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Australian Government 2023 Intergenerational Report viii executive summary. https://treasury.gov.au/sites/default/files/2023-08/p2023-435150.pdf

Human resource management will face significant change over the next 40 years due to Australia’s ageing population and ongoing technological and digital transformation.  An older workforce will require changes to how the existing workforce is managed, there will need to be more emphasis on skill development and job design, the need to provide additional health support and potential services while also creating opportunities to promote age diversity. With the improvement and increase of technology and digital transformation this will shape how current HR operations work including potential changes to recruitment and performance processes and policies and procedures to be developed to ensure ethical use of technology in the workplace.

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Australian Government. (2023). Intergenerational Report 2023. Australian Government. https://treasury.gov.au/sites/default/files/2023-08/p2023-435150.pdf

Over the next 40 years, the number of people aged 65 and over will double. With the standard retirement age in Australia being 67, this is indicitave that the retirement rate will increase, resulting in a reduction in the employable population. In addition to the already occurring skill shortage Australia faces, this could have drastic affects on Human Resources as employers are likely to have to revisit their skill requirements when advertising employment opportunities.

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Taegan, business student and hair stylist

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Taegan, business student and hair stylist

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Intergenerational Report 2023

Wages are set to increase by only 50% in 40 years, Real Gross National Income only projected to grow half as much in the next 40 years as the last 40 years.

I believe this could translate to individuals spending less on personal care, luxury services & retail products in the future for Australians earing an average wage. With our industry already seeing a shift in less frequent hair colouring than in pre-covid years, cutting is currently the main focus to get the regular repeat clients. The aging population and self-funding retirement could also mean less personal spending by the retired population.

Incomes and terms of the trade, Executive Summary xi, pg13

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Erin Devlin, Business (Tourism + Hospitality Management) Student.

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Erin Devlin, Business (Tourism + Hospitality Management) Student.

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Growing International tourism opportunities are rising in Australia contributing to a rise in our economy; however Australian Citizens incomes are not rising to match the growing costs of living, encouraging them to travel and spend more in their local areas or travel domestically to cut costs, This could provide ample opportunity for local businesses to "cash" in on current trends and focus on filling gaps in the tourism market (Cafe trends, product trends in marketing ect) while also providing the Australian experience to inbound tourists visiting from abroad. A strong outlook for Australia’s tourism industry | Minister for Trade and Tourism

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Minister for Trade, Tourism and Investment

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A strong outlook for Australia’s tourism industry

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Australia’s tourism sector is on the path to growth, with new data today showing tourism spend reached $208 billion in 2023, supporting hundreds of thousands

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Gary Irvine, Business (HR Management)student.

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Gary Irvine, Business (HR Management)student.

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Workplace technical skills are changing with the focus now being on the requirement of soft skills (Mattajang, 2023, p.2367). I believe this is both a massive challenge for the current workforce, yet a massive opportunity if the correct approaches are implemented at high school level. Businesses could save many hours of unnecessary training as well as minimising the many associated costs.

https://www.ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/3473/2728

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View of THE IMPORTANCE OF SOFT SKILLS DEVELOPMENT IN HUMAN RESOURCE MANAGEMENT

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HR professionals will find it difficult to employ skilled workers into the furture. This can be in relation to the aging population and decrease in average hours people want to work, in addition the average wage is predicted to increase by 50% over the next 40 years however these increases may not be reached in rural areas making it harder to obtain skilled workers and meet wage expectations.

Australian Government. (2023). Intergenerational Report 2023. Australian Government. https://treasury.gov.au/sites/default/files/2023-08/p2023-435150.pdf

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Please post an interesting opportunity or challenge your discipline/profession will face in the coming years. I look forward to reading them!