If you’re seeking to hire talent in Australia, it’s looking like a real challenge. But don’t worry – we’ve got you covered. We’ll help you understand the current climate and how to navigate this market as your organization faces the existing talent shortage in Australia.
Months after the border measures were lifted in Australia, the consequences of Covid-19 on the talent pool and immigration can still be felt. Australia had some of the tightest pandemic policies in the world and closed its borders for nearly two years. Approximately half a million migrants left Australia during that time and the country missed out on an estimated 600,000 skilled foreign workers that would have entered the country if not for the pandemic.
A delayed inflow of candidates is a real challenge for an economy that is home to more than 800 FinTech start-ups and is trying to position itself as a future leader in this industry. The Australian government’s skilled occupation list has remained the same signalling that no one is filling the demand. During 2021 and 2022 in the FinTech industry, the talent shortage could be felt most in engineering/software, data engineering/data science, and product management/sales.
The 2022 EY Fintech Australia Census found that the top three challenges to attracting and retaining talent were rising employee salaries, access to skilled domestic workers, and competition from big tech. This means two things for FinTech employers Down Under:
- There are fewer qualified people actively looking for a job.
- Salaries are being driven up: it’s an employee-led market.
The consequence of the current environment is that traditional hiring routes (through existing networks or advertising jobs, for example) are just not working as effectively as they used to, which means companies are having to increasingly resort to headhunting, particularly in the start-up world. Attracting top talent comes down to selling your business, the company culture, your brand, and your reputation. If your business is looking to hire, you will need to be able to quickly and effectively:
- Stand out from the competition to attract active candidates.
- Sell your business’s vision to people who aren’t actively looking to switch jobs.
Here are our top tips to help your organization do this.
Six Practical Tips That Will Help Your Business Attract and Retain Talent
1. Remember: Interviewing is a two-way street.
You are getting to know the candidates as much as they are getting to know you and your business. You will need to practice and perfect your candidate elevator pitch. On one hand, you must be able to sell the vision of your business to the candidate. On the other, you should highlight how working for your organization will catapult the candidate’s career. Additionally, investing in building solid and compelling employer branding is a vital part of this step.
2. Look outside the box.
First, analyze the role that you need to fill, and the skills required to determine the non-negotiables of the job. What do they need to know? What can I teach them? Once you determine those non – negotiables, be open to speaking to candidates that have a similar core skill set to the one needed for the job you want them to do. Speak to talent from other industries, people who might not necessarily tick all the boxes in your ideal candidate checklist but that are willing to learn. Shift your focus to the long-term potential of the candidates in your business. Don’t narrow down an already shallow pool, and keep in mind that talent that can positively impact your company and help you achieve your goals can come from anywhere.
3. Understand what the market is paying.
Businesses must be aware of what their competition is offering. Do your research: read salary reports, talk to your peers, you can even ask while interviewing, or speak to experts in recruitment. Keep seeking out knowledge to remain competitive.
4. Be open to exploring multichannel recruitment policies.
You want to make sure you are sifting through all the best candidates that are out there, whether they are actively looking for a job or not. To do so, the more resources and channels you have in your toolkit, the better. Work with your in-house recruiting team, explore non-traditional avenues such as social media (other than LinkedIn), and speak to an external recruiting team.
5. Invest in an Environmental, Social, and Governance (ESG) policy.
Considering Australia’s commitments to climate action, energy innovation, and reaching a net-zero emission by 2050, having a clear and effective ESG policy in place can be a differentiating factor for your organization, especially when targeting younger generations (Gen Z in particular).
6. Invest in your people.
Wellness and self-development perks are some of the more sought-after benefits, especially after the tolls the pandemic took on the workforce. Having a wellness and mental health policy in place is something you don’t have the luxury to skip out on. Furthermore, be sure to have a work-from-home policy in place.
Want More Market Insights and Tips?
Storm2 specializes in connecting the best FinTech talent with innovative businesses across APAC, Europe, and North America. If you’re having trouble finding the right people for your organization, we’re here to help. Get in touch to learn more.
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