19

May 2022

Global war for talent

Delay of 3-5 years before immigrants, international students and seasonal workers return to pre-pandemic levels?

By: Odyssey General, Outsourcing
Tags: Australian Accountant, australian accounting, immigration, labour shortage, Offshoring, Outsourcing

Despite the Australian borders being open, there has been an unremarkable number of new immigrants flooding into Australia, with an indication that Australia might not be winning the competitive global war for talent. There are indications that there is a slowdown in offshore visa processing, with older and more experienced workers being discouraged and an out-of-date priority jobs list. There …

12

May 2022

cybersecutiry for accounting firms

How Australian Accounting Firm Owners Are Managing Cybersecurity Challenges in the Post COVID-19 World

By: Odyssey General, Outsourcing
Tags: Australian Accountant, australian accounting firm, cybersecurity, Outsourcing, Post-COVID

Impact of COVID-19 on cybersecurity The global pandemic significantly intensified fraudulent activities as many people become more vulnerable to cyber threats while working remotely. According to the Annual Cyber Threat Report 2020-21 from Australian Cyber Security Centre, there were over 67,500 cyber-attacks reported, an increase of nearly 13 per cent from the previous financial year. During the fiscal year 2020-21, …

05

May 2022

Inflation to affect wages and wage growth

We Live in Unsettling Times: Inflation To Affect Wages and Wage Growth

By: Odyssey General, Outsourcing
Tags: Australian Accountant, australian accounting, inflation, Outsourcing, wagegrowth

Headline inflation in 1Q22 rose to 5.1% and this is the highest inflation rate since 2001.  Yesterday the RBA surprised many punters by raising the interest rates by 0.25%. There is now discussion of increases in wages increases between 3 and 4 percent.   At the same time, the central forecast for 2022 is for headline inflation of around 6 …

28

Apr 2022

The Great Resignation Continues, 44% of Australian Workers Are Looking for a New Job

By: Odyssey General, Outsourcing
Tags: Accounting Firms, labour shortage, Outsourcing, The Great Resignation

The Great Resignation, also known as the “Big Quit”, continues to be a challenge for Australian businesses in the near future. A recent survey from Elmo Software found that up to one-third of Australian employees believe that they will only stay with their current company for up to 18 months. Some alarming results from the survey: 44% of Australian workers …

21

Apr 2022

Remote-working

Return-To-Office Full Time Is Not Happening Anytime Soon

By: Odyssey General, Outsourcing
Tags: Outsourcing, Post-COVID, Remote working, work from home

Close Contact Isolation Rules Currently, all Australian states and territories require close contacts to isolate for seven days from the last time they were in contact with someone with COVID-19. According to the Department of Health, over the past week, there have been an average of almost 40.5K new cases reported each day with 396.3K active cases. Based on an …

07

Apr 2022

Balking at Pay Rise, Accounting Firm Leaders Are Seen Doing More Low-Level Work

By: Odyssey General, Outsourcing
Tags: labour shortage, pay rise, Post-COVID

Australian accounting firms have started to realise the impractical nature of raising pay to hire and retain staff. First, it is not financially beneficial, especially for mid-tier and small firms. When considering the hourly charge rate and the revenue generated, firms have begun to see that it is not profitable when paying a junior staff as high as $85k. Second, …

31

Mar 2022

Australians Are the Most Burnt-Out Workers in the World

By: Odyssey General, Outsourcing
Tags: burnout, Post-COVID, work life balance

The pandemic is as much a crisis of mental health as of physical health. Research by recruitment firm Adecco found Australians are the most burnt-out workers in the world, with more than half (53%) saying they had suffered from burnout over the past year. Burnout is defined as a syndrome conceptualised as resulting from chronic workplace stress that has not …

24

Mar 2022

Record High Gas Prices Impact Return-To-Office Strategies

By: Odyssey General, Outsourcing
Tags: Post-COVID, Remote working, work from home

Even after work-from-home COVID restrictions have ended, workers refuse to return to the office due to the rising costs of gas. In a recent study conducted by the Finance Sector Union on WFH, 75% of members showed great concern over the commuting expense if they had to return to work. With the Ukraine-Russia conflict, gas prices have becoming so expensive. …

17

Mar 2022

Amid Australian Accounting Labour Shortage, Skilled Visa Approval Delays Contribute to the Drain of Skilled Accountants

By: Odyssey General, Outsourcing
Tags: labour shortage, Post-COVID

To address labour shortage, the Temporary Skill Shortage visa (subclass 482) or “TSS visa” was introduced. The visa allows Australian employers to sponsor a person from overseas and the sponsorship will be valid for either one to four years. The processing time of the TSS visa is what have been under discussion lately. Over the last two years, the time …