MEDIA RELEASE
15 February 2024
Building a skilled finance, tech and business workforce: FSO Workforce Plan and National Forum announced
The Hon Brendan O’Connor MP to deliver keynote address at National Forum with leaders from industry, training, unions and government, building on Future Skills Organisation’s Initial Workforce Plan.
15 February 2024, Melbourne – The Future Skills Organisation (FSO) has released its Initial Workforce Plan which provides the evidence-base for their inaugural National Forum titled Building a Skilled Workforce. The report is the culmination of the past six months of operations as the Jobs and Skills Council for Australia’s finance, technology and business sectors.
The report reveals a growing demand for finance, technology and business skills across the economy and highlights the opportunity for our Vocational Education and Training (VET) system to play a greater role in developing innovative solutions to meet future skill demands.
The report highlights five key priority areas which include the need to keep training solutions relevant to the workplace, the workforce’s digital capability gap, the importance of keeping pace with new technologies and their changing skills needs, and clearer pathways into and within finance, technology and business occupations. Underpinning everything is the need to better support our trainers and teachers so they can plan and deliver world-class training.
Minister for Skills and Training, The Hon Brendan O’Connor MP, will deliver a keynote address at the FSO National Forum in Melbourne in March, where these findings will be transformed into action.
"The Government is taking action to address current skills and workforce shortages through the remit of the Jobs and Skills Councils, and I look forward to engaging with the Future Skills Organisation at their inaugural National Forum to map out solutions to future-proof Australia’s finance, technology and business workforces.” said Minister O’Connor.
CEO of the Future Skills Organisation Patrick Kidd OBE OAM views this event as a key moment to bring together representatives from across the finance, technology and business sectors to drive deeper engagement, explore emerging themes, and identify opportunities to drive change.
“The National Forum will deliver an insightful and impactful event in Melbourne by bringing together industry leaders around a common goal to build a skilled, thriving and resilient finance, technology and business workforce,” said Mr Kidd.
FSO Board Chair and Independent Director, Yasmin Allen AM will also deliver a keynote address at the upcoming Forum.
"This is a significant opportunity for stakeholders to work together to build a future-ready finance, technology and business workforce. FSO’s Initial Workforce Plan helps to provide an agenda for action to increase the supply of people with relevant skills through VET. This is good for industry, good for learners and great for Australia. I am looking to the National Forum to generate practical and actionable ideas which can be taken forward,” said Ms Allen.
Find out more about the FSO National Forum here.
Download the FSO’s Initial Workforce Plan here.
Key findings from the Initial Workforce Plan:
While the demand for finance, technology and business skills and workers is growing, enrolments and completions in the VET system are falling. This suggests there is an opportunity to enhance the training system to ensure it meets future needs through innovative solutions.
On average, tech and business occupations have grown at least 1.5 times faster than all other occupations since 1986.
Since 2016, finance, technology and business occupations have seen a 5-20% greater skill change compared to all occupations, with demand for digital skills driving the change.
VET has been a source of around half of training for entrants into finance, technology and business occupations, but its prominence has been declining over the last 5 years, particularly at lower levels (Certificates I–IV).
5 challenges identified:
Maintaining the relevance of training to meet industry needs.
Addressing the digital capability gap which impacts all industries.
Accommodating the rapid changes in technologies.
Improving access through simple pathways.
Supporting VET practitioners to ensure industry relevance and currency.
ENDS
About the Future Skills Organisation
The Future Skills Organisation (FSO) is a Jobs and Skills Council funded by the Australian Government Department of Employment and Workplace Relations.
FSO’s role is to improve the skilling and training system for the finance, technology and business sectors by finding innovative ways to address skills gaps and ensure there are enough people with the right skills for the future.
Media enquiry
Adelaide Haynes, Akin Agency
0477 601 188