- Australia’s unemployment rate is down to 3.4 % as shown by the graph!
- Baby boomers are now leaving the workforce in spades!
- Migration figures are still low compared to pre-covid numbers!
- University graduate figures are lower compared to pre-covid numbers!
A Perfect Storm is Brewing
With a perfect storm brewing of talent shortages, industry growth and lagging innovation, what can companies do to retain and attract talent, embrace innovation and get the resources they need only when they need it?
Flexible, Scalable, end-to-end outsourced support may be the answer.
In 2014, research and consulting firm Gartner identified that businesses need to operate at two speeds to be successful. Speed one or Mode one dealt with the predictable, repeatable knowns. Mode One focused on run-rate activities that “keep the lights on”, like administration and maintenance. Mode two was focused on agility, innovation, creativity and strategy. Both modes are critical for successful outcomes; however, most businesses are locked into mode one, where most resources are consumed doing mundane, repeatable tasks.
Several Australian firms suffer this two speed or two-mode problem where expensive talent may be wasted on discovery, document review, printing and other tasks. This dichotomy has led to the rise of an outsourced model that delivers the scalability of end-to-end services to take care of mode one with the flexibility, security, and responsiveness to augment talent freed up to focus on winning more business.
The growing “war for talent” exacerbates this two speed or “bimodal” problem, facing many firms as they struggle to attract and retain talent. Compounding the talent challenges is how firms should embrace tech and innovation, not only in the pursuit of efficiency but to secure the talent they need.
The talent competition will further tighten as overall demand continues to increase. While higher salaries may be a short-term solution to help recruitment, it has proven to be a relatively weak way to protect against staff turnover; the domino effect is causing concern for Australian firms for the rest of 2022 and into 2023. Therefore, many firms are looking at asymmetric solutions to lessen the burden on existing staff and slow the rate of talent acquisition.
At Maxstaff.co, we firmly believe that by setting up a parallel team offshore, companies will win the war of talent. By offering arbitrage, they can attract the best talent from developing economies, test them and if they are successful, retain them within their teams by bringing them into Australia. This concept is often called parallel team working on projects that may relate to innovation and new ways of working. It has been tried and tested by the big 4s for years and now the smaller mid- tier organisations are embracing it.
Talk to us and book a discovery meeting with one of our experts to learn how we can safely set up a parallel team for your organisation.
