The workforce landscape in Australia is rapidly evolving.
Despite increases in skilled migration and a slowdown in hiring, unemployment remains at historical lows and a skills recession looms.
The uncertain economic outlook (fuelled by geopolitical tensions and persistent inflationary pressures) has meant employers are less willing to reach into their hip pocket to bring in (and keep) the right people.
Developments around gender pay gap reporting and wage theft are encouraging employers to review their current practices and strategies (including their payroll systems and processes).
We explore three of these workforce challenges that companies are facing, as well as questions and strategies that employers can be thinking about as we look ahead to 2024.
Key workforce issues for 2024
Attraction and retention
of key talent
Employers continue to face challenges attracing and retaining the right talent. What strategies can you think about to ensure your able to compete for and keep the best talent?
- Does your broader Employee Value Proposition (EVP) need a refresh?
- Is your Global Mobiity Program effective?
- Can you consider new ways to attract talent from overseas?
Gender pay equity, wage theft and compliance
As a result of legislation introduced in early 2023, gender equity is front of mind. Wage compliance remains important following several high-profile underpayment cases. What should employers be aware of in their own organisitions?
- Are you proactively addressing your gender pay gap?
- Is it time to review your payroll and time and attendance systems?
Addressing skills
shortages
A skills recession is said to be looming, of not upon us. We look at strategies that employers can think about to address skills shortages.
- What reward strategies do you have in place?
- Is Global Mobility fundamental to your talent strategy?
- Can you use skilled migration to your advantage?
Read more about the workforce challenges we're seeing and what you should be thinking about, download our factsheet.
