Improving human capital – harnessing the collective skills and knowledge of people to create economic value – is increasingly seen as important for economic growth. But do we fully understand the workforce skills necessary for success?
Business success is not just achieved by having people with the right formal qualifications and technical skills. There are also a range of equally important ‘soft skills’ – think communication, teamwork, problem solving, emotional judgment, professional ethics and global citizenship – which are vital in the workplace, and which Deloitte Access Economics explores in the recently released report, Soft skills for business success.
Globalisation, digital disruption and demographic change mean that soft skills will become increasingly important in the future. And as technological advancements see some business functions increasingly automated, employees roles will take on a more human-centric, customer service focus. The right people for these roles will need to be able to combine technical knowledge with essential human skills such as communication and empathy. In fact, soft skill intensive occupations are expected to account for two-thirds of all jobs by 2030, and the number of jobs in these occupations is expected to grow at 2.5 times the rate of other jobs.
For now, a range of studies show that employees with high levels of soft skills can lift business performance. Emotional judgment can lead to lower levels of staff turnover, global citizenship can help businesses reach global markets, and digital literacy and communication keep more customers engaged.
Does our workforce have the skills necessary to foster business success and be job-ready for the future? International evidence shows that Australia performs reasonably well in attainment of soft skills relative to other nations – over 90% of graduates are recognised by their employers as having problem solving and team work skills. A range of data on attainment of soft skills in Australia is shown in the infographic below..
Australian performance for key soft skills