We recently caught up with Gerard McCarthy from Joy Global, to discuss the latest issues surrounding human resource management in the resource sector.

What is the main reason you got into your industry?

Opportunity to broaden my experience within a different industry following my experience in the airline industry. The reason for the move into the industry was not based on the industry itself, rather the different and varied opportunities that a change of industry would present.

What current challenges are your industry facing?

Pressures associated with a prolonged drop in commodity prices have led to a reduction in economic activity within our industry (Mining Manufacturing). As customers defer, delay and cancel future capital expenditure on mining assets our industry has seen a comparable downturn in manufacturing, repair and rebuild activity.

Where do you see the industry heading?

The high cost of production within the Industry in Australia is leading customers, who have become increasingly focused on reducing the cost of production, to seek sustainable and lower cost opportunities to support production. As a result the Industry is continuing to seek opportunities outside of Australia and will continue to offshore manufacturing to lower cost centers of production such as China and the U.S.

How has technology disrupted how you run your business?

As a result of increased technology within engineering and design systems and software it has become possible for competitors to copy our organisation’s IP. Previously, the protection of this IP was a significant competitive advantage however this is continuously being eroded.

Who are the most important people to have in your business network?

  •  Professional Advisory services – Legal Counsel, Taxation Counsel etc.
  • Employer associations (e.g. Australian Industry Group)
  • Recruitment Advisors

What input or assistance do you expect from your accountant/bookkeeper?

Timely provision of advice when requested and advanced notification of changes to legislative and regulatory frameworks that may impact on my business.

How have PTAM helped you?

They have assisted me with my personal tax affairs and have always been a valuable resource on issues such as the impact of Fringe Benefits Tax and salary packaging.

What is the most valuable service or piece of advice PTAM have given you?

Not to take any wooden money – it is not legal tender!!

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