Australia’s Formal Education System Best in the World – Report
10 August 2015 at 11:25 am
Australia’s formal education system has been ranked number one in the world but vocational skills and lack of policies enabling competitiveness are causing it to fall behind other countries, a new global report has found.
The Global Talent Competitiveness Index (GTCI) by HR solutions provider the Adecco Group, based in Zurich, Switzerland, and the Human Capital Leadership Institute, ranked 93 countries based on their ability to grow, attract and retain talent.
The report found that despite Australia’s unemployment rate rising by 0.3 per cent to 6.3 per cent, Australia and Singapore were the Asia Pacific countries to be placed in the top 10 of the GTCI.
Australia was ranked at number nine overall, receiving a number one ranking for the quality of its formal education system, and 10th place for the higher skills and competencies of its citizens.
Access to growth opportunities, innovation and entrepreneurship and lifelong learning rounded out the Australia’s strengths but it was let down by its level of employable or vocational skills, being ranked at 38.
CEO of Adecco Australia & New Zealand, Neil Jones, said the report highlighted the importance of work-based training for growing talent.
“Growing, attracting and retaining talent is key for Australia to remain competitive in the face of an ever more global and mobilised workforce,” Jones said.
“Yet we see a mis-match between the education system and the needs of business. While we have the best education system in the world, we are letting our youth down by not equipping them with the hard and soft skills the labour market wants.
“To boost the economy and deal with the rising issue of youth unemployment, Governments and companies like ours should work hand in hand to create an environment where first job experiences, education and apprenticeships better prepare young people for what companies need.”
Overall, Switzerland topped the GTCI while Singapore, Luxembourg, the United States and Canada rounded out the top five.