Employers in Australia are facing a shortage of skills and Australian jobs that are in demand include IT, Engineering and Financial services professionals. There is a mismatching between skills needed by employers and those possessed by job seekers. Thus there is a huge demand for overseas professionals in many industries.
Employers in Australia are still struggling to cater to high skill requirement roles in spite of the existing labor pool. Hays Global Skills Index 2017 has revealed that there is a huge demand for highly skilled professionals.
Hays the recruiting experts said that there is a struggle to cope up with the labor market demand in Australia. This is due to advancement in technology and enhanced job prospects in highly skilled sectors. Hays Managing Director for Australia and New Zealand Nick Deligiannis said that Australian jobs in demand are IT, Engineering and Financial services professionals. There is a huge demand for professionals in these sectors while compared with low skilled sectors, added Deligiannis.
The mismatch in talents is underscored by the crucial expansion of the disparity in wages between and high and low skilled jobs. Repetitive and routine jobs are getting redundant owing to the latest technology, as quoted by the Australiaforum. This has resulted in rising demand for workers with high skills than compared with workers with low and medium skills, explained the Managing Director.
Pay packages are constantly growing for domains such as Senior Accounting and Estimating, Engineering, and Digital. Their growth rates are on par with previous trends. Meanwhile, jobs with low skills continue to experience much-retarded growth in wages.
On the other hand, the overall index for Australia increased to 5.5 from 5.1. This is the highest since 2013 and reflects the enhanced pressure in the job market. It means that it is tougher to get the right talent that it was a year earlier, explained Deligiannis.
The index reveals that readily available candidates in Australia are now probably having lesser skills than required by the employers. Pay package pressure is rising much faster in sectors with high skills than compared with low skilled sectors. This is creating a scarcity of appropriate talent in sectors with high skills.
It has been also revealed that firms are trying to retain the talented employees that they possess. They are not utilizing pay package levels for competition in the overall talent.
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