Migrants are the fastest way to fill 500,000 vacancies

Aside from chronic skills shortages in the tech sector, he pointed to the risk of time and cost outbursts on major infrastructure projects, as well as for the housing sector and housing construction.

“It’s huge across the infrastructure sector,” he said. “If you look at the expected expenditure of collective governments and the number of experienced engineers, architects, designers, it goes in two different directions. It will take longer and more expensive.”

A worker on top of the causeway that will connect western Melbourne to the CBD is one of the big projects over time and over budget with many more projects to come. Jason South

Skills shortages were not on the list of top concerns in previous years in the KWM survey, but as a sign of the emergence of the problem, directors cited challenges from broader labor market constraints and skills shortages as the second biggest concern for boards, nominated by 52.3 percent of the board members.

While the job summit is likely to stir old ideological divides between business and unions over restoring the labor relations system, business groups believe the migration system could be an area of ​​”common ground” where quick profits can be made.

“There are real issues with the migration settings. First of all, we have to play catch-up. Think about the numbers. We used to take in about 230,000 people a year… a combination of temporary, permanent migration, students, we haven’t done that,” Business Council of Australia CEO Jennifer Westacott said Monday.

“About 90,000 a year leave the country. So we’re short about 300,000 and we saw some data a few weeks ago that showed that 500,000 [job] vacancies, so we have a short-term gap to fill,” she said.

“The system is overweighted for short, temporary migration, those two-year visas. You don’t go up there and leave your country and family for two years. And of course there are real problems with visa processing right now.”

Paul Zahra, CEO of the Australian Retailers Association, also pointed out the migration system, in addition to changes they would like to see to encourage older workers and women.

“We need to see less bureaucracy around immigration to streamline the process for foreign workers in the country,” he said.

“Unfortunately, the Australian brand has been damaged by the COVID lockdowns over the past two years, and we are struggling to complete globally for foreign workers, who no longer see us as an attractive option to live and work.”

Mr Scott said the skills shortage has also forced a pay rethink, with many boards considering using employee share plans to encourage employees to invest in a company’s long-term success, to avoid an arms race over wages. .

The councils hope to take advantage of changes to the coalition’s federal budget in March to remove the cap on the value of shares that can be issued to non-C-suite employees. They followed the changes to remove the tax point when employees terminate their employment, which took effect July 1.

“I don’t believe in this argument that you just pay people the amount you have to pay when there’s a huge skill shortage because then you’re just encouraging them to go to the highest bidder,” Mr Scott said.

“The organizations that ensure a common distribution of the collective results through participations as part of their compensation packages are much more sustainable during the journey,” he said.

“Employee share plans are a way of saying that collectively we all own this company, which I think is a major cultural bonding agent.”

KWM’s lead author, Meredith Paynter, agreed that stock plans formed a “form of glue” between employers and employees.

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