SkillsIQ report uncovers the $4.1 billion/year cost of over-qualification.
This national skills mismatch leads to dissatisfied employers, unhappy staff and high staff turnover rates, forcing businesses to spend time and money replacing or upskilling unproductive team members. Overall, over-qualification is costing Australian workers $4.1 billion each year.
In more than half of the people-facing sectors, anywhere between one in three to more than half of the workers were found to have qualifications they didn’t need for their current job and which often failed to deliver the necessary practical skills.
The retail sector has the highest level of skills mismatch with more than half of all workers over-qualified.
Across the entire economy, the number of jobs requiring a bachelor’s degree has increased 41% over the past two years as, all too often, employers mistakenly think this provides the best filtering of candidates. As a result, right now one in 13 Australian workers possess a bachelor’s degree that they don’t need for their current role.
The Right Skills.Right Time? Report is the first step in a conversation about how we as a community address the issue of skills mismatch now and in the future.
To access the full report please CLICK HERE.
For further information, please contact Silvia Munoz at silvia.munoz@skillsiq.com.au or at (02) 9392 8100.