Skills shortage threat to economic growth
A shortage of skilled employees could impede Australia's economic growth, a new report says.
The Australian Industry (Ai) Group/Deloitte survey of more than 400 chief executives found 34.7 per cent of companies think there was at least a high risk that a shortage of skills would have a negative impact on operations this year.
The level of concern ascended to 47.5 per cent of all businesses for 2015, according to the survey, Skill Shortages: A high risk business, which was issued today.
Ai Group chief executive Heather Ridout said the lack of skilled workers was set to elevate and could be the no. 1 risk to Australia's renascent economic expansion.
''Of particular concern is that shortages are intensifying in occupations associated with manufacturing, construction and engineering, which are pivotal to the Australian economy,'' Mrs Ridout said.
''These occupations are based on skills which have a long development lead time, are in high use across the economy and whose absence puts industry at high risk.''
Deloitte Consulting Asia Pacific regional managing partner Gerhard Vorster said companies could not remain idle even with the shortage of skilled employees.
''CEOs committed to driving growth need to win the race for talent or risk being overtaken by the competition,'' Mr Vorster said.
According to him, Australia's education and training providers were teaming up with companies to boost the number of skilled employees.
''While addressing the supply of talent, employers must also address their own demand,'' he said. ''Those that fail to innovate around processes, systems and working practices are going to face a very bleak future.''
The positions showing a shortage are metal fitters and machinists with 59.6 per cent unfilled vacancies, engineering professionals with 51.7 per cent, metal casting, forging and finishing trades persons with 36.7 per cent, structural steel and welding trades workers with 32.9 per cent, and business administration managers with 36.7 per cent.