Financial health: What you can learn now to be better prepared for the future of work

In this episode of the SBS Spanish podcast series 'Salud Financiera', we explore the employment landscape for young people in Australia amid the economic impacts of COVID-19 measures.

Businesswoman with graphs

Source: Getty Images/Monty Rakusen

Young people in Australia must adapt and learn new skills to face the economic crisis after the blow caused by COVID-19. 

Bernard Salt, renowned Australian demographer and economist, and director of The Demographics Group, shared his vision on how the country will require its workforce to retrain to face the social and economic challenges brought about by the pandemic. 

The specialist commented that the global economy will take at least a couple of years to recover.

“There is no doubt that the pandemic has caused a great loss of jobs. There were extraordinary losses in restaurants where 106,000 waiters and 44,000 baristas became unemployed.

"But other jobs expanded, for example, jobs in logistics, technology that require specific skills, in health care, agriculture or agribusiness."
Bernard Salt, economista y demógrafo australiano
Economist Bernard Salt Source: The Demographics Group
In times where the economic outlook and employment look uncertain, experts recommend flexibility in work areas.

Before the arrival of COVID-19, three trends in employment were already developing, but these accelerated with the pandemic.

"The first trend is automation or work done by robots or machines. The second is casualisation, where more people work part-time, by contract or for just a few hours a week.

"Finally, the third is the extreme division of labour, where products or processes are broken down to a maximum degree and people located in different regions work on these without necessarily having a view of the complete picture."

What can migrants do to be competitive in this environment?

Higher-paying jobs in Australia are very competitive to enter, and that difficulty is more acute for migrants, as they lack specific experience or contacts in the country.

Having flexibility and some transversal skills will allow candidates to better position themselves in the workplace and adapt to new circumstances.

Some strategies they can pursue to be more competitive in the marketplace are: 

Acquire computing skills 

report published by the World Economic Forum in October 2020 highlights that in Australia the jobs that are in high demand are those related to data analysis and artificial intelligence.

Sites like Coursera or Udemy have a large library of online courses to learn these skills, some free. 

High-demand jobs in Australia, according to the World Economic Forum, include:

  • AI and Machine Learning Specialists
  • Data Analysts and Scientists
  • Information Security Analysts
  • Big Data Specialists
  • Process Automation Specialists
  • Digital Transformation Specialists
  • Remote sensing scientists and technologists
  • Organisational development specialists
  • Mechanical Engineers 
Two people at computer
Source: Getty Images/Luis Alvarez
Data from the ABS reveals the percentage of women and men between 15 and 64 years of age who are currently studying in Australia a qualification related to the field of science, technology, engineering and mathematics, it is possible to see that there is still a gap between the careers chosen by men and women.

When analysing the careers in demand, a good option is to study courses where the candidate can acquire skills required in the labour field.
  • Develop skills in high demand 
According to the World Economic Forum, the skills identified as in high demand in Australia are as follows:
High Demand Skills in Australia
High Demand Skills in Australia Source: The Future of Jobs, World Economic Forum
  • Obtain cross credentials 
A technical, as well as a university qualification, should be complemented with transversal experiences or micro-credentials that will help strengthen the job-seekers' value proposition.

The ability to learn and unlearn what one already knows is required. 

  • Start a business 
The demographer believes an entrepreneurial mind could help Australians stay one step ahead.

“I think Australians really need to be more entrepreneurial.

"You cannot have the jobs of the future without having the companies of the future.

"We can teach young people how to be a good employee with good skills, but I would say to young people: why be satisfied with being an employee, why not be the employer, why not run a business. This is the promise, the ambition and the possibility of life in Australia."

Mr Salt affirms that in addition to skills, a positive attitude and friendships will be important to excel in the world of tomorrow.

“The people who are successful are the most adaptable, the most positive. People want to work with happy and positive people. If you are a young person with that mindset and are willing to work hard, you will find an easier path to success."

The future of humanity will be prosperous and creative, according to the demographer, who wishes he had the possibility to be in the future to see all the advances in medicine and technology that are coming.

“I have a positive view of humanity; I think we have today a better quality of life that we had 30 years ago and most certainly 60 years ago.

"I think that in 30 years’ time most people will have a better quality of life and that quality of life will be delivered by machines, artificial intelligence, automation and that will free humanity to be more caring, more creative, more artistic, and more entrepreneurial than ever before."


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5 min read
Published 7 April 2021 11:12am
Updated 12 August 2022 3:03pm
By Evelyn Herrera, Sydney Demaría

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