Australian Companies Are Ready To Pay Higher Remuneration To The Right Candidate

21 Oct 2010

Several experts state that Australian government should work towards increasing immigration and training programs in the nation to avoid high skills shortage and to avoid stalling of new upcoming projects.  

Australia’s unemployment rate reached a high of 5.8 percent in the half of the previous year although it has now come down to 5.1 percent, the same rate as in the year 2005.

As per Mr.Hayman, global managing partner of mining and metals for Heidrick & Struggles, an executive search firm, the remuneration packages in Australian firms are witnessing a continuing year-on-year increase of around 25 percent. Also, most companies are ready to pay higher remuneration to the right person as they don’t want to lose millions of dollars.

Jim Barrett, head of the Australian Constructors Association mentioned that shortage of skilled workforce is already threatening the residential building as well as the commercial sectors. He also mentioned that specialist management skills and high level technical skills are essential for growth of several projects.

Barrett admitted that although several initiatives by both the government and the private sector were addressing the current skills shortage, but still, there remains a wide gap between present training programs to plug the gaps in the Australian economy.

The present shortages of skilled labor force being experienced by the industry will get highlighted in the biannual Contruction Outlook of the association slated to be released in this week.   

It is also expected that the nation will experience much higher shortages of skilled workforce especially in the sectors including mining, health care, engineering and education, in the year 2015, stated Robin Shreeve, chief executive of Skills Australia.

Chief executive of Atlas Iron, David Flanagan said there will be a higher need for additional skilled persons in the coming times for several new upcoming projects in the coming five years time.