The comprehensive analysis comes at a time when the future of work is at the forefront of public discussions as automation and the rapid change created by digital transformation highlight the array of knowledge and proficiencies that will be needed by the nation’s labour force.
The survey delved into employers’ perceptions of the value of lifelong learning for businesses and individuals, polling over 600 Australian businesses in professional industries.
Key findings from the study revealed:
- 49% of businesses approached skill shortages within their organisation by hiring new employees, while only 45 percent mediated the issue by delivering education and training internally. This was despite the fact the cost of replacing a bad hiring decision within six months was two and a half times the person’s salary
- Over two-thirds (68%) of professional employers surveyed believed the benefits were shared roughly equally between the individual and the business overall
- Most common business benefits from lifelong learning were identified as delivering better customer service and client service
- 15% of surveyed businesses in professional industries had no means of addressing skill shortages within their own organisation
RMIT Vice-Chancellor and President Martin Bean CBE said the University was outspoken about its mission to prepare students for life and work, not just to get a job.
“We know the future of work will demand new skills and a greater focus on resilience, adaptability, creativity and more,” he said.
“That’s why we’re continuously adapting, providing fit-for-purpose-education in emerging in-demand fields and retraining students at pace.
“Students can visit, return, or top-up on demand and that’s exactly what an evolving, disrupted workplace requires.”
The LEARN. WORK. REPEAT. The value of lifelong learning in professional industries’ whitepaper is available online via the following link.
Yager, F., The Cost of Bad Hiring Decisions Runs High (2012) <https://insights.dice.com/report/the-cost-of-bad-hiring-decisions/>.
Story: Diana Robertson