State of Employment in Australia
The Business Council of Australia declares that Australia needs a labor market that supports productivity, job creation, and the capacity of companies to adjust to an economy that is undergoing a significant transition. Constant education and re-education is the only solution. The Business Review Australia published an article last year about upskilling as the best protection against economic uncertainty. It could not be any more accurate. The Skilling Your Business report produced in 2012 by the National Workforce Development Fund states that training more Australians for the jobs of the future is an economic imperative.
Around 4.1 million Australians in the labor force today do not have the qualifications needed for entry to the growth sectors of our economy in the coming years, especially with the threat of offshoring jobs in many sectors of the workforce and the inevitable globalization economy.
Many Australian industry sectors are experiencing significant economic and structural change with more focus on self-reliance and corporate responsibility than ever before. This results in an increasingly nervous workforce with a growing number of professionals concerned about the possibility not only of redundancy but of future-proofing their employment prospects.
According to Professor Fred McDougall, Vice-Chancellor and President of Torrens University Australia said that research shows that enrolment in Australian higher education programs rose 6.5% between 2008 and 2009, primarily on the back of the global financial crisis. And the number of students commencing higher education in 2012 was 248,509, up from 204.877 in 2009 according to a report titled Higher Education growth and change, published by ACER In 2013.
If we have learned anything from the aftermath of the global financial crisis and from previous economic downturns, it is during times of uncertainty that employees look to upskill, re-skill or add specialist qualifications to their existing credentials. Some do so because they find themselves unemployed and are looking to stand out in the job market, others do it to avoid being in that position in the first place. More still do so to add value not only to their own curriculum vitae and skills, but to their employer, and with time, their investment pays off.
A study conducted by Open Colleges – a great place for those that study in Australia but are looking for a study online option 2008 found that 53% of its students felt that the poor economic situation made it more important to take up university study which prompted enrolment numbers for online education to lift by those who have deferred entry into the labor market, those who have lost their jobs, and those who remained in the workforce but wished to upgrade their qualifications in a weaker job market.
The main reason cited why many students preferred online education rather than face-to-face instruction is because of the flexibility it provides and their current situation – whether it be a family to provide for, or a mortgage to pay off, therefore, needing to continue working full-time, or work commitments that they are obliged to meet.
The opportunity to engage in online study has opened up the field to a diverse range of students, with the 2014 Financial Times ranking of online programs indicating online students are more inclined to want to develop their management skills ahead of a primary focus on increasing earnings, with promotion and developing strong business networks also key priorities for enrolling students.
The National Workforce Development Fund 2012 stated that the jobs of the future will be more skilled and require higher levels of training and education. And that demand for high-level skills is growing sharply and the pool of workers with these skills is not keeping pace. Hence, if one does not upskill, it is likely that that individual will be left behind, or worse, without employment. It also reported in the Skilling Your Business report that unless more Australians are able to access relevant and targeted training, our economy will suffer and individuals will miss out on the higher skill, higher-paying jobs on offer.
That is why the previous Labour Government had been driving vital skills and training reforms since coming to office in 2007 and that is why the previous Labour Government invested $9 billion under the Council of Australian Governments’ agreement with the states and territories to overhaul the national training system in 2012.
Upskilling is fundamental for keeping up with industry demands, especially with new government regulations and constantly changing requirements and environments in any given industry. And Australians have recognized this to be a reality, hence the jump in enrolment numbers, especially between 2009 and 2010.
According to myskills.gov.au, those who have completed a Diploma in Business – learn more here are able to fill roles whose average weekly full-time earnings before tax is $1,600, such as a Contract, Program, or Project Administrator. That is an average of $23,296 per annum more than the average earnings for all occupations. In 2014, 125,000 persons were employed as Contract, Program, and Project Administrators, and the job openings over the next 5 years are expected to be greater than 50,000. More information about the business course can be found by clicking here.
Those who have completed a Diploma in Leadership and Management are able to fill roles whose average weekly full-time earnings before tax is $1,956. That is an average of $41,808 per annum more than the average earnings for all occupations. In 2014, 52,400 persons were employed as General Managers and the job openings over the next 5 years are expected to be between 10,001 and 25,000.
Those who have completed a Diploma in Leadership and Management are able to fill roles whose average weekly full-time earnings before tax is $1,956. That is an average of $41,808 per annum more than the average earnings for all occupations. In 2014, 52,400 persons were employed as General Managers and the job openings over the next 5 years are expected to be between 10,001 and 25,000.
This higher income has a flow-on effect on the rest of the economy. With a higher income, individuals are more likely to spend that extra income on other areas of the economy, which benefits those sectors and in turn, the government, through the way of taxes collected, and people, through greater manpower needed in those sectors boosting employment.
An article published by the Sydney Morning Herald on the 22nd of January 2015 cites that out of the 18,000 workers who responded to a global survey by Talent Trends suggested that only 15 percent of the workforce are satisfied with their current employment, to the extent that they would not consider alternatives (down from 20 percent in 2012). It reported that 22 percent wanted to leave their jobs due to a lack of advancement opportunities, 19 percent due to unsatisfactory leadership or senior management, and 13 percent due to a lack of challenge in their job.
Jeremy Carter, an Executive Coach with Rapport Leadership says it all points back to the top of the chain – people never leave companies, they only ever leave managers. This shows how important it is for frontline and mid-to upper-level managers to be equipped with the right skills and attributes to perform their roles successfully. It also shows how crucial the quality of training for frontline and mid-to upper-level managers is. This is true if you are an RTO consultant in Australia or working for the Australian government.
On top of that many corporates and tradespeople are looking at their exit strategy to start their own business, some with a one to two-year plan. The wonderful thing about this group of people is that they can then hire more people to work for their business providing more employment to the workforce. This category of people will need to be armed with the right skills and attributes to build a successful business and ensure they flourish for years to come. This further evidences that quality training is essential in helping them achieve their end goal. To teach them that relationships must come first – teams that have fun together, stay together. Educate them on budgets and workforce management. Teach them to maintain open lines of communication with staff members and listen and take their feedback on board. Teach them to always hold accountability in all areas of the business and ensure promises are followed through. Teach them to inspire their organization and take notice of things that are happening within the business and their industries. Learn about the importance of digital marking for students by clicking on this link.
In terms of unemployment rates, the largest absolute decrease in seasonally adjusted employment has been in Western Australia – down 9,300 persons, this is mostly attributed to the downturn in the Resources sector. As the number of job openings in Western Australia has not grown with the number of unemployed persons, many would be looking at re-skilling or upskilling opportunities to place them in the front running positions for the jobs that are available. Making it an ideal time for RTOs to operate in that market helping the residents of Western Australia to progress and make a better future for themselves and their families.
A survey conducted with a focus on re-employment by those in the Resources sector indicates that the majority of those in the Resources sector whose contracts will not be renewed or have completed the term of their contracts are interested to start their own business but are unsure how to do so. Those same respondents are interested to complete a Diploma of Business to equip them with the knowledge needed to run and successfully operate their own business. Many frontlines and mid-level Managers in the Resources sector are also worried about their employability outside of the Resources sector and are interested in completing a qualification that would help them attain employment in their home states. They believe that a Diploma in Leadership and Management will enable them to be confident in re-engaging in the workforce in various industries in their home states. Download the diploma of accounting app here.
The latest intelligence identifies that the following are the most concerned areas with those wanting to know more about business:
- Develop and maintain business plans
- Develop skills for changing service needs
- Interpret market trends and developments
- Develop tailored marketing plans for their business needs
- Laws and rights of a business and its employees
- Develop skills to manage risk
And the latest intelligence identifies that the following are the most concerned areas with those wanting to complete a Diploma in Leadership and Management:
- How to maintain good employees
- Develop and understand emotional intelligence
- Manage budgets and financial plans
- Establish and maintain an innovative work environment and successful teams
- Manage risk and regulatory changes within an industry
- Create and manage operational plans