Resource reallocation tool helping businesses adapt in new two-speed economy

Resource reallocation tool helping businesses adapt in new two-speed economy

By City of Gold Coast
22 March 2022
Partner Content

The City of Gold Coast (City) is supporting the delivery of an innovative online business portal, which will provide a quick and easy way to reallocate business resources as demand changes, maintaining jobs in the city.

The Gold Coast Business (GCB) Portal is a joint initiative with BenchOn and aims to elevate the effects of a growing two-speed economy.

The latest skills data provided by Economy.Id shows evidence of a two-speed economy emerging for the Gold Coast, with some industries in surplus and some in deficit - a trend that has intensified due to COVID-19.

The Gold Coast’s jobs-to-residents ratio in 2020-21 was 0.94, meaning more workers were available than the number of jobs in the region. 

Economy-wide, there is a current shortage of 6,326 workers in certain sub-sectors. However, there are 45,790 excess workers in other sub-sectors. Therefore, there is a net surplus of 39,464 workers in the Gold Coast economy overall. 

Manufacturing industries are the most prominent industries across the economy, experiencing high skill shortages. There is a current need for 1,573 workers across various sub-sectors of the manufacturing industry. 

Particularly, food product manufacturing, pulp, paper, and converted paper product manufacturing appear to be with a significant shortage as depicted through 2.71 and 3.93 employment to jobs ratio respectively. 

On the other hand, professional, scientific, and technical services indicate a significant surplus of skills existing in the services industries. There are some other services industries currently observing skills shortages.     

The table shows a comparison of skills data pre and post the COVID-19 pandemic. (Via City of Gold Coast)

 

This demand for a relevant skilled labour force is where the GCB Portal will contribute. With such a large and diverse range of skill shortages and surplus, the portal has something for all skills and specialties. The portal will be an asset for the local employment markets, providing workers with transferrable skills the opportunity to collaborate with and work across new industry sectors.

The GCB Portal works by connecting workers to a network of businesses from all industries. When you have surplus capacity, you can be matched with contract work from another business. When you need to scale up or need specialist skills, you can be matched with a business that has the skills you need temporarily.

The GCB Portal could eliminate skills shortage by supporting 6,326 workers within the economy.

The City supports the development of the Gold Coast economy through a range of initiatives to assist local businesses. 

It is a simple process, is free to sign-up and offers free support with sourcing workers.

For more information and to register visit www.gcbportal.com.au

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Resource reallocation tool helping businesses adapt in new two-speed economy
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