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New research promotes international outlook for accounting jobs
New research has called for Australian businesses to make use of immigrant knowledge to perform better in overseas economies.
What do people in accounting jobs need to know for overseas success?
In a world that has been shrunk due to the influence of technology, it's up to businesses to engage with international markets as they see fit. However, while new incentives such as the recent free trade agreement with China do their bit to encourage this, other industry leaders believe it is not happening to the extent they desire.
In particular, a new report Chartered Accountants of Australia and New Zealand (ANZ) has produced in conjunction with Deloitte calls on accounting jobs to lead charge in this area.
The pair have produced a report entitled Fast Forward - Leading in a Brave World of Diversity which seeks to discover the traits leaders will need to bear if they are to make a difference in international markets.
What do aspiring business leaders need to know?
According to the organisations, Australian businesses are failing to make use of a knowledge base that could define their future relations with these countries. This knowledge base is the large number of immigrants from Asian nations that could assist these companies in making their mark overseas.
Director of FairWay and contributor to discussions surrounding the paper Tarun Kanji believes this could mean the difference between success and failure in these markets.
"We want to be active in foreign markets which for many of us are complicated," he began.
"But, we don't fully utilise our immigrant talent at home to help us understand how to access foreign markets, and fully understand cultural differences. This is a big lost opportunity".
How will Asian markets flourish?
The report listed notable ways in which various Asian markets will evolve to encourage international investment. According to Deloitte and Chartered Accountants ANZ, the economic influence of Asian countries is rising. Coupling this with rapid changes to digital innovation and shifting demographic profiles in these nations results in a world that is quickly changing for Australian businesses.
Certified Practising Accountants Australia (CPA Australia) found that international investment opportunities in China in particular will put stress on the search for accounting jobs in the region. According to the organisation, there is already a skills gaps for this profession in the country, which will be exacerbated if nothing is done to combat it.
CPA Australia also discovered that it has led to the desire for companies to recruit in this area, with 80 per cent of businesses operating in the surrounding countries looking to hire these professionals.
Ethos Corporation is an Australian-owned Executive Recruitment Consultancy specialising in the $120k - $400k candidate market.
By Andrew McPherson.