Australian Business on a Global Platform: WHITE PAPER

A white paper launched today by Robert Half International entitled, Australia And Overseas: Conducting Business On A Global Platform, brings together opinion and ideas from leading finance professionals on what Australian businesses need to focus on to move forward as a respected global player.

The White Paper presents the discussions of eight leading CFOs, COOs and CEOs from some of Australiaís top companies and professional associations1 at a roundtable event hosted by Robert Half International and supported by CPA Australia2.

The contents of the White Paper focus on the future challenges facing the Australian finance industry and gauge Australiaís performance in Corporate Social Responsibility (CSR) and owning assets overseas within the framework of the global business community.

Both topics are wide ranging and the discussion expanded into the impact emerging markets pose to Australian business; from the threats posed to Australian employers on one hand to the career opportunities they represent to finance specialists on the other.

Nigel Barcham managing director, Robert Half International said, ìThis White Paper reveals Australian organisations - large and small ñ have begun to realise the effects issues such as corporate morality and a companyís choice of overseas investments can have on their business.î

Identified Issues Facing Finance Professionals in Australia:

Corporate Social Responsibility
Australian organisations continue to take a short-term perspective to CSR and there is a real lack of understanding about what constitutes CSR. Currently, Australian businesses, shareholders and financial markets donít put enough weight on positive CSR.

For CSR policies to be effective they cannot be based upon external regulation or legislation, but be driven from the values of an organisation and its stakeholders.

When it comes to global presence, an organisationís CSR policies should reflect the cultural and regulatory environment in which it is based, maintaining a minimal standard of principles, regardless of its country of operation.

Nigel Barcham says, ìThis document shows it is only when an organisation becomes serious about the time and money it is willing to spend on a long-term CSR plan, will it reap the rewards in terms of employee and stakeholder, as well as general public, buy-in.î

Employee Diversity/Skills Shortage
In the current talent-short environment the accounting industry is experiencing, Australian businesses need to understand and in fact, manage the challenges faced by foreign workers.

Nigel Barcham says, ëThe opinion expressed by the roundtable participants is that, whilst overseas students are graduating from Australian universities with the requisite technical skills, not enough is being done to develop their language and communication skills.

ìConcentrating on these would give those graduates a better chance of employment within an Australian company, perhaps easing the some pressure the skills shortage is placing on the industry.

ìDiversity within an organisation has its benefits, however for foreign workers to be as valuable as they can be to a business, requires a combination of technical expertise, language and cultural understanding on their part,î Nigel says.

Owning Assets Overseas
In the past Australian organisations have had mixed success when it comes to offshoring.

Companies which have been successful in owning assets overseas have focused upon a particular region or business opportunity rather than trying to entering a country as a whole.

Considering adjacent markets for projects that have been successful for the organisation whilst operating in Australia is also a point for reflection.

When it comes to the international stage, participants of the Round Table believe Australia punches above its weight, however the countryís contribution to the global market isnít properly recognised due to the limited size of Australian organisations compared to counterparts internationally.

The Way Forward
From this time on, Australian business must respond to changes in the workforce.

Critical issues such as the aging population as well as Generation X and Yís varying expectations and unprecedented value systems, mean organisations need to support their employeesí expectations in order to attract and retain talent.

Australia is running the risk of being an ëexporter of knowledge and talentí and if Australian business donít begin address these issues, the ability to find high quality employees with continue to be difficult in the future.

The needs and desires of Generation Y need to be taken into account by all organisations. Focusing on CSR will become increasingly important to businesses in the coming years as they continue to market to this generation, who are already concerned about the implications their purchases and investments have on society.

An organisationís CSR stance will also be a major factor for this generation who will assess potential employers by their corporate morality and CSR policies.

Commenting on the issues raised within the White Paper, Nigel Barcham said: ìThe opinions of industry leaders within this White Paper truly shows the way Australia needs to progress, moving forward.

ìDrilling down into those aspects really concerning Australian businesses, addressing them and finding solutions is the only way Australian can grow and be respected on the international stage.î

To obtain a copy of the Robert Half International White Paper on Australia And Overseas: Conducting Business On A Global Platform, please visit the Robert Half Website.