The Department of Jobs and Small Business recently released the Industry Employment Projections Report which, as the title suggests, predicts employment changes across industries in Australia. The Department forecasts slow but steady growth in employment overall and identifies the sectors in which the greatest opportunities will exist.
If you’re planning for a management career, contemplating a career change or considering enrolling in a postgraduate course like an online MBA, it’s worth drilling down into the data. Those who hold postgraduate qualifications and work in growth industries will be best placed for career progression and more likely to experience job security.
Overall, 17 of the 19 industries nominated are projected to experience growth. The exceptions are wholesale trade, which will fall by 2.7%, and agriculture, forestry and fishing, which will fall by a tiny 0.4%.
Of the remaining industries, the top five exhibit signs of growth that are far above and beyond their counterparts. These are as follows:
1. Health Care and Social Assistance
At 14.9% growth over five years, the health care and social sector outperforms the next strongest industry by a significant margin. In fact, as this industry is already one of Australia’s strongest performers, it will add around 250,300 real jobs over five years: over twice as many as in the next strongest sector.
This continues a trend observable since the 1990s, since when the sector has been Australia’s biggest employer. The strong growth over the next few years is in part because the rollout of the NDIS is scheduled for 2019-2020 and will require additional staff. Australia’s ageing population and increased demand for child care and home-based care services add to the list.
2. Education and Training
The next sector on the list is projected to add around 113,000 jobs, an increase of 11.2%, in the same time period. The growth is spread across Australia’s increasing school-age population as well as demand from international students, adults and community education.
It’s also worth noting that the trend towards part-time or casualised employment in the education sector means that some of the increase in jobs is due to the spreading of existing workload rather than adding full-time roles. There is also an increase predicted in non-teaching roles within this sector.
Read more: What Can Educators Learn from an MBA?
3. Professional, Scientific and Technical Services
Only slightly behind the education sector comes professional, scientific and technical services, which is projected to grow by 10.2%. Ongoing high demand for highly skilled workers with specialist qualifications continues to drive this sector.
This sector further breaks down into skill areas. Computer system design and related services (IT) is projected to add the most jobs (although proportionately less compared to previous years). Legal and accounting services are next, followed by management and consulting services.
Despite a softening of the property market across the east coast, the construction industry is expected to grow by a neat 10%. That’s fuelled in large part by continued infrastructure investment by state and federal governments, with the engineering construction sector outperforming the residential sector by some measure.
5. Accommodation and Food Services
It seems as if a new cafe pops up in Australia every day, and the continued growth in this sector reflects that trend. The lower Australia dollar and expanding Asian middle class has seen a boom in international tourism, as well as a trend toward domestic tourism by Australians themselves.
In each of these sectors, there is a need for managers as well as more junior roles. In fact, the report projects a 10% rise in jobs requiring a Bachelor’s degree or higher qualification, as compared to 3.5% for jobs requiring a high school education. That speaks partly to the trend towards requiring university qualifications in general but is also indicative of wider trends.
How an MBA can help
Management and leadership will be integral into the future, as every industry experiences accelerating change. Digital disruption, innovation, artificial intelligence and globalisation are just some of the things that will need strong and intelligent leadership.
Read more: Is Your Industry Ripe For Disruption?
An MBA is the ideal qualification to position you for these challenges and changes in the future. It will give you a holistic understanding of how a business functions, teach you risk management, improve your communication skills and help you to become an excellent problem solver. If you’re already looking towards one of Australia’s growth industries, such as health, education or professional services, an MBA can give you that extra boost in your management career.
This article was written by Tanya Ashworth-Keppel on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB. All statistics are from the Department of Jobs and Small Business 2018 Industry Employment Projections Report. Read the report here.