Skills shortage nets $661 million in federal budget funding
Australia’s acute skills shortage received a significant boost, with $661 million in funds allocated in the Federal Budget to address training, apprenticeship and adult literacy issues.
The Federal Budget’s allocation of a funding package for training, apprenticeship and adult literacy is welcomed by Randstad Chief Executive Officer, Deb Loveridge, who believes the skills shortage in Australia to be acute in a number of sectors of the economy.
“Recent research has shown we’re already facing an acute skills shortage in particular sectors, with employers finding it increasingly difficult to find workers with the right skills to support future growth.
“This shortage is expected to worsen as the economy improves, unemployment falls and sectors such as construction, infrastructure, renewable energy and resources continue to grow. The Government’s announcement to boost training will go some way to ensure employees acquire the skills they need and assist employers to find the skilled staff they require for growth.”
Recent research released by Randstad, the specialist recruitment and HR services company, revealed one in four businesses were worried they would be unable to fuel future growth because they are unable to attract skilled workers.
Ms Loveridge added that support for businesses to claim back costs of training would give many firms, especially small-to-medium enterprises, the ability to offer skills and training to their employees, boosting retention and increasing performance and productivity as the economy improves.
“Many SMEs are rightly focused on growing their business and generating sales. Having the time and resources to provide effective training is not always possible. This can deprive small businesses of the ability to effectively attract and retain talent, so this government initiative will be welcomed by many SMEs.