfor 2022, discover how The Migration Agency can help by getting in touch with us here.