According to Parkinson, unless Australia takes action now, it will sacrifice 5% of the economy in missed economic growth over the next 10 years. This would be equivalent to a recession.
Despite large investments in technology, infrastructure & personnel, organisations are struggling to cope with the added pressure of operating within a complex, highly regulated and competitive world.
The parties at the summit agreed that action is required nationally to invest in vocational training, fast track shovel-ready projects and offer special assistance to the long term unemployed.
However, while these initiatives will benefit the national economy, they will require the collaboration and commitment of our governments and industry, and even then there will be a significant lag before any identifiable improvements surface. As Martin Parkinson expressed, we risk finding ourselves sleepwalking into a mess.
Australian organisations have a choice, they can continue with the status quo, and leave it to our governments to influence macroeconomic change, or they can take action to boost their own productivity and remain competitive within the global market.
Leading Australian organisations such as Westpac have chosen to take action now. They are using innovative approaches such as the Holocentric Business Management System to tackle critical challenges such as knowledge retention, performance improvement and large scale business transformation.
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