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See how leaders, including Sapia’s CEO Barbara Hyman, reacted to the Treasurer’s 2020 Federal Budget, and their comments on how it will impact Australian businesses.

Featured in Business Daily Media | Wed 7th October 2020

Dr Benjamin Coorey, Archistar Founder & CEO

“The R&D incentives initiative is a game changer for us because it provides the very thing that all start up businesses want – certainty. These changes are strongly supported because it means we can, as a business, confidently invest in more people to deliver innovative solutions and provide material outcomes for economic growth.”

Andrew Johnson, ACS Chief Executive Officer

“ACS is delighted to see the recognition of the importance of technology professionals in Australia’s recovery from the COVID-19 downturn with the emphasis on IT and cybersecurity in this year’s budget.

The 50,000 new higher education short courses which include IT subjects is an important part of addressing skill shortages across the Australian economy.

Coupled with this, the announcement of $240m to support female cadetships and apprenticeships in science, technology, engineering and mathematics will go some way to address the under-representation of women in the ICT sector.

Along with the measures announced in last week’s advanced manufacturing and Digital Business plans, the budget lays firm foundations for a tech led recovery.”

Leica Ison, CEO of regulation technology provider Skyjed

“I welcome the Treasurer’s announcement that the government will provide $231m over four years to support economic recovery by employing more women in the workforce. The funding to increase the number of co-funded grants to women-founded start-ups, and to establish the women in STEM industry cadetship program is a fantastic step in the right direction.

As a female tech founder of an emerging RegTech provider of a digital product governance platform, these initiatives are refreshing and will certainly drive growth in our digital economy.

Australia has over 80 emerging RegTech providers supported by the RegTech Association, and if each of them plans to create around ten new jobs in next 12 months, we are well on the way to not only supporting modern manufacturing and the broad range of Australian industries (clean energy, MedTech, IoT, retail) but also to building a global RegTech export sector.

There is a substantial opportunity for high export potential of RegTech right at the time when our country needs it most. Global RegTech spending is predicted to exceed USD $127 billion.

I would however encourage the government to go harder on looking at initiatives to promote commercialisation. In Australia, a gap exists in commercialisation – after R&D when a start-up needs to find product-market fit and scale-up. Australia needs more effective incentives for this ‘cliff’ to ensure commercialisation and that jobs of the future stay in Australia.”

Dr Silvia Pfeiffer, CEO of Coviu

“I highly commend the government’s decision to double the number of Medicare funded psychological services through the Better Access Initiative. We’ve seen a huge spike in mental health related problems since the outbreak of COVID-19, and this is projected to get worse. Better Access funds telehealth mental health consultations, and thus enables equitable access for all Australians.

But there are more challenges than just mental health. I would have liked to have seen a broader approach to the digitalisation of healthcare. The global pandemic has accelerated digital transformation in healthcare. However, the Federal Budget was missing any concrete indication from the government to properly see this through; the digitalisation of our system starts with a long-term pledge to the reimbursement of telehealth items.

Healthcare businesses aren’t going to invest in the necessary training, hardware and infrastructure setup for digital transformation if there is no long-term government commitment.

We all want to live in a country where quality healthcare is accessible to all. However, it’s going to take more support from the government to get there. I’m hopeful that it won’t take us another pandemic to realise this.”

Carl Hartmann, co-founder of HR technology platform, Shortlyster

“While the JobMaker Hiring Credit and the $1.2bn investment to support apprenticeships and trainees are strong initiatives to boost employment, neither of these measures holistically address employment with thousands of Australian white collar workers looking for work who could be utilised more effectively now to help further stimulate the economy. The JobMaker Hiring Credit will be paid at a rate too low to seriously help any business pay the wage of a skilled worker, of which there is high demand for amongst small to medium businesses and this ranges from everything from tech engineers, accountants, marketeers, IT and business professionals.

“To get Australians back to work we need to get more creative in how we view people’s skill sets. The JobTrainer package announced earlier this year is a step in the right direction for helping upskill Australians, but we need more investment in the learning and development space for programs to help job seekers transfer their skills into new industries. The job market is down, but the reality is that there’s still a lot of businesses operating. When they are hiring, they need to be able to screen applications for transferable skill set. All this while making the right hires quickly.”

“It is positive to see reinforced support for mental health initiatives, but this focus needs to be on preventative measures that can help support the wellbeing of Australians before it reaches crisis level. While support for organisations like Beyond Blue is necessary, we also need long term investment for mental health in the learning and development space to create initiatives that can be delivered at a workplace level to support the wellbeing and resilience of Australians as an ongoing priority.”

Arun Maharaj, CEO of HashChing

The expanded First Home Loan Deposit Scheme is a fantastic step in the right direction – too many people living in expensive cities have been missing out for for too long. Increasing the caps on the price of homes that can be purchased to as much as $950,000 will go a long way towards helping to kick start the building boom which is absolutely critical to our economy.

However, it is a shame the HomeBuilder scheme was not extended. This would have been a fantastic way to rejuvenate the property market.

John Manusu, cofounder of Aegros

“The Federal Budget is rightly looking to stimulate the economy. It is pleasing to see that more funding for medicines is being injected into the Modern Manufacturing plan. Unfortunately, the breakthroughs we need to overcome the current pandemic will, and are coming from, the smaller companies like Aegros.

To date, we have not seen any targeted support for Australian innovation sectors. This plus the cut in innovation company grants has really cut into Australia’s innovation engine. It may well explain the decrease we have seen in Australia’s productivity over the last 10 years.

Despite this, the Government still hasn’t considered reactivating the SME company R&D commercial project grants,. Those grants provided up to 50% funding to cover the cost of bridging the death valley between prototypes and a commercial product. There’s still much to learn for the Australian government, particularly from Israel, whereby this model of funding has been used to have successful companies repay sales grants. The beauty of this approach is the funds have to be spent first before the Government co-funds. Ensuring only worthwhile projects are supported and ensuring the funds are spent and not used to pay down debts.”

Barbara Hyman, CEO of Sapia (Formerly PredictiveHire)

“It is comforting and critical that the government has recognised the important need to invest in thIs younger generation. They are both the worst-affected as a group by COVID in the short term. They are also likely to beat a larger cost of the impact of COVID on the economy and employment opportunities for the next 5 to 10 years.

Despite this, the investment in training only pays off if the individual has a good idea of what jobs they are best suited to. And we all know that career counselling from school and beyond is pretty much non-existent.

The more understanding for the kind of role and environment that brings out the best in an 18 or 25-year-old and the deeper self-awareness they have about their strengths, the more ROI both the government and the individual will get from this massive investment. Scaleable career discovery should really be a part of this and the R&D backing in this year’s budget should be used.  This technology is here now through AI-led personalised scaleable career coaching. Perfect for the scale of the challenge we face in a world where face-to-face contact is becoming less necessary.”

Jason Waller, CEO of InteliCare

“While any increase in funding is welcomed for the aged care sector in crisis, it seems the Government’s 2020-21 budget comes without fundamental structural changes.

The government mentioned an increase in-home care packages alone – and when we already have an average of nearly $8,000 per person unspent, and over 100,000 on the waiting list (almost as many as the 136,000 receiving a package), it does feel a bit like putting a bandaid on a shark bite.

Care providers are already overworked and understaffed, and Australia needs to be spending the money more effectively and efficiently. The aged care sector is clearly in crisis. Thus, instead of adding more funding or policies to what we are already doing, we need to stop the bleeding at the source and become preventative rather than reactive. The government should be enabling families to take charge of their own care to relieve the over-stressing and this could be achieved through technology.

The first contact is via general practitioners and the existing healthcare network. We need to make assistive technology MBS approved and put the power back into the hands of the individual, and save on higher cost services that are, simply put, too little too late.”

Mandeep Sodhi, CEO and founder of Effi

“It’s encouraging to see $2 billion injection in R&D incentives. The mortgage broking and the mortgage sector overall is rapidly digitising and this program will only help support its disruption and drive efficiency in the mortgage market. However, there’s still no support for software-based R&D activities which is going to drive the next phase of growth for Australia. AI will be the key for driving productivity of Australians and companies like Effi will be investing heavily in R&D to develop right AI solutions and compete at a global level – but this is only possible if companies like Effi can access R&D incentives easily.

On the other hand, tax support for businesses and incentives for hiring are also good, as they are also needed to help businesses sustain growth.”

Dirk Steller, founder of fintech VC firm Seed Space

“The federal government’s move to invest $28.5 million in expanding Australia’s world-leading Consumer Data Right is an excellent move forward that will help Australia move closer towards realising its open banking transition. The Consumer Data Right and Open Banking is an important initiative that serves up plenty of advantages for Australian customers. It will allow fintech entrants to provide new and improved products by offering data-driven insights and more compelling, tailored and personalised offerings for Australians, all of which will drive economic growth and improved customer outcomes.

At Seed Space, we believe that collaboration is a key driver of success and the $9.6 million proposed by the government to expand the Fintech Bridge program is a welcome initiative that builds on the government’s ongoing multilateral fintech expansion initiatives that are all aimed at helping Australian fintechs grow and scale into key offshore markets such as Europe and the UK, as well as learning from international counterparts to ensure our home grown fintechs are at the operating in line with global best practice.

We also strongly believe the $11.4 million for Australian regtech companies to help ease regulatory burdens is an important initiative. The government is also making available $6.9 million in funding for two blockchain pilots to test how the technology could be used to reduce regulatory compliance burden for businesses. These pilots will complement the National Blockchain Roadmap and will allow the development of successful use cases in how blockchain can help reduce frictions and pain points right across industry verticals.”

Bill Fry, managing director of Eve Investments

“The federal government has stepped up to the plate and provided critical funding support that would allow local manufacturers to continue to innovate, particularly in critical export sectors like retail and health and wellness.

The R&D initiatives will be most welcome to Australian emerging companies seeking to grow and realise their export potential. With regards to this, EVE are currently working on new product development with our honey and tea tree and the development of strains of probiotic that work synergistically to maximise the gut health benefit to consumers. R&D assistance from the government in this process would enable innovation by bringing these products to market much quicker and into the hands of everyday Australians.

Support will also be given to manufacturers to upgrade and improve manufacturing equipment to expand production. At EVE, we are firmly focused on identifying new opportunities for scale, and dovetails nicely with our expansion plans for new export markets and the need to increase our manufacturing capacity. It also is a critical step in providing new employment opportunities for Australian businesses in manufacturing.”

Joe Demase, managing director of listed telco 5G Networks (ASX:5GN)

“The budget saw the federal government go much further in recognising what is going to be leading the engine room of the Australian economy both now and in the months ahead: small business.

Many SME businesses across Australia have been left ill-equipped to respond to COVID-19 and we must provide these businesses with a clear path for recovery and getting back to operating very quickly. With over 2 million SMBs across the country, accounting for more than 97 per cent of all Australian businesses by employee size, this business segment is the beating heart of this country.

What we would have liked to see more is additional consideration for helping businesses in regional areas, particularly those looking to adjust to operating in a new normal and supporting their digital footprints. The message is clear: if you’re in any business, you’ve got to be investing in digital resilience.”

Maz Zaman, co-founder of TaxFox

 “I’m happy to see that this year’s budget includes a number of great outcomes for the startup community. In particular, we welcome the $2bn boost for R&D as this is the lifeline of the tech sector and will provide greater certainty for investment and help support the development of novel technologies within Australia.

 The investment in the 5G network and infrastructure is another win for us as better internet means improved connectivity for startups with their employees, customers, partners and networks, ultimately speeding up growth capability.

 The $9.6M investment for fintechs will enhance support for businesses to expand internationally and encourage foreign investment and job creation in Australia. The investment in blockchain technology will also help support the fintech community through encouraging broader uptake of blockchain by these businesses which can help improve transparency and rescue regulatory compliance costs.

 We welcome news of the personal income tax cuts which will be of great support to many founders who are working full time to support their side hustles. Tax relief will lower the cost of living and allow founders longer runways.

 Investment in measures to improve STEM gender equity in Australia is another positive outcome for startups as this will see startups have access to larger talent pools and new perspectives which previously impacted startups having ‘male blinkers’.”

Source: Staff Writer at Business Daily Media, October 7 2020

Restructures happen and there is a correct way to right-size

In my career, I have been involved in either leading or managing countless restructures. The driving force behind these restructures ranged from offshoring capability to migrating to new or emerging skill requirements, right-sizing a particular function, or the basic need to reduce operating cost.

While each of these projects delivered on their outcomes, I would argue they had varying levels of success in preserving the organisational talent and corporate memory required.

Why?

This is in large part due to the lack of data informing the choices made by the organisation.

More often than not, organisations will work towards a target – this could be FTE, Headcount, or Cost Reduction for example. Choices to achieve this target are often made in isolation of critical information. 

I have seen situations where the people who kept their jobs vs lost their jobs was made on relationship merit, not on skills, capability or cultural alignment. I have also seen examples where it is a numbers game. Here, the end goal is purely to achieve the target. This leaves some organisations scrambling for contractors and consultants to backfill their critical skill gaps.  

With the world in economic freefall (cue the dramatic music) we are going to see more and more organisations looking to right-size their workforce in-line with consumer confidence and spending. 

When skills are no longer in shortage, what differentiates the good from great performers in your organisation? 

Personality and behaviour. 

So, with this in mind, how can an organisation make choices which are informed by data, unpinned by fairness, while still being efficient?

Personality and behavioural assessments have long been used in the recruitment and promotion of individuals. However, they are rarely used when right-sizing or restricting an organisation. This seems like a glaring and obvious opportunity. In right-sizing, you are effectively making hiring and promotion decision within your existing workforce. 

When comparing the apples with apples, personality and behavioural assessments allow you to focus on the attributes which will differentiate your workforce for the next phase of your organisational journey . Then depending on what this journey is, you have the opportunity to codify the critical capabilities required.

Sapia has been partnering with many organisations locally and globally. Together we not only re-imagine how our partners use personality and behavioural assessments in recruitment, but also its application to the entirety of the HR lifecycle.

Unlike traditional personality & behavioural profiling, Sapia is powered by AI, utilising conversational text to assess individuals. Not capturing any protected attributes, this process removes the opportunity of bias creeping in. Thus, it allows you to make informed, a data-driven decision about your future workforce on culture & values alignment.

The future is chat and AI!

Yes, personality is widely accepted as an indicator of job performance.

Until now, the only way to accurately measure personality was through long and repetitive personality tests. The Sapia team breaks new ground disrupting decades of assessment practice. This is done by showing that answers to standard interview questions, through a text-based mobile interview can be used to reliably infer personality traits.

Get the published research here

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It’s been an exciting start to 2021 for Sapia (Formerly PredictiveHire) and I’m pleased to share that we have been nominated as one of six global HR Tech startups to watch, by the HR Technology Conference and Expo, which is taking place this week.

I’m extremely proud of my team for achieving this feat – it’s been a team effort, and after several months of implementing new processes and initiatives, it’s a wonderful accomplishment. I am thrilled that Sapia has been recognized as one of the leaders in the industry by the HR Technology Conference this year.

Sapia was among six companies chosen from 24,000 applications to have the honour of presenting. It gives us the opportunity to showcase our technology to over four-thousand viewers that will be tuning in over the week. It’s a huge honour to be showcasing how our Ai-enabled chat technology can truly change recruiting.

We launched our exclusive Ethics Charter called FAIR earlier this year; a call to arms commitment that includes a guarantee towards inclusivity, fairness for all, explainable AI, transparency, privacy policies and accountability. We also recently commissioned exclusive research with Aptitude Research to uncover global company attitudes towards automation, technology in talent acquisition and unconscious human bias.

We’ve hit several milestones when it comes to evolving our offering for the better, and presenting at the conference this weekend is the cherry on top. Our biggest priorities right now are raising awareness of the importance of ethical AI and abolishing unconscious human bias. The world right now is at a stage where this is critical for the success of companies of the future and we’re proud to be discussing this and more at Friday’s session.

Sapia will be featuring in a session on innovative HR tech startups on Friday March 19 at 2:00PM ET.

To register for the virtual webinar, guests need to enter their details via this link: https://blog.hrtechnologyconference.com/hr-technology-conference-exposition-spring-set-to-explore-industrys-startup-ecosystem.

More about Sapia

Sapia is a frontier interview automation solution that solves three pain points in recruiting –  bias, candidate experience, and efficiency. Customers are typically those that receive an enormous number of applications and are dissatisfied with how much collective time is spent hiring.  

Unlike other forms of assessments which can feel confrontational, Sapia’ Chat Interview™ is built on a text-based conversation – totally familiar because text is central to our everyday lives. Every candidate gets a chance at an interview by answering five relatable questions. Every candidate also receives personalised feedback (99% CSAT). Ai then reads candidates’ answers for best-fit, translating assessments into personality readings, work-based traits and communication skills. Candidates are scored and ranked in real-time, making screening 90% faster. Sapia fits seamlessly into your HR tech-stack and with it you will get ‘off the Richter’ efficiency, reduce bias and humanise the application process.  We call it ‘hiring with heart’.