A new report from advisory service Deloitte Access Economics has found that Australia’s supply chain and logistics workforce will reach 161,000 people in 2021/2022, up from 145,000 in 2016/2017.
This represents an annual growth rate of 2.1 per cent, above the projected growth of the Australian workforce as a whole, 1.5 per cent.
The future of work: Occupational and education trends in supply chain and logistics in Australia also found that postgraduate qualification impacts the earning power of the sector’s professionals, boosting lifetime salaries by 48 per cent, compared to individuals with no post-school qualifications.
In 2016/2017, supply chain and logistics professionals with relevant postgraduate qualifications commanded an average annual income of $140,949 – 66 per cent more than workers in the sector with no post-school qualifications.
By 2021-22, this is expected to rise to $164,360, a 14.3 per cent hike.
According to Deloitte, technological revolution is driving jobs growth in supply chain and logistics faster than in the general workforce, putting pressure on managers to acquire new skills in e-commerce and data analytics.
“With new technologies such as drones, driverless vehicles, 3D printing and sensor technology seeing increased deployment across various supply chain functions, there will be greater opportunities for supply chain professionals to adapt business operations in procurement, production and distribution to effectively and efficiently use these digital tools,” said Professor Booi Kam, the Program Director of the Master of Supply Chain and Logistics Management at RMIT University, who consulted with Deloitte for the report.
“Technological developments are providing significant opportunities for applying data analytics to improve supply chain and logistics operations across functions such as demand forecasting, inventory management and supply chain visualisation. The use of data analytics to inform these decisions is increasingly being recognised as best practice in supply chain management.”
David Rumbens, Partner at Deloitte Access Economics, added: “The growing importance of digital technology means there is an increasing reliance on data-driven insights to improve supply chain efficiency and effectiveness.
“The evolution of the supply chain is also being accelerated by consumer-driven change, as customers move towards e-commerce away from traditional ‘bricks and mortar’ retailers to online purchases and e-commerce.”
Read the report here.