The Australian recruitment industry has witnessed its fair share of disruption in the last 1 year. Most of it was owing to global challenges like economic uncertainty, increased competition, and skills shortages. The volatile future of immigration policy in Australia did compound these challenges as well.
It’s little over a year that the 457 Visa was abolished by the Turnbull administration. It was replaced with a completely new 2 or 4 years TSS – Temporary Skill Shortage Visa. The TSS Visa is also known as Australia Subclass 482 Visa. It has drastically reduced the occupation list of admissible skills to 450 from 650. The eligibility requirements of overseas skilled workers have also been tightened.
The announcement had at that time sent ripples across various Australian industries. However, the STEM sector had to particularly brace for transition in the workforce compositions.
Being the leading sector for skilled immigrants, STEM industries have since then been struggling constantly to plug gaps in crucial areas. It appears that they will be in this mode for a while. This is if the opposition Labour Party fulfils its promises.
The trade war between the two largest economies in the world the US and China is escalating further. It is definitely creating a ripple effect in the international markets. The latest PwC report has revealed that firms in China are interested to increase investments in the APAC region. They have specifically Australia in their mind for this.
The PwC report elaborates that 21% of Chinese CEOs consider that Australia is vital for the future growth of their companies. Contrastingly, reliance on the US has decreased to 17% from 59%, as quoted by the ANZ Business Chief.
Chinese firms are seeking to establish a growing presence in APAC against this backdrop. It implies that the immigration policy of Australia offers both an opportunity and a challenge.
The opportunity is that Australian recruitment sector can offer value by plugging gaps for Chinese firms. This is by using the talents that are locally sourced. The challenge lies in that there may be curbs on Chinese firms. This is if they want to bring their workers from overseas for working in new offices in Australia.
Nevertheless, future access to overseas talents pools remains a concern for the Australian recruitment sector. As per GRID – Global Recruitment Insights and Data by Bullhorn, 31% fear that limiting policies for movement of workers are problematic.
The Australian recruitment industry can still find the skills needed by its clients in the evolving workforce in Australia. This is by cultivating a digitally-focused, forward-thinking, and proactive mindset.
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