AI to close 600k worker gap across Australia’s critical industries

According to new research commissioned by ServiceNow, AI and emerging technologies may reduce the worker gap in critical industries.

Close to 1.7 million jobs will need to be added to the economy over the next half-decade to meet projected GDP growth, however, the expected workforce growth is currently only up to 600,000 workers. According to ServiceNow, AI can make up the shortfall, as the expected rate could leave one in three positions vacant.

AI and emerging technologies, according to research by Pearson, can save businesses time and rebalance the deficit, reducing the worker gap to 860,000, which is in line with the expected workforce growth of the local economy.

ServiceNow stressed that workers from entry-level grads right through to seasoned executives must embrace AI upskilling as soon as possible, claiming they will be better placed to transition into the new jobs. Acquiring just a few new skills could unlock alternative career pathways with greater earning potential.

According to ServiceNow, if leaders are willing to invest in talent and technology to sustain their workforce, it will not only secure a pipeline of skilled, high-value employees but also help ensure their organisations remain competitive in an increasingly automated world.

Danielle Magnusson, ServiceNow emerging technology director, said: “Australians who focus their efforts on skills pathways that are industry-specific can grow fast within our critical industries. Education, healthcare and government employees could take the greatest leaps forward by using AI and emerging technologies at work.”

“The skills required for upcoming roles increasing include both digital and business skills with very nuanced industry requirements. Employees should also use generative AI in their current roles as a tutor, or coach, to get ahead and build day-to-day skills or retrain themselves in specific tasks.”

Magnusson believes that smart leaders are ensuring their teams are building up skills and immersing themselves in these technologies.

“Smart leaders aren't relying on broad-stroke promises of additional capacity or better job quality from AI and emerging technologies. Instead, they are making sure their teams are building skills portfolios that match the current and future needs of their industry to realise true productivity gains.”