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that there is a slowdown in offshore visa processing, with older and more experienced workers being discouraged and an out-of-date priority jobs list.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 …
How Australian Accounting Firm Owners Are Managing Cybersecurity Challenges in the Post COVID-19 World
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, …
We Live in Unsettling Times: Inflation To Affect Wages and Wage Growth
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 …
The Great Resignation Continues, 44% of Australian Workers Are Looking for a New Job
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 …
Return-To-Office Full Time Is Not Happening Anytime Soon
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 …
Australian Accounting Firms Are Likely to Pay 20% More for New Hires
A few years ago, a full-time worker who switched jobs saw an average of 5 per cent pay rise, according to some research carried out by the Reserve Bank of Australia. This is no longer the case. In mid-2021, workers who changed jobs received higher pay of 8 to 10 per cent, according to single-touch payroll data. There have even …
Balking at Pay Rise, Accounting Firm Leaders Are Seen Doing More Low-Level Work
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, …
Australians Are the Most Burnt-Out Workers in the World
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 …
Record High Gas Prices Impact Return-To-Office Strategies
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. …
Amid Australian Accounting Labour Shortage, Skilled Visa Approval Delays Contribute to the Drain of Skilled Accountants
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 …
