Australian businesses are expecting to spend approximately $8 billion on learning and development in 2024. And yet, nearly half of businesses we surveyed admit they aren’t prioritising training budgets to adequately address skills gaps. While spend is on the rise, one in eight Australian businesses are planning on halving their L&D budgets, leaving them at risk of a serious skills gap.
In the post-pandemic economy, digital skills are crucial for Australia's labour market as the pace of digitisation accelerates. This report is the third in a series that looks into what skills are growing the quickest across the job market, the cost business stands to lose by not addressing these gaps and the role of training to bridge the divide.
In a moment of change in the job market amidst economic uncertainty, this report aims to understand how these transformations impact workers and companies, in a phenomenon we call the ‘Salary Trap'.
This report provides fresh insights into the current and future impact of key disruptions on skill sets and talent shortages across Australia's occupational landscape.
Australian careers are changing, with emerging technologies, industry shifts and economic factors influencing the nature of work.