The value of lifelong learning in professional industries

Careers are also simply getting longer because of lifespan

Approaches to education need to shift too, towards a lifelong learning approach that better equips employees with the skills needed for a changing labour market and the careers of the 21st century.

This report explores the importance of and benefits to lifelong learning in an Australian workplace context, by examining the value of ongoing education and training for employees and businesses in professional industries.

Business ease of finding employees with necessary skills

The old three-stage pattern of preparing for work; working; and then retiring is fast disappearing, yet many current workers have not had the opportunity to develop the career management competencies that they require to cope with, let alone thrive in, such an environment.

Key findings from employers surveyed

88%of employers find it hard to get employees with the skills they need.
49%of employers look to hire new talent when approaching skills shortages in their organisation.
2.5XThe cost of replacing a bad hiring decision within 6 months is 2.5 times the worker’s salary.

Other reports

Ready, Set, Upskill: Maximising the ROI of skills and training

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.

Ready, Set, Upskill: Prioritising skills for a resilient workforce

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.

The salary trap

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'.