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According to research from RMIT Online and Deloitte Access Economics, there are critical skills gaps affecting a variety of industries with four of the top five gaps in technology skills.
However, many employers are reducing employee training budgets, which the research asserts will create a significant skills loss (valued at $2 billion in 2024). This is estimated to put one in eight businesses at risk of falling behind, as investing in training is known to foster staff retention, which in turn maintains customer engagement and ultimately business revenue.
Australia’s participation in overall non-formal learning has been declining since 2013. In comparison to workers in the European Union where 50% have participated in non-formal learning, Australia sits at 32%.
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