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Feature Articles

 From 2012, we now list our articles in our Blog. Read the latest here

02/08/2010

The Coming Skills Shortage

Australia’s slow but steady improvement in economic activity is expected to pick up in late 2010. The consequences of this economic upturn for businesses will include many opportunities to expand operations but will also include stronger demand for a limited supply of skilled workers. By 2011, unemployment will fall below 5%, heralding in the next major skills shortage.

 
Many companies across the country are already experiencing significant problems employing skilled workers. A recent Australian Industry Group and Deloitte survey found that the ‘skills shortage’ is an immediate issue of concern to business, with more than a third of businesses considering that there is a “high to extreme risk of skills shortages impacting on the effective operation of their business in 2010”. The Survey also found that for most companies the risks will substantially increase between 2011 and 2015, due to the impact of the ageing population, which will see large numbers of their skilled employees retiring from full-time work, as the baby boomer generation begins turning 65.
 
Unsurprisingly, the Australian Industry Group and Deloitte survey found that 75% of companies “expect to recruit staff in the next 12 months” to counter the negative impact of the coming skills shortage. However, despite taking early steps to avoid the skills shortage 45% of companies still expect to face difficulties filling vacancies.
 
We believe that most businesses will need to take significant measures to avoid the skills shortage in the next twelve months or face a possible negative impact on company profitability in the future. The main steps companies should consider include implementing technological innovation, adopting flexible workplace practices and undertaking pre-emptive recruitment.

Ross MacMillan holds a Bachelor of Commerce (Accounting, Finance and Systems) from the University of NSW, he is a member of the Institute of Chartered Accountants, member of the Securities & Derivatives Industry Association and a Fellow of the Financial Services Institute of Australia.

 

Important Note: These articles have been prepared for general circulation and are circulated for general informational purposes only; these articles should not be regarded as business or investment advice. The articles represent the views of the writers and are subject to change without notice. Additionally, while every care has been taken in the preparation of the articles no representation or warranty as to accuracy or completeness of any statement is given. An individual or organisation should, before any business or investment decision is made, consider the appropriateness of the information in this document, and seek professional advice, having regard to objectives, situation and needs. This document is solely for the use of the party to whom it is provided.

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