Sep 2022

Australian accounting firms’ new norm: remote working is in

By: Odyssey Uncategorised
Tags: Australian Accountant, Hybrid working, Outsourcing, Post-COVID, Remote working, Working conditions

The June 2022 Hays Salary guide recently released had some auspicious information for Australian accounting firms struggling to find employees to man the computers in the Australian accounting compliance space.

The majority of employers (88%) are going to be increasing the salaries of their employees in the next review. And 77% say the skills shortage has forced them to offer higher salaries than planned.

The competition for staff will continue to be fierce as 61% of employers intend to increase permanent staff levels in FY22/23.

Skills shortages continue to exist in the industry, with skill merits having higher value in the current economy. There is ongoing intense competition for skilled professionals.

The skills shortage has been exacerbated due to skilled migration resources slowing, foreign university graduates at low levels due to previous COVID border restrictions, along with higher than normal numbers of Australian accountants taking extended holidays overseas.

The scarcity of resources shows up not only in remuneration, but also working conditions. 79% of employers now offer a hybrid form of working, of which 27% offer complete flexibility, leaving it up to employees to choose how frequently they come into the office.

Of new hires, over a fifth (21%) of employers surveyed stated that they would look to hire fully remote talent within the next year.

57% of companies are rethinking the way the workplace is used and workspace requirements. With digitisation in the Australian accounting compliance space, turbo charged during covid, there’s now little reason to physically visit your local accounting office. This means Australian accounting firms can re-look at space requirements, downsizing, or implementing other options like hot-desking.

If remote working is now coming into vogue, it’s only time before there is full acceptance that work can be done anywhere. With that creates opportunities for Australian accounting firm owners to look overseas for competent skilled resources.

If you’d like to chat more about Odyssey’s remote workforce and how we can assist with your compliance work please drop us a note.

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