Skilled Australian workers are tipped to become far and few between, with changing market conditions driving up demand for professionals in the next ten years, a report has revealed.
According to Global Talent 2021 – a research study conducted by Oxford Economics in conjunction with Towers Watson – Australia will face a skills deficit by 2021, along with several other economies including the UK, Canada, Japan and the US.
The report found significant market changes will increase demand on talented professionals, with technology enhancing the trend globally.
“Specifically, as the skills employers require become more complex, labour shortages are projected in many mature markets, including Australia,” Towers Watson global head of talent Julie Gebauer said.
“These new realities make it incumbent on HR executives to consider new and creative ways to access talent across the globe.”
As skills shortages emerge around Australia, it is likely that many companies will look at different measures to attract workers – including apprenticeship and traineeship programs.
Organisations may also consider capitalising on existing employees by upskilling staff to address talent deficits.
At the other end of the scale, some developing economies are projected for a talent surplus, including Indonesia, Colombia, South Africa and India.