Photo credit: WorldCC
MELBOURNE, Australia, Dec. 18, 2024 (GLOBE NEWSWIRE) — A new report from World Commerce & Contracting (WorldCC) and Randstad Australia sounds the alarm on the state of procurement and contract management in Australia. The report, ‘Workforce Dynamics in the Modern Era: Bridging Skills Gaps and Embracing Future Needs’, uncovers a profession grappling with a widening skills gap, uncertainty surrounding AI, and a lack of clear career pathways – all of which could hinder Australia’s competitiveness in the global market.
The report, based on a comprehensive survey of professionals across Australia, paints a worrying picture:
Skills gaps: While 76% feel confident in their analytical abilities, a staggering 90% recognise a critical need for upskilling in risk management. Adding to this, 74% of respondents acknowledge the critical need for improved tools and training, with just 15% considering the current tools available within procurement fit for purpose.
Career paths: A mere 6.5% of procurement professionals have a clear understanding of their career progression opportunities. This lack of direction, coupled with the fact that only 46% are satisfied with current career development opportunities, contributes to a sense of career ambiguity and potentially hinders motivation and retention.
AI apprehension: Perhaps most surprisingly, the research uncovered a widespread lack of awareness surrounding the impact of AI. Almost 50% of respondents don’t believe AI will significantly impact their roles in the near future. This points to a critical need for education and open communication to dispel myths and anxieties surrounding AI adoption.
Adding to the concerns around career progression, Rachel Homer, National Manager – Procurement, Contracts & Supply Chain at Randstad Australia, warns: “The lack of clear career pathways isn’t just a statistic—it’s a barrier to attracting and retaining top commercial and contracting talent in Australia. Ambitious professionals need to see a future within their organisation. People leaders must prioritise building transparent, accessible career trajectories, supported by robust mentorship and development. This isn’t just about retention; it’s about cultivating the next generation of leaders who will drive innovation and elevate Australia’s competitive edge.”
This need for a skilled and future-ready workforce is echoed by Tim Cummins, President at WorldCC, who emphasises the importance of proactive measures: “The future of procurement and contract management depends on a workforce equipped with the skills and knowledge to navigate an increasingly complex landscape. We need to move beyond simply acknowledging the skills gap and actively invest in upskilling the workforce. This means providing targeted training in crucial areas like risk management and AI, but also creating clear career pathways that empower professionals to grow and thrive.”
Finally, the report also highlights the importance of fostering inclusivity and driving innovation. It calls on organisations to create a culture of collaboration where diverse perspectives are valued and employees are empowered to contribute their unique talents.
“Workforce Dynamics in the Modern Era” is an essential resource for anyone involved in procurement and contract management. Download the full report today and discover how you can build a future-ready workforce: https://info.worldcc.com/workforce-dynamics-report-2024
About WorldCC
World Commerce & Contracting is a not-for-profit association dedicated to helping its global members achieve high-performing and trusted trading relationships. With 75,000 members from over 20,000 companies across 180 countries worldwide, the association welcomes everyone with an interest in better contracting: business leaders, practitioners, experts and newcomers. It is independent, provocative, and disciplined, existing for its members, the contracting community and society at large.
About Randstad Australia
Randstad is a global talent leader with the vision to be the world’s most equitable and specialised talent company. As a partner for talent, we provide clients with the high-quality, diverse and agile workforces they need to succeed in a talent-scarce world. We help people secure meaningful roles, develop relevant skills, and find purpose and belonging in their workplace. Through the value we create, we are committed to a better and more sustainable future for all.
Our national team of procurement, contracts & supply chain recruiters is composed of experienced recruitment consultants and full-time candidate managers, responsible for daily candidate generation. Our innovative sourcing techniques and technologies, combined with our extensive local procurement, contract, and supply chain industry connections, ensure we continually build our talent pipeline and provide our partners with access to the best talent.
With 31 offices in Australia servicing the local market, and headquarters in the Netherlands, Randstad operates in 39 markets and has approximately 40,000 employees. In 2023, we supported 2 million talents to find work and generated revenue of €25.4 billion. Randstad N.V. is listed on the Euronext Amsterdam.
Contact Information:
Kate Hodgins
Head of Marketing & Communications
World Commerce & Contracting
+44 7793 026783
khodgins@worldcc.com
www.worldcc.com
Mikaela Johnson
Head of Communications ANZ
Randstad Australia
+61 2 80951747
mikaela.johnson@randstad.com.au
www.randstad.com.au
