Why Australian needs a training boost

Source : CEDA

Source - CEDA Committee for Economic Development of Australia

One-third of Australian occupations are facing worker shortages, especially in fields impacted by global megatrends like digital transformation, AI, an ageing workforce and the energy transition. To address this, we need to boost work-related training, including short courses, online modules, and leadership programs.

This training, whether voluntary or mandatory, is crucial for improving job effectiveness and compliance with regulations. Employers and employees invest over $12 billion annually in training, which is vital for increasing productivity and closing skill gaps.

Compared with otherwise similar people who do not participate in training, incomes increase by an average of about 20 per cent in the year after starting training. Training cannot just be a one-off, however, as this effect fades over time. There are benefits for firms who provide training, too, as participating workers will on average be more productive, more satisfied at work and less likely to move jobs.