Australia is one of the most urbanised countries in the world, with around 90% of our population living in cities. This presents an ongoing ongoing challenge for regional businesses that often struggle to find qualified and skilled staff.
Take the example of an accountant in Lismore, NSW, trying to attract good talent. Lismore is a significant regional city of around 50,000 people with a highly regarded university, but being a regional area it can’t offer the salaries that can be secured 200 kilometres away at Brisbane, or even 100 kilometres away on the Gold Coast.
As a result, there is an annual exodus of accounting graduates to larger cities, and also an ongoing loss of experienced accountants chasing higher salaries. Accountants in Lismore, competing for the remaining staff, are unable to grow due to the lack of local talent.
In Casino, a town of less than 10,000 people 30 kilometres from Lismore, the problem is worse again, where around 10 accounting firms compete for a small pool of business clients with tight budgets. This equates to tight salaries for accounting staff, making it even harder to attract and maintain a skilled team. In both cities accountants can find more exciting opportunities in Brisbane and Sydney.
Offshore staffing can solve these regional staffing challenges, injecting life back into regional communities.
The financial services industry is particularly suited to offshore staffing for many reasons, including
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