Between rising inflation and supply chain issues, the final straw for SMEs is the difficulty in finding skilled staff to fill roles.
Insolvency Australia recently said that one of the driving factors behind businesses nationwide being forced into insolvency is the inability to find workers.
The tourism, hospitality and construction sectors were particularly vulnerable but with unemployment at a record low 3.5%, this issue is felt across multiple industries.
Although the hospitality industry is clearly struggling to find staff and labour shortages are forcing doors to close, the supply of parts and services are causing problems for many other businesses.
Whether it be a delay in postal or freight services due to reduced staffing numbers or a delay in stock coming in to suppliers, there is a flow on effect that is felt across all the sectors and is having a detrimental impact on the performance of a business.
Recently, reports of the financial sector struggling to keep up with customer demand due to staff shortages has had an impact on customer satisfaction. Even the timeframe for opening a bank account in some major banks has ballooned to up to two weeks.
Glance Consultants are seeking ways to support their clients to find solutions to best meet their ever-changing needs. Tightening cash flows, squeezed margins and skill shortages are just some of the crises that businesses are facing. Contact our office on 03 98859793 or at enquiries@glanceconsultants.
By speaking to an experienced advisor, you can bounce ideas off professionals who are equipped with the skills to provide sound advice.
We are aware of the domino effect that can occur when staff shortages can cause a loss in customer service which in turn has an effect on the bottom line.
As the government makes moves to ease these skills shortages by adopting visa rule changes, there is a time lag between application to acceptance to hiring that may be too late for some businesses.
The pandemic created border closures that prompted the exodus of many foreign workers who are yet to return, leaving a gaping void in our workforce that needs to be filled, and quickly.
