Study Summary: Skill gaps in the Australian job market
There are always going to be some sectors that are overflowing with talent and others that simply can’t attract enough candidates. This could be due to a limited number of enrolments in the relevant courses required to be qualified or graduates lacking the necessary work experience to land the gig.
According to the October to December 2016 Hays Quarterly Report of skills in demand, knowledge workers, especially those with technological prowess, are highly sought after across a vast range of industries in Australia. Put simply, a knowledge worker is someone who requires a large amount of knowledge to succeed in the role.
The Australian Government has made a conscious effort over the last few years to invest resources into STEM (science, technology, engineering and mathematics) to adequately prepare students to transition into these types of positions in the workforce. The need to do so is evident in a number of the areas currently experiencing skill shortages, namely science and mathematics teachers, and analysts.
Teachers
Education is crucial, yet mathematics and science teachers with HSC experience are in short supply, particularly candidates that can teach chemistry and physics. Students looking to make their living in this industry can expect a spike in the next five years with projections that by November 2020, there will be a 12.3 per cent increase in school teachers, including a 7.8 per cent rise for secondary educators.
Nurses and aged care professionals
An ageing population has coincided with a demand for nurses and aged care professionals. Senior managers and experienced personal care assistants (PCAs) are in demand, along with nurse managers who are familiar with the Aged Care Funding Instrument (ACFI). The amount of employed nurse managers is predicted to jump an enormous 27 per cent by November 2020, yet job openings will be below average during this period due to there being only 18,000 roles in total across Australia last year. In stark contrast, the number of positions for registered nurses in the five years leading up to November 2019 will be in excess of 50,000.
Analysts
It seems like analysts are the flavour of the month, with a growing need for these skills in various areas. Analysts are required as companies pay more attention to interpreting data, lawyers in rural areas are difficult to come by and an influx of international students studying accounting (around 39,000) has contributed over $1.7 billion into the Australian economy. From business performance and commercial analysts to those better versed in change and data, there is certainly a shortage in the market. The projected boost of business and systems analysts is a relatively tame one (3.3 per cent) in comparison to other occupations on this list, so soon-to-be graduates would be encouraged to investigate how the job market might look upon completion of their studies.
Lawyers
If you thought there were enough lawyers in the world, think again. No fewer than seven different categories are in short supply, including senior banking, finance and refinance, corporate, commercial, construction, planning and environment, and commercial property. With very strong growth in future employment as a solicitor expected as of November 2020, there may well be opportunities for current law students to get their foot in the door in a highly competitive field.
Accountants
Accountants are required in virtually every industry, so it is little surprise that they feature here. Businesses need systems and financial accountants, while there is also demand for candidates qualified in management with local experience. This area of study appears a wise choice as the number of job openings for accountants is predicted to exceed 50,000 during the five-year period prior to November 2019.
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