Introduction
The demographic profiles of the Filipino and Australian populations have significant implications for their respective labour markets. In recent years, the growing interconnection between these two countries has led to Filipino labour force supporting Australian small businesses, particularly through trusted Business Process Outsourcing (BPO) providers.
This article will explore the differences in median age between the Filipino and Australian populations, the impacts on their labour forces, and how Filipino BPO providers are becoming a valuable asset to Australian businesses.
Median Age and Labour Force
The median age of the Filipino population is significantly lower than that of Australia. As of 2022, the median age in the Philippines was 25.7 years, while in Australia, it was 37.9 years. The younger population in the Philippines translates to a larger pool of working-age individuals, a factor that can greatly influence the labour market.
A younger labour force brings about several advantages. In the Philippines, this has resulted in a competitive workforce with a large number of skilled and educated workers. The higher education attainment rates and English proficiency in the country have helped create a talented labour pool in various industries, including information technology, healthcare, and business process outsourcing.
In contrast, the older median age in Australia indicates an ageing population, which could lead to a potential labour shortage in the future. As the Australian workforce continues to age, the need for skilled workers may exceed the available supply, prompting businesses to look overseas for viable solutions.
The BPO Connection: Supporting Australian Small Businesses
With the growing need for skilled labour in Australia, small businesses have turned to the burgeoning BPO industry in the Philippines to access a talented and cost-effective workforce. Trusted BPO providers like Yoonet, offer services such as customer support, data entry, accounting, and IT support, among others, that cater to the needs of Australian businesses.
The benefits of engaging Filipino BPO providers extend beyond cost savings. The linguistic and cultural similarities between Australia and the Philippines, as well as the country's strong emphasis on education and skills development, result in a workforce well-suited to support Australian small businesses. The positive work ethic and adaptability of Filipino workers have further solidified their reputation as valuable partners.
Moreover, the Philippine government has implemented policies and incentives to attract foreign investment and promote the growth of the BPO sector. This support has enabled the industry to mature rapidly and become a reliable source of skilled labour for businesses worldwide, including those in Australia.
Conclusion
The younger median age of the Filipino population has had a significant impact on the country's labour force, offering a large pool of educated and skilled workers. In response to their aging population and potential labour shortages, Australian small businesses are increasingly turning to Filipino BPO providers as a cost-effective and reliable solution. The strong ties between the two countries and the adaptability of Filipino workers have cemented their place as valuable partners for Australian businesses, paving the way for continued growth and collaboration in the 3years to come.