National Brokers Network

Half of Australian Businesses would rather Hire Talent than Upskill Existing Employees

Recent data show that half of Australian Businesses choose to hire experienced and skilled talents than upskilling their current employees. The new study conducted by TAFE NSW titled “Skills and Australian Business Report 2018,” which managers from 409 Australian businesses with over 100 employees that belong to different establishments, revealed 48 per cent of respondents answered to hire skilled workers or short-term staff than providing training to existing employees. TAFE NSW is a provider of vocational education and training in the country.

Meanwhile, 80 per cent of Australian Businesses strongly agrees that they should allocate more funds and attention to providing staff training, especially since there is 79 per cent of businesses that cite lack of trained staff as a hindrance in business potential. However, 70 per cent of businesses is having a hard time looking for potential candidates with the specific skills needed.

“Now more than ever, having the right skills within a business is critical to its survival,” said Jon Black, Managing Director at TAFE NSW, via Business Insider Australia.

“While the need for transformation is recognised within Australian businesses, too few are offering staff strong training and development packages, under the belief that it’s easier, cheaper and less-time consuming to hire new recruits.

“When we speak to corporations about their training needs, there is a strong appetite for customised, flexible programs delivered by expert trainers that meet the specific needs of the business and can also be delivered to staff on-site,” Mr Black added via Business Insider Australia.

On the other hand, the report revealed that training is essential since it’s the second most effective way of retaining the best staff (20 per cent) behind pay and incentives.

“Organisations understand that they should invest in people rather that hiring new staff but unfortunately when training is left to managers who don’t have sufficient time or expertise in training to offer a strong remit, it is often ineffective and staff are left with a poor experience,” Mr Black said via Business Insider Australia.

“This is where the need for bespoke, flexible training delivered by experts in their individual fields becomes some important.

“Businesses need to identify the skills they need not just for today, but also for the future; providing existing staff with ‘on the job’ learning and helping them to upskill with expert trainers. Organisations that invest in customised, specialist training for their staff will help to set themselves up for growth and success by developing an agile workforce of the future.”

With the exchange happening between buyer or seller and business brokers victoria, these certain factors regarding the workforce may be often overseen. Before buying any business, it is best to seek advice from the agent to know more about the business.

Confidentiality Agreement

In Consideration of the Vendor of the subject business, or any other business introduced to the Proposed Purchaser and their agent National Brokers Network (“the agent”) providing information to the Prospective Purchaser, the Prospective Purchaser agrees:

1. To keep all information provided confidential in respect to the subject business and any other business introduced to the Prospective Purchaser by the Agent.
2. That no information is to be disclosed by the Prospective Purchaser to any third party without consent by the Agent;
3. That it will not use for themselves. Or for others benefit, such information other than to Purchase the subject business or other business introduced by the Agent;
4. That any agreement to purchase the whole or portion of the business shall be exclusively through the Agent;
5. To immediately return to the Agent all such information and other details in written form including any drawings and any copies made of written information, notes, summaries or extracts of any document therefor if any when requested by the Agent;
6. Under no circumstances will the Prospective Purchaser make direct contact with the vendor of the subject business or other introduced business without the prior written consent of the Agent;
7. If the Prospective Purchaser breaches this agreement or buys the business direct from the Vendor, the Prospective purchaser is liable to and indemnifies the Agent for any and all losses the agent may incur including economic loss and loss of income.v

Client Signature (Sign on the box below)