Home topics news Credit: Zakaria Zayane News News SMEs splash cash on recruiters as talent dries up Yajush Gupta July 10, 2023 Data from payments platform Airwallex reveals that Australian businesses are facing a talent crunch, resulting in a significant increase in spending on recruitment agencies. According to the data, businesses have spent an additional $429 million on recruiters compared to a year ago. This surge in spending highlights the challenges businesses are facing in finding and attracting skilled professionals. Overall, business expenses have risen by 9% in the past year, totaling over $152.8 billion from January to May 2023. Airwallex’s data sheds light on the financial burden caused by Australia’s skill shortage. On average, businesses are spending an extra $10,000, representing a 16% increase, on employment agencies compared to the same period last year. The data, which captures spending from January to May in both 2022 and 2023, reveals a significant increase of 76% in Australian business spending on domestic recruitment agencies. This increase amounts to an additional $15 million compared to the previous year. Furthermore, international spending on employment agencies has surged by a staggering $414 million as organizations turn to overseas sources to fill crucial roles. The rising spending on recruiters reflects the growing difficulty Australian businesses face in finding qualified talent within the local market. The skill shortage has prompted businesses to seek solutions both domestically and internationally, incurring substantial costs in the process. This data serves as a reminder of the pressing need for effective