Business and compliance skills:

Overview

Business and compliance encompasses the broad range of skills industry require to run a successful business, to understand relevant regulatory requirements and to maintain compliance.

Though there are many business skills required to be a successful business leader, key skills may include sound financial and project management skills, the ability to plan, and effectively manage resources. Understanding the regulatory environment in which the industry is operating is also necessary, to ensure that the company adheres to industry standards and rules, follows internal compliance guidelines, and maintains dialogue with regulatory bodies for the industry.

The project Supply chains is examining the implications of major changes underway across, and within, supply chains due to the impact of automation, robotics, big data and other new technologies. The skills needed to support innovation and new technologies will be the key to the future success of industry throughout the supply chain.

This project is one of nine cross-sector projects being undertaken by the Australian Industry and Skills Committee, to address common skills needs, minimise duplication, and consolidate existing training units.

Industry skills needs

Generic skills

In their 2019 Skills Forecasts, IRC’s ranked a series of 12 generic skills categories, in priority order.

Financial skills (which are a key component of business and compliance skills) received an average ranking of 10th (out of 12) across all skills forecasts.

Priority skills

Business and compliance skills were also identified to a moderately high degree by industries that reported on priority skills in their 2019 Skills Forecasts.

The four broad areas of business and compliance skills identified most frequently were:
Regulatory/Legislative/Compliance, identified by the following industry sectors: Food, Beverage and Pharmaceutical Product Manufacturing Gas Transport and Logistics Education Textiles, Clothing and Footwear
Health and Safety, identified by the following industry sectors: Food, Beverage and Pharmaceutical Product Manufacturing Gas Aviation Maritime Transport and Logistics Correctional Services ESI Generation Electrotechnology Water Automotive Corrections and Public Safety Dance ESI Transmission, Distribution and Rail Financial Services Information and Communications Technology Mining, Drilling and Civil Infrastructure Printing and Graphic Arts Process Manufacturing Rail
Risk Management, identified by the following industry sectors: Food, Beverage and Pharmaceutical Product Manufacturing Maritime
General business skills (for example, financial, organisational, planning, operational), identified by the following industry sectors: Gas Aviation Maritime Transport and Logistics Business services ESI Generation Water Forestry and wood products Furnishing Textiles, Clothing and Footwear

Internet job postings

Internet job vacancy postings that contained requests for business and compliance skills were examined for occupational trends. This includes planning, prioritising tasks, business presentations and organisational skills. The chart below compares the percentage of internet job postings in each occupation (ANZSCO Major Group) that requested business and compliance skills.

Internet job postings that requested business and compliance skills, by occupation (2016-19)

^{Source: Burning Glass Technologies’ Labor Insight™ Real-time Labor Market Information tool.}

Business and compliance skills were most often requested for managers and clerical and administrative workers, and were least often requested for machinery operators and drivers, and labourers. Professionals also had higher rates of these skills requested.

The following graphic shows examples of occupations where business and compliance skills are highly requested, and some examples of the types of requests employers are making for those in these occupations.

Skills in this area are often more relevant to those working in management positions or who are otherwise asked to input on business strategy. Many job postings reference the need for experience working within a business environment,

Case studies

Transport industry cluster

The Transport industry plays a key role in enabling Australia’s economic activity. Without the capacities and capabilities provided by the Transport industry, no passengers or freight would move. The industry comprises four sectors:

Transport and Logistics
Maritime
Rail
Aviation.

Work health and safety, and compliance skills (or a combination of both) were reported in the IRC Skills Forecasts for each of these sectors. These quotes highlight why business and compliance skills have been prioritised in the Transport industry cluster:

New Chain of Responsibility (CoR) regulations are aimed at improving safety. The newly amended CoR laws obligate all supply chain participants to ensure safety measures are implemented to prevent speeding, driver fatigue, and breach of Heavy Vehicle National Law (HVNL). New education and training help meet the compliance requirements. The industry workforce will require skills to think critically and creatively to solve problems and respond to unforeseen situations. (Transport and Logistics IRC)

Emergency towage is an important part of the Maritime industry operations. It is responsible for assisting a vessel that is damaged or in danger of grounding, sinking, or causing environmental hazards. The industry requires a skilled workforce capable of managing and conducting towage operations effectively to meet regulatory requirements. (Maritime IRC)

Safety in the Rail industry is of paramount importance as the industry moves millions of people daily. Harmonising rail safety standards and developing effective national standards and codes of practice are key focus areas to improve industry’s safety and efficiency. The Office of the National Rail Safety Regulator (ONRSR) has deemed safety of workers and vehicles a key priority in their 2016-17 annual report. ONRSR is also undertaking a project to make informed safety decisions based on risk-based regulatory intelligence and data to improve compliance and mitigate risks. (Rail IRC)

New technologies and the ongoing regulatory changes will require regular revision of the Training Package to ensure a skilled and adaptable workforce. (Aviation IRC)

Updated: 03 Sep 2020