Hi everyone!
Happy National Skills Week! This week is a celebration of Vocational Education and Training (VET) and the value it adds to Australian careers and the economy. For the unfamiliar, VET is provided to prepare people for their field of work, where cost-effective courses are designed by industrry experts and coupled with hands-on experience. According to ACARA, a quarter of 15-19 year old Australians particpate in vocational education. In 2002 the NCVER published a report: What are the longer-term outcomes for individuals completing vocational education and training qualifications? A couple of takeaways:
A VET qualification improves the liklihood of working full-time and increases wages compared to no post-school qualifications.
Generally, the field of qualification will have a larger impact on employment outcomes than the level of qualification acquired. (Courses in business displayed the greatest returns!).
Balmoral Group Australia firmly believes in the transformative power of education and upskilling. We believe in the targeted and affordable nature of VET, creating safer workplaces and vibrant economies, while boosting the career prospects of millions of Australians.BGA has worked closely with communities and experts to help deliver vocational training and skills development opportunities across the country. Check out some of our relevant work in the Balmoral Spotlight at the bottom of this week's newsletter. We've also collated a handful of skills-related articles for this week's EP.Finally, many VET organisations across Australia are running free workshops, competitions, conferences and expos both in person and virtually. If that interests you, check out the National Skills Week events.Have a great weekend!
Jacob Wescombe
Tim Hanigan
Economist
The Latest Trending Economic News Curated for You by Balmoral Group Australia
National Skills Week highlights the game-changing benefits of VET
National Skills Week is here and it is placing a greater emphasis on Vocational Education and Skills Training (VET) and women in trades. NSW Minister for Skills, TAFE and Tertiary Education Hon. Steve Whan MP launched the initiative in Sydney yesterday... Read more here.
How 25 years of education policy led us to believe we can only succeed in life with a degree
The UK prime minister, Rishi Sunak, is putting measures in place to restrict student numbers on what he has termed “rip-off degrees”: university courses that have high drop-out rates and are unlikely to lead to highly skilled jobs. Instead, the government is promoting apprenticeships, through which young people train for a specific career while in employment. Read more.
Upskilling, development critical in wake of 2024 employment trends: WEF report
The latest World Economic Forum (WEF) has underscored the importance of upskilling and development in the wake of various trends that are expected to shake up the world of work, according to reports. Read more
Career: 5 Compelling Benefits
Lately, there’s been a lot of press about companies no longer requiring college degrees—and stories of brilliantly successful founders who didn’t finish college are always in vogue. But while it’s true that organizations are reducing their requirements for degrees, having one still provides a tremendous advantage for the job you get, the money you’ll make, the advancement opportunities you’ll have and the happiness you’ll achieve... Read more.
Balmoral Spotlight
Here are a few of our contributions to the VET space. Check out more of our projects on our website.
NSW Regional Water Industry Workforce Development Study
The NSW Regional Water Industry is facing a lack of training capacity and qualified trainers, hindering workforce development in regional NSW. Balmoral Group Australia provided a first-of-its-kind report, outlining the economic and public health impacts of inaction as well as gap analysis to identify shortcomings and bottlenecks facing the sector.
Training Services NSW Productivity Bootcamp
BGA conducted a cost benefit analysis (CBA) of Training Services NSW Productivity Bootcamp program. Productivity Bootcamp is an 8-week program, giving young people the construction skills and work values needed to succeed in the industry, with hands-on experience in many trades. More on that here.
Establish a Water Training Centre in Orana
BGA provided analysis on a proposed specialised training centre in Trangie, NSW. This centre aims to bridge the skills gap in the NSW water industry by offering high-quality training, tailored courses and certifications. BGA reported that the centre's strategic location in Trangie would provide easy access, reduce travel costs, and benefit the mental well-being of staff, especially Indigenous trainees.
Connect with Balmoral Group Australia Here
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