A number of business websites and recruitment blogs now run regular wrap-ups of emerging trends in employment and predict the next big thing[s]. We’ve attached below an interesting chart from Deloitte showing 25 best bets for the next 20 years . This and other sources are summarised to give you a quick overview of where the 21st century information economy is taking Australian job prospects.
‘TECH-HEADS, HEALTH STAFF AND PLUMBERS’…
is News Limited’s take on Australia’s hottest jobs .The long mining boom is busting. Some mine construction continues, and the sector is still growing relative to GDP, but it’s not the best long term prospect. Primary industries are slowing, along with print media – and taxi driving [due to Uber and the ‘sharing economy’]. Meanwhile the outlook is good for healthcare, the construction trades, and ICT:
Pharmaceuticals and all aspects of healthcare are thriving. Many Australians are enjoying wealthy lifestyles while living longer in an ageing society: it follows that caring for the aged and the disabled is the fastest growing occupational sector. As job numbers grow in the business of health, there is more focus on specialisation and targeted technology, such as advances in the remote area health which Australia has pioneered since the Royal Flying Doctor Service. You can also see from Deloitte’s table how many growth sectors relate to health, ageing or both, such as wealth management, retirement living, preventative health, medical research, and digital delivery of health.
Tradies: Low interest rates, rocketing housing values in the major cities, and the growing population are pushing a building bonanza. This stimulates both the essential trades like plumbing, and design areas – digital of course. State and federal governments are also promoting large scale infrastructure projects to cope with urban growth, like Sydney’s light rail.
‘ICT professionals: Like a lot of technical careers, working in ICT is more about your ability to learn on the job and creatively troubleshoot, rather than what university you went to or how many degrees you have. The highest salaries in the industry generally go to systems engineers, architects, project managers and consultants – roles that only come with a lot of experience and multiple industry certifications… Potential salary range: $45k-$140k’ .
The vocabulary of jobs is changing. When you add technical abilities and data analytics to your existing skill-set, you will be ready for executive opportunities. To be called an ‘executive’ connotes authority and a six-figure income in a way that administrator, or tech-head, does not. The key areas of demand:
1 DATA ANALYTICS: massive amounts of data are becoming available to analyse. For example, human resources officers are closer than ever to their CEOs, who want more info on their best asset [their workforce], thus ‘People Analytics’.
Digital, marketing and creative officers are taking companies from traditional to online advertising platforms, including mobile and other platform possibilities. We have already touched on how pharmaceutical and healthcare businesses are taking a digital approach to engaging with their increasingly influential and empowered customer base. The retail industry in general is looking to ICT to identify growth opportunities. Businesses are trying to gain competitive advantages by analysing all the data now available from customer interactions and feedback.
2 Operational risk and cybersecurity: means keeping up to speed with new developments in surveillance and security technology. Top companies often look for executives with defence and government backgrounds.
3 Demand for more rigorous corporate governance.
LOCATION, LOCATION IN A GLOBAL WORLD
Australia’s ‘Lucky Country’ status owed a lot to the geographical good fortune of climate, beautiful land and sea, and mineral wealth. And despite all the talk of globalisation and declining resource prices, Australia still has an advantage in being the closest developed English speaking country to the new Asian powerhouses.
Some of the categories in Deloitte’s chart of the top growth businesses reflect this, including international education, tourism and agribusiness, three of their ‘fantastic five’ top growth sectors. While the Chinese dominate trade hopes and are starting to have an impact in buying up investment real estate, our near neighbours East Timor, and especially Indonesia, offer mostly untapped potential. Such issues are worth considering when looking to the future and what business to enter.
To sum up, the economy is changing quite rapidly, with some parts in sharp decline. Australia’s stock market is overdue for a readjustment to reflect this. However it is also quite clear where good possibilities of growth and opportunity are, for employment, investment and start-ups. Formerly disparate areas are now interconnected with information and communications systems that are favouring and rewarding high quality content – it’s up to the individual business to keep up with the trends and stay on the ‘right side of history’.
6 Crowdfunding was worth over US$5 billion by 2013 according to https://en.wikipedia.org/wiki/Crowdfunding
FIGURE 1 The Deloitte Group’s 25 potential growth sectors of the Australian economy, including the ‘fantastic five’ of gas, tourism, agribusiness, and international education and wealth management. Projected growth rates are compared with mining and Australia’s GDP growth as a whole :