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Recruiting talent early and reinventing corporate education

Ensuring future employee skills meet business needs

Recruiting graduates early in their education will help combat the looming demographic gap as the workforce ages and retires and the number of graduates in Australia decreases.  

Competition among businesses for the best students is increasing. The next five years will see fewer than 125 people exiting education for every 100 people retiring – the highest ratio of job market retirements to new entries in Australia’s history.

By engaging graduates whilst in education businesses can shape learning and harness the innovative thinking of “Generation Next”. They can also help educational institutions expand their real-world expertise, ensuring that future employees have the skills to meet business needs.  

Another step is to focus improving training and the quality of corporate education for existing workers as well as encouraging foreign students to live and work in Australia.  

Section 1 of Where is your next worker? examines:

  • Capturing talent early
  • Competition for graduates will intensify
  • Reinventing corporate education
  • Harnessing foreign students
  • Policy opening the way
  • Reflecting on the business opportunities
  • Case study: University of Sydney Business School
Recruiting Recruiting talent early to overcome the demographic gap Get full report

Reflections on the business opportunities

  • What initiatives are you implementing to source and train graduates and trainees as a source of future skilled labour?
  • What co-curricular research grants or apprenticeships are you offering to students who want to work through their apprenticeship or cadetship?
  • How is your organisation encouraging students to engage and innovate in your business?
  • What recruitement programs are you exploring?
  • What channels into influencing educational curricula do you have?
  • Are you offering your people incentives to share their business experience by teaching at schools, TAFEs and universities?

University of Sydney Business School


According to Dr Nigel Finch, Academic Director of the University of Sydney Business School, “The benefits of experiential learning are that students get the chance to learn how business concepts, designs and thinking are applied in practice. This application doubles the impact of learning for the student.

“One example is Fastrack, where business employees and students interact on business projects. Students undergo the company’s innovation training, identify a business opportunity, develop the business case and get to pitch it back to the business.”

Dr Finch says of the six business cases pitched by students to date, one is being taken forward by business. A student has also been offered employment in that sector.

Cooperative learning programs also allow companies to form relationships with potential future employees at the earliest stages of their careers. Investing in students at this stage helps secure the future supply of labour, solving immediate needs and also delivering longer term benefits.

Population: Where is your next worker?


 

 Crowdsourcing workforce talent and skills
Mass collaboration in our increasingly connected world creates opportunities for businesses to work outside traditional corporate and geographic boundaries and radically rethink how they access skills, including from ‘the crowd’.

 

 Offshoring services to support growth and competiveness
Offshoring is an option for businesses to overcome the looming skills gap as Australia as a high wage, high productivity nation cannot compete with wage costs in developing countries.

 

 Skilled migrants can support business growth
Australia won’t be able to produce anywhere near the number of skilled workers needed in the future, and there is now a widening gap between global demand for our exports and immigrants to help meet that demand.

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Where is your next worker?

Video [03:35]

Where is your next worker? addresses the positive actions business and government can take to maintain momentum in the face of a looming national skills shortage

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