The news is good until 2020, with the labour market expected to grow by more than 1.0% a year (better than the United Kingdom and America), after this supply will not be able to meet demand.
The reasons for this are varied. Australia's fertility rate is below the replacement rate which means there are not enough staff to replace retiring workers. The other is Australia's aging population. While the Government is raising the retirement age to 70 by 2035, this is not enough to replace the retiring baby boomers.
To address the problem BCG suggest:
- extending the Government's skilled migration program
- boosting skills training to lift productivity. A highly skilled workforce means a more productive one. A stronger focus from both government and the private sector on skill development would help address the shortfall. Even something as simple as making sure literacy and numeracy skills are up to scratch will help boost the percentage of the Australian population that is employed.
foundU wants to play an active part in Australia's economic future. We believe we are doing this by providing skilled staff to jobs around Australia. Our online platform gives people a chance to enter the workplace and employers to find quality candidates.
While we can't predict the future we believe we have a business model that is part of the solution.
Get a Job. Find Staff. Join foundU.
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