Evolving training packages to support the finance, tech and business sectors 

Written By Juliet Mackenzie

Training packages are a core element of the Vocational Education and Training (VET) system, setting the standards for Australia’s 4000 Registered Training Organisations. 

At Future Skills Organisation, we play an important role in developing and maintaining relevant training packages for Australia’s finance, technology and business sectors. 

Through these packages we aim to enhance training to ensure learners are equipped with relevant, future-ready skills for career success and employers can find the talent they need to drive business growth. 

What is a training package?  

Training packages specify the knowledge and skills required by individuals to perform effectively in the workplace, expressed in units of competency.   

They consist of nationally endorsed standards and components such as qualifications, units of competency, assessment requirements and credit arrangements, as well as non-endorsed components such as skill sets and implementation guides.  

They provide a consistent national standard for skills and knowledge which can then be used by training providers to design curriculum and by employers to assist with workforce development. 

Our role as training package stewards  

As a Jobs and Skills Council, we focus on the skills which are most important to the finance, technology and business sectors of the Australian economy.  

In this role we collaborate with industry, governments and training providers, acting as ‘stewards’ of the Financial Services (FNS), Information Communication Technology (ICT) and Business Services (BSB) training packages. 

To put this work in perspective, the three training packages contain 84 qualifications, hundreds of units of competency and lead to many occupations.  

Each year, there are around 500,000 enrolled in our three training packages, looking to enter the workforce, complete traineeships or upskill to build their careers. 

Changing skills needs in the finance, technology and business workforces 

Training packages must be carefully evolved to reflect changing skills needs. 

Part of our process involves engaging with industry to understand how tasks and job roles are changing. 

We consistently hear that rapid technological advancements are changing the nature of the skills needed in the workforce. 

Employers tell us they especially value people with generalist skills, like communication, teamwork, problem-solving and critical thinking, which enable all team members to contribute and adapt to various technologies, tasks and roles. 

Our stakeholders have also shared the need for improved digital capability for work, learning and life as one of the most pressing needs. 

We also recognise many specialist skills needed to undertake specific roles have changed due to technology and industry requirements. 

Our plan to evolve training packages  

In close collaboration with industry, training providers and governments, we’ve developed a plan to review and evolve the training packages. 

Our plan addresses the highest priority skills gaps, while recognising the costs and challenges of training package updates for training providers. 

Outside of this, we understand there will be areas of need identified by industry and will maintain capacity to evaluate and address these as they arise. 

Our plan involves evolving the training packages in three ways: 

1. Simplifying the training packages  

We have ongoing work underway to maintain and simplify our training packages, including: 

Reviewing cross industry training package dependencies  
We’re undertaking a review of the dependency of other training packages on FNS, ICT and BSB to determine if they should be updated. This process is driven by changes in industry needs.,  

Reviewing VET training products with low or no enrolments  
We’re identifying FNS, ICT and BSB training products with recent low or no enrolments and will consult stakeholders to review their impact and assess whether to maintain or remove them from the training packages.  

Reviewing training packages for superseded units of competency 
We are identifying and updating superseded units of competency within the training packages. This includes updating superseded ICT units of competency within 
CTSS00106 Introductory Tools and Applications and updating BSB units of competency within BSBSS00124 Workplace IT Foundations skill set.  

2. Addressing high priority digital skills needs    

Bridging gaps and strengthening ICT training  

Telecommunications qualification updates  

Uplifting digital capability across the finance, tech and business workforce 

Addressing high priority skills needs in cyber security and generative AI  

3. Reviewing and evolving finance and business training 

Sustainable finance disclosures  

Reviewing business training  

  • BSB is a significant training package which details many generalist and specialist qualifications, units of competency and skill sets. Our initial focus will be on understanding generalist employability skills in the BSB to understand how industry needs them to be evolved and packaged.  

How to have your say on our work 

At every stage, we will work with stakeholders on the design and delivery of training package updates. 

 We need experienced and innovative people from industry, the training sector and government involved in our work. To have your say on the future of skills, join our community of Collaborators. 

Learn more about our Training Package Development projects. 

Lisa Bale, Director VET + Innovation, Future Skills Organisation 

Published in Future Skills News, FSO’s LinkedIn newsletter here.

Juliet Mackenzie
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