Victorian Employer Delays in producing products or services Financial and Insurance Services: 46% Victoria: 28% Skills and Training Inability to innovate Survey 2017 Financial and Insurance Services: 39% Victoria: 25% Financial and Insurance Challenges Services Managing the skills of the workforce Over 12,100 employers responded to the skills and training component of the Victorian Employer Employers reported that recruitment was challenging Satisfaction and Skills Survey in 2017. Of these, 468 due to candidates not having the required skills and were from the Financial and Insurance Services keeping pace with technology. industries. Employers report that skills are important to productivity, but many are facing challenges filling jobs More than a quarter of employers saw the need to and finding the right applicants with the right skills. improve the skills of existing staff. These challenges are faced both now, and are expected to continue into the future. However, a high Finding people with the right skills proportion of employers that access training to Financial and Insurance Services: 45% improve the skills of their workforce report a positive Victoria: 53% impact on productivity and return on investment. Keeping pace with advancing technology The statistics below reflect the experience of Financial and Insurance Services: 26% employers in the Financial and Insurance Services Victoria: 22% industries compared to the overall Victorian average. Training staff to keep skills up to date Productivity Financial and Insurance Services: 32% Victoria: 27% Skills are important to productivity Recruitment challenges Businesses found that a lack of skills had a medium impact on workplace productivity. Employers faced recruitment challenges because potential candidates did not have the required High impact experience and lacked job specific skills. Financial and Insurance Services: 21% Victoria: 28% Agreed roles were difficult to fill Financial and Insurance Services: 46% Medium impact Victoria: 54% Financial and Insurance Services: 56% Victoria: 53% Lacked relevant experience Financial and Insurance Services: 62% Low impact Victoria: 55% Financial and Insurance Services: 22% Victoria: 16% Lacked technical / job specific skills Financial and Insurance Services: 59% Impact of insufficient workforce skills Victoria: 50% Few applicants A lack of skills can increase the workload for other Financial and Insurance Services: 32% staff, result in production delays of products and Victoria: 46% services and affect the ability to innovate. Increased workload for other staff Financial and Insurance Services: 69% Victoria: 61%
Victorian Employer Skills and Training Survey 2017 Financial and Insurance Services Over 12,100 employers responded to the skills and training component of the Victorian Employer Satisfaction and Skills Survey in 2017. Of these, 468 were from the Financial and Insurance Services industries. Employers report that skills are important to productivity, but many are facing challenges filling jobs and finding the right applicants with the right skills. These challenges are faced both now, and are expected to continue into the future. However, a high proportion of employers that access training to improve the skills of their workforce report a positive impact on productivity and return on investment. The statistics below reflect the experience of employers in the Financial and Insurance Services industries compared to the overall Victorian average. Productivity Skills are important to productivity Businesses found that a lack of skills had a medium impact on workplace productivity. High impact Financial and Insurance Services: 21% Victoria: 28% Medium impact Financial and Insurance Services: 56% Victoria: 53% Low impact Financial and Insurance Services: 22% Victoria: 16% Impact of insufficient workforce skills A lack of skills can increase the workload for other staff, result in production delays of products and services and affect the ability to innovate. Increased workload for other staff Financial and Insurance Services: 69% Victoria: 61% Delays in producing products or services Financial and Insurance Services: 46% Victoria: 28% Inability to innovate Financial and Insurance Services: 39% Victoria: 25% Challenges Managing the skills of the workforce Employers reported that recruitment was challenging due to candidates not having the required skills and keeping pace with technology. More than a quarter of employers saw the need to improve the skills of existing staff. Finding people with the right skills Financial and Insurance Services: 45% Victoria: 53% Keeping pace with advancing technology Financial and Insurance Services: 26% Victoria: 22% Training staff to keep skills up to date Financial and Insurance Services: 32% Victoria: 27% Recruitment challenges Employers faced recruitment challenges because potential candidates did not have the required experience and lacked job specific skills. Agreed roles were difficult to fill Financial and Insurance Services: 46% Victoria: 54% Lacked relevant experience Financial and Insurance Services: 62% Victoria: 55% Lacked technical / job specific skills Financial and Insurance Services: 59% Victoria: 50% Few applicants Financial and Insurance Services: 32% Victoria: 46%
SkillsandTrainingEmployerSurvey2017InfographicAccessibleFinancial.docx