Michael Page Logo

Main menu

  • Home
  • Jobs+

    Searching for a job?

    • Job search
    • Submit your CV
    • Resume and cover letter advice
    • Salary guide
    • Salary comparison tool
    • Global opportunities
    • Contracting jobs

    Quick job search

  • Contracting+

    • Hiring in the Mobile Economy
    • Hiring Contractors
    • Why hire Contractors
    • Frequently Asked Questions
    • Page Timesheet Portal
  • Recruiting+

    Looking to hire?

    • Recruitment services
    • Contract recruitment
    • Hiring in the new mobile economy
    • Executive recruitment
    • High volume/project recruitment
    • SME recruitment
    • Job Advertising: ReachTalent
    • Salary benchmarking tool

    Submit a job spec

    Our recruitment expertise

    • https://www.michaelpage.com.au/
    • Accounting & Finance
    • Banking & Financial Services
    • Construction
    • Digital
    • Engineering & Manufacturing
    • Health and Life Sciences
    • Hospitality & Leisure
    • Human Resources
    • Legal
    • Marketing
    • Mining, Energy & Resources
    • Procurement & Supply Chain
    • Property
    • Retail
    • Sales
    • Technology
  • Advice+

    Advice

    • Advice
    • Career advice
    • Management advice
    • Market insights
    • Resume templates

    Transformational Leadership

    • Eight Executive Trends for 2020
    • Leading Women

    ABC's of Technology

    • https://www.michaelpage.com.au/
    • Download Humans of AI report
    • Download Humans of Blockchain report
    • Download Humans of Cybersecurity report

    Popular topics

    • Interview advice
    • Resume advice
    • Salary negotiation
    • Promotion advice
    • Staff retention advice
  • About+

    About us

    • Who we are
    • Work for us
    • Media releases
    • Diversity & inclusion at Page
    • Our Partnerships
  • Join PageGroup+

    Join PageGroup

    • About PageGroup
    • Why choose us?
    • Your role here
    • Use your skills
    • FAQs
    • Apply now
  • Contact+

    Contact us

    • Contact us
    • Find our offices
    • Looking to hire?
    • Submit your CV
    • Timesheet Portal
    • Feedback
Sign In
Saved jobs (0)
Saved jobs (0)
Sign In
Login or Sign up
Search for a job

You are here

Home>Advice>Management advice>Staff development>Hiring>Workforce productivity key to long term growth

Workforce productivity key to long term growth

by the Michael Page team
-
23/02/2018
Workforce productivity key to long term growth

Low productivity growth impacts Australia’s workforce via incomes, employment levels and standard of living, so it’s crucial to address the issue and take steps to address this economic challenge.

Lifting productivity a complex task

There is a productivity problem in this country, and though there’s been much discussion on the topic, progress to fix it is slow.

Stephen Walters is Chief Economist at the Australian Institute of Company Directors (AICD). He says, “We have been lucky, and perhaps another boom will appear over the horizon.

“It would be wiser to assume, though, that we have run out of booms and need to focus instead on lifting productivity.

Walters indicates the task is difficult, but productivity and population growth are the only two long-term drivers of growth.

He says, “Business, educators and government need to be working together and all pulling in the same direction, [which is] a complicated task.”              

Innovation and reform drives change

The solutions to our productivity issues will be multifaceted. Addressing educational outcomes and encouraging people to gain the skills essential to future jobs is one of the keys to long-term change.

Walters notes that according to a recently released report from the federal government’s Productivity Commission, broad-based recommendations also include a focus on introducing measures to reduce chronic illness and increase workforce participation.

He says, “We need to be more innovative, reform our education system, collaborate more, better commercialise ideas, and improve access to capital, particularly for start-ups.”

Don’t rely on population growth or longer hours

Population growth is a major driver of potential output, our economic speed limit, but Australia’s fast-ageing population means we can’t rely on increasing numbers of workers to drive growth. Current population growth and advances in automation may not keep up with the rate of older people leaving the workforce.

Asking those who do work to work longer hours is also not sustainable. A workforce doing longer hours has the potential to contribute further to the chronic health issues and workforce participation problems which already need addressing.

The trick, says Walters, is working both smarter and harder. Seeking integrated reform which spans state and federal government, as well as the private sector, will create more meaningful change.

Long-term reform offers long-term benefits

The AICD’s latest survey results for the Director Sentiment Index showed more than a third of respondents nominated productivity growth as an economic challenge for the nation. To address this, respondents seek long-term solutions: a renewed push for broad-based tax reform, more infrastructure spending, greater focus on fostering innovation and better standards of education.

Although the global economic outlook says 2018 will bring the best growth levels in eight years, Walters believes Australians need to be proactive and collectively seize their destiny to ensure economic growth in this country.

Walters says, “The payoffs from lifting productivity are very long term, so we need to move beyond a short-term focus.”

Stephen Walters was the guest speaker at a recent Michael Page breakfast briefing session, where Australia’s business leaders share their insights and experience. To take advantage of our economic experience in your own business, contact one of our expert consultants.

Previous article
Western Sydney Profile: Amanda Rose
Western Sydney story: Advocating for women in the region
by Future City Minds - Western Sydney
Read article
Next article
Is it too late for a career change?
Is it too late for a career change?
by Kimberly Groat
Read article
If you are looking for a job, visit the Candidates section

 

Are you Hiring?

If you are an employer and would like to discuss your hiring needs, fill in the form below and we will call you back.

 

Advertise Your Role With Us

Advertise Your Role With ReachTalent

Michael Page Logo
  • Read our BlogRead our Blog
  • Follow us on FacebookFollow us on Facebook
  • Follow us on InstagramFollow us on Instagram
  • Follow us on LinkedInFollow us on LinkedIn
  • Watch us on YouTubeWatch us on YouTube

General

  • Change country/region
  • Unauthorised data breach
  • Page Personnel Australia
  • Page Executive
  • Cookies policy
  • Email disclaimer
  • Investor site
  • PageGroup corporate site
  • Privacy policy
  • Site terms
  • Site map
  • Feedback

Accreditations

ISO 9001 Certified

ISO27001 Accreditation

Jobs by function

  • Accounting & Finance
  • Banking & Financial Services
  • Construction
  • Digital
  • Engineering & Manufacturing
  • Healthcare
  • Hospitality & Leisure
  • Human Resources
  • Information Technology
  • Legal
  • Marketing
  • Mining, Energy & Resources
  • Procurement & Supply Chain
  • Property
  • Retail
  • Sales
 

Mobile Apps

Get it on Google Play

Our offices

  • Brisbane
  • Melbourne CBD
  • Melbourne South East
  • Perth
  • Sydney CBD
  • Sydney North Shore
  • Sydney West
  • Canberra

Contact

  • Feedback
  • Looking to hire?
  • Submit your CV

Michael Page is part of PageGroup. Michael Page is a trading name of Michael Page International (Australia) Pty Ltd (ABN 58 002 872 264). Registered Office: Level 32 Grosvenor Place, 225 George Street, Sydney NSW 2000
© PageGroup plc