It’s a difficult time to be looking for more accounting resources. We’re seeing increased pressures on accounting wages domestically due to the three prong factors of limited skilled short term and long term immigration exacerbated by budget cuts in the home affairs department (responsible for processing skilled visas), reduction of international students in the Australian universities, and high job vacancy …
The worker shortage continues
Australian accounting, finance and legal professional services staff are being offered pay rises of up to $40,000 (on a $90,000 salary) to stay in their current jobs, and up to $100,000 sign-on bonuses. Costs of hiring have more than doubled and employers are forced to wait an average six weeks to hire new employees, potentially delaying growth plans for some …
Delay of 3-5 years before immigrants, international students and seasonal workers return to pre-pandemic levels?
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that there is a slowdown in offshore visa processing, with older and more experienced workers being discouraged and an out-of-date priority jobs list.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 …
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 …
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, …
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 …
Different Booster Shot Policies in Different Australian States Are Exacerbating Labour Shortage
Early February, Victoria announced that all (including travellers) may be required to show proof of a third vaccine dose to enter some public sites in coming months to protect the country against future waves of infections. Many experts feared that it was too soon to mandate third-jab saying that many parts of the world they haven’t had access even to …
80% of Australian Firms Are Hampered by Labour Shortage
Australian SME companies (and Australian Accounting firms) are continuing to struggle to find sufficient resources as labour shortages continue. Many SME companies are reporting labour shortages have been constraining their ability to operate at full capacity. Global supply chain issues are exacerbating supply constraints and prices are escalating with inflation on the horizon. Staff shortages and wage pressure, as well …
Australian Accounting Firms: The Problem with Increasing Pay To Secure Staff
Pay rise continues to be discussed in a recent article by the AFR. When compared to two years ago, junior accountants are getting paid 28 percent more, while senior accountants are offered a 55 percent pay increase. The upper end of salary ranges has continued to escalate and shows no sign of slowing down in the near future. The same …
