Sounds Familiar?
Stop me if you’ve heard this one before: Your business is suffering from a severe slowdown because you can’t find the skilled workers you need. The local talent pool is drying up, and every day without the right people is costing you money and clients. You’re frustrated, maybe even a bit desperate, because you’ve tried everything, but nothing seems to work.
If this sounds familiar, you’re not alone. Many regional Australian businesses are facing the same challenge. The skills gap, worsened by the COVID-19 pandemic, an ageing population, and a decline in trade apprenticeships, has left a massive hole in the workforce. You need skilled workers, and you need them now.
I’ve faced these issues head-on myself, which led me to create a solution that didn’t just scratch the surface but addressed the root of the problem. So at You Solved we can ensure a seamless process of hiring international workers, making it easier for you to get the skilled workforce you need without the usual headaches.
In this article, you will learn about the cost benefits of hiring international workers. By the end, you’ll see why hiring from overseas isn’t just a viable option—it might be the best decision you ever make for your company.
Understanding the Skills Gap
The skills gap in regional Australia isn’t just a buzzword; it’s a reality that many businesses grapple with daily.
Take a moment to think about your own business. How many times have you had to turn down projects or delay services because you didn’t have the right people? How much potential revenue has slipped through your fingers because your team is stretched too thin? The frustration of knowing that you have the demand but not the manpower to meet it is all too real.
Imagine how your business could thrive if you had access to a pool of skilled workers ready to step in and contribute immediately. This is where hiring international workers comes into play. It’s not just about having warm bodies to fill positions; it’s about bringing in professionals who can help your business overcome these challenges and flourish
In the following sections, we’ll explore the cost benefits of hiring international workers and how this approach can lead to greater stability and growth for your business.
Cost Benefits of Hiring International Workers
When considering the financial aspects of hiring, it’s easy to assume that recruiting internationally would be more expensive than sourcing locally. However, this assumption doesn’t account for the hidden costs and long-term benefits of hiring skilled international workers.
Upfront vs. Long-term Costs
Yes, the initial costs of international recruitment, such as visa applications and recruitment fees, can seem high. But these should be viewed as an investment. Unlike local hires, who might leave for other opportunities, international workers are more likely to stay long-term, providing stability and reducing turnover costs.
For instance, the Temporary Residence Transition (TRT) pathway for Subclass 482 visa holders offers a clear route to permanent residency, which incentivises international workers to stay with your company longer. According to industry studies, replacing an employee can cost up to 150% of their annual salary.
Increased Productivity and Expertise
International workers often bring a wealth of experience and expertise that can boost your business’s productivity. For example, if you’re hiring a chef from Dubai or a welder from Korea, you’re not just filling a vacancy; you’re gaining a professional with a unique skill set and work ethic. This can lead to higher quality output and improved efficiency, translating directly into cost savings and increased revenue. Studies show that skilled employees can increase productivity by 20-30%, which can significantly impact your bottom line.
Apprenticeships are crucial for the future of the industry, but they come with their own set of challenges. Apprentices, while essential for long-term growth, typically require significant training and time before they reach full productivity. If you’re struggling to meet current demand, can your business really afford an apprentice at this moment in time?
High Standards and Skill Verification
Australia maintains high standards for the skills and experience required to be eligible for a sponsored visa. The skills and qualifications of international workers are rigorously scrutinised by the Department of Home Affairs before a visa is granted. These skills and experiences often equal or exceed an Australian Certificate IV trade qualification. This stringent vetting process ensures that the workers you hire are highly competent and ready to contribute to your business immediately, further reducing the costs and time associated with extensive training.
Mitigating Training Costs
Training new employees can be a significant expense, often amounting to several thousand dollars per employee. For those lacking in skills, this cost can be even higher. On average, it can cost around $4,000 to $6,000 to train a new employee to full productivity. Skilled international workers typically require less training, as they already possess the necessary skills and qualifications. This means they can hit the ground running, allowing you to redirect resources that would have been spent on training towards other critical areas of your business. On average, businesses spend around $1,200 per employee on training annually. Reducing this cost can lead to substantial savings.
Avoiding the Costs of Failed Hires
One of the most overlooked expenses in recruitment is the cost of a bad hire. Failed hires can drain your business in terms of time, money, and team morale. The Harvard Business Review estimates that a failed hire can cost an organisation up to five times the employee’s annual salary. You Solved’s unique model includes rigorous candidate screening and a streamlined migration process, drastically reducing the risk of a bad hire. This approach not only saves money but also keeps your team productive and motivated.
In essence, while the upfront costs of hiring international workers might seem higher at first glance, the long-term financial benefits are clear. By investing in skilled, committed professionals, you’re not just filling a vacancy—you’re fortifying your business for sustained growth and success. Choosing the right talent is an investment in your company’s future, and with You Solved, that future looks bright and promising.
So What Next?
Hiring international workers might seem like a daunting prospect at first, but the benefits far outweigh the initial challenges. By addressing the skills gap with highly qualified and committed professionals from overseas, you can transform your business’s productivity, efficiency, and growth potential.
The You Solved model is designed to make this process as seamless as possible for you. Our unique approach combines recruitment and migration services, ensuring that you get the best candidates without the usual headaches. We start by thoroughly vetting candidates to match your specific needs, then manage the complexities of the visa application process, and provide ongoing support to ensure compliance and successful integration of your new hires.
Don’t let the fear of the unknown hold you back. Embrace the opportunity to bring top-tier international talent into your business. Contact You Solved today and take the first step towards a brighter, more prosperous future for your company.
By following our ultimate checklist, business owners and leaders can effectively navigate the process of hiring internationally.
