Australia Defies Global Downtrend in Labour Force Numbers

1. WEEKLY INSIGHT

INCREASE COMPETITION FOR TALENT…THE GLOBAL LABOUR POOL SHRINKS, AUSTRALIA WILL BENEFIT FROM THE GROWING POPULATION & IMMIGRATION.

Baby-Bust -A Global Structural Issue: Right now, there are over 8 billion people on Earth, marking a 400% population increase since 1900.By 2070-8, the global population is predicted to reach 10 billion.

Following the introduction of the oral contraceptive pill in Australia, the birth rate significantly declined; the average number of births per woman fell from 3.5 to 2.9 within ten years. Today, this average has further decreased to 1.7 (ABS Data 2024).

Automation & Mechanisation: Businesses will likely increase their reliance on automation and technology to address labour shortages and rising costs.

Aussie Competitive Advantage is Immigration.. Attracting skilled workers: 31% of Aussie population was born outside of Australia, compared to lower % in other countries like Britain, Germany, and the US.

2. HR/IR & LEADERSHIP

Some of the initiatives included in the ‘Future Made in Australia’ program (Evans 2024):

1. Paid Parental Leave: $1.1 billion over five years to strengthen the government-funded PPL scheme.
2. Remote Jobs: $777.4 million over 5 years to create 3,000 jobs in remote Australia.
3. Employment & Workplace Relations: $65.5 million over 5 years in savings from the Employment and Workplace Relations portfolio.
4. Employment Services Reform: $253.6 million over 5 years to reform employment services and supports for people with disability.
5. Health Workforce: $116.2 million over five years to strengthen and support the health workforce. Please note – Image Source

3. TEAM DIARY

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QUESTION: Can you guess what the average cost per hire is in Australia?

ANSWER: Cost per hire in Australia averages at $26,000 according to AIHR (2024).

Recruitment Fee Structure

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WHY US? Savings of nearly 50%, or approximately $13,500 per hire.

4. THIS WEEK’S TOP 4 READS

1. ‘Hold them captive’: Australian billionaire boss aims to end staff going out for coffee
2. Why Gen Z are leading the way on five days a week back in the office
3. Perth emerges as one of the hardest working capital cities in Australia
4. Right to disconnect ‘a real challenge’ for global firms: Woodside