Ready, set, upskill: Maximising the ROI of skills and training

Ready, set, upskill: Maximising the ROI of skills and training

Australian businesses are expecting to spend approximately $8 billion on learning and development in 2024. And yet, nearly half of businesses we surveyed admit they aren’t prioritising training budgets to adequately address skills gaps. While spend is on the rise, one in eight Australian businesses are planning on halving their L&D budgets, leaving them at risk of a serious skills gap.

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This year's report looks at the Australian skills landscape, including:

  • The economic outlook on businesses’ decisions to invest in training and how Australia fares with our international counterparts
  • Employee and employer views regarding the most in-demand skills and how businesses prioritise developing them
  • The return on investment of training and how businesses can maximise the impact of their spend
  • A spotlight on the influence of generative AI in Australia, including the wage premium associated with having these skills.
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Despite an increase in spend in 2024, Australia’s participation in learning and development is at-risk of lagging behind its international peers. Among medium and large businesses that are planning to reduce their L&D spend, for every $1 that is cut, businesses lose skills which are valued at $3.40 on average.

Australian businesses have a strategic opportunity to evaluate workforce proficiencies - are we maximising ROI?

70% of surveyed employees indicate they would like their employers to invest more in their learning and development.

$2 billion of skills are at risk from the businesses who plan to cut training budgets.

Businesses are willing to pay an 8% premium for candidates with digital skills.

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Acknowledgement of Country

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business - Artwork 'Sentient' by Hollie Johnson, Gunaikurnai and Monero Ngarigo.

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aboriginal flag float-start torres strait flag float-start

Acknowledgement of Country

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business.

More information
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