9 in 10 Aussie executives believe companies must be global to compete

According to a new report, businesses must have global outreach to survive and thrive in today’s competitive marketplace.

G-P’s new 2024 World at Work Report has revealed that more than half (57 per cent) of Aussie workers are anticipating hitting the job market within the next six months, according to responses to their survey. Global companies were also favoured in the survey, with eight out of 10 (84 per cent) preferring to work for a global company.

The preference to work for a global company has increased by 5 per cent from the previous year, highlighting the shift.

Although this preference has grown year on year, employees still have concerns including different time zones, navigating different languages, cultural barriers and dealing with extremely complex tax regulations.

For companies, the difficulty of attracting talent in current markets remains extremely high, which was noted by 47 per cent of Australian executives. To address this difficulty, a growing number of business leaders (86 per cent) have now switched to hiring employees from other countries – an increase from 82 per cent last year.

Nearly half (46 per cent) of executives said they would consider hiring candidates with a non-traditional background or education to meet their talent needs.

“There’s never been a better time to build a global team,” said Nicole Sahin, founder, and chief executive of G-P.

An overwhelming amount of Australian executives (97 per cent) agree that the ability to establish a market presence in multiple countries around the world is crucial to success. Accessing new talent, according to these executives, is essential for remaining competitive in today's business landscape.

For this expansion, the survey results further highlighted the strong interest in leveraging AI to achieve it. Over half (53 per cent) of Australian executives say AI can help with predicting business challenges in new markets, whilst a large number of employees (90 per cent) are also excited about potential uses for AI.

"Australian employees are increasingly drawn to global companies, mainly due to the appeal of better pay, enhanced benefits, travel opportunities, and greater flexibility. At the same time, employees now expect more from leaders, particularly in the skills needed to successfully manage global teams,” said Charles Ferguson, APMEA general manager, G-P.