Ready, set, upskill: Prioritising skills for a resilient workforce

The job market is still incredibly competitive. Salmon pink background with multiplying blue pixels.

Zoom into blue pixel – now just a blue background with white text. Unemployment is at a record low (3.5.%) and job postings are up 15% year on year.

Digital skills are a critical part of this landscape. White background, navy text with multiple coloured pixels at the bottom.

And it’s costing business not to have them. Cursor pops up on screen to click the pixels.

Existing digital skills gaps like data science, cyber security and coding, are costing large Australian businesses $3.1 billion each year. White background, navy text, multi coloured pixels.

Thats $9 million per day. Navy text grows on white background.

And we can’t keep pace with supply. 3/5 businesses we surveyed said their workforce lacked or had outdated skills. Navy text on white background. Multicoloured pixels on a navy background on the bottom of the screen.

So to fill the gaps, do we upskill or hire externally? Most people we surveyed didn’t mind. White text on a navy background

Background half pink, half navy. 45% prefer upskilling (on the pink background) 52% hire externally (on the navy background).

That is despite it costing more to hire new, with businesses paying 18% more for new staff – or the equivalent of $12,000 per year. Navy text on a salmon pink background.

Training done right isn’t always easy. White font on a purple background.

Barriers we found people had to learning new skills: white writing on a purple background, multi coloured pixels fly across the screen

Work commitments 18%

Cost of training courses 12%

Lack of employer resources or support 9%

White text on a purple screen with a bar at the bottom. The bar at the bottom is split up into blue, yellow, navy and salmon pink rectangles. Rectangle fly off the screen, new text pops up.

Successfully delivering training doesn’t only help to close the skills gap Purple screen, white text.

It also benefits employers too. Salmon pink screen, navy text, blue circle in right corner.

Employees who received promotions in 2022 spent 50% more time on training on average than employees who did not receive a promotion. Salmon pink background, navy text, blue circle in right corner that is slowly filling up to halfway with navy.

Zooms into the navy of the circle, navy is now the whole screen with white text. Training done right. That’s just good for business.

Read about it in the latest addition of Ready, Set Upskill. Navy background with white text.

Purple pill with white text and an arrow saying Download Research.