Accounting firms becoming more reliant on overseas talent, survey finds

Almost two-thirds (65 per cent) of accounting firms said that the Australian employment market is more reliant on overseas talent than it was five years ago, Robert Half has found. Only 11 per cent believed that the job market had become less reliant on international hiring.

“Despite easing employment market conditions, the talent shortage persists in many sectors,” Nicole Gorton, director at Robert Half, said.

“Considering international talent offers a significant opportunity for employers to identify highly qualified candidates, especially for higher-level or specialised roles, which in turn helps combat Australia’s talent deficit.”

The accounting industry has been grappling with a talent shortage, with many businesses struggling to fill vacancies due to a lack of suitable applicants. Of the accounting firms that wanted to hire skilled migrants, 39 per cent cited a lack of local talent as a top reason, Robert Half said.

While the accountant shortage has partly driven an increased reliance on international hires, the survey identified numerous other reasons why accounting firms were opting to hire internationally.

These included unlocking specialist expertise (35 per cent), harnessing global knowledge (39 per cent) and driving innovation through diverse perspectives (44 per cent).

Overall, 48 per cent of finance and accounting firms had hired a skilled applicant from overseas and would do so again.

However, the survey identified that some employers had reservations about hiring international talent. In the accounting space, 29 per cent of employers said they had employed a skilled migrant and would not do so again, while 4 per cent hadn’t hired a skilled migrant and would not consider it.

Of the accounting and finance firms that didn’t want to employ foreign talent, language fluency concerns (48 per cent) and reservations about cultural differences (46 per cent) were seen as top issues.

Others cited legal or bureaucratic concerns, with 31 per cent saying that visa procedures were too complex, while 26 per cent blamed government regulations as a barrier to hiring skilled migrants.

Given the additional complexities of navigating visa complexities and working rights, Gorton acknowledged that hiring overseas applicants was no silver bullet for firms looking to shore up their recruitment strategies.

However, hiring from global talent pools could bring benefits, including new perspectives and specialist expertise, she said.

“Those from overseas who join the Australian workforce can offer a range of benefits to organisations, such as fresh perspectives and global experience,” Gorton said.

“While it might not be the right fit for every business, tapping into overseas talent can be a valuable strategy for companies aiming to support business continuity and drive growth.”