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Close to three-quarters of Millennials believe that upskilling will lead to a higher salary return in the long term, while Baby Boomers believe it merely keeps them employable, according to a new survey.
Recruitment firm Hays surveyed 1,253 professionals and found that 5 per cent believed that upskilling led to a salary increase immediately; with 54 per cent believing it will have financial benefits in the long-term.
Further, 35 per cent believed upskilling did not lead to a salary increase but instead served to keep their skills employable while the final 6 per cent were unsure.
A generational breakdown of these findings showed that 71 per cent of Millennials believe upskilling will lead to a higher salary in the long term, while only 56 per cent of Generation X and 40 per cent of Baby Boomers agree.
“We all know we need to consistently upskill to stay relevant and employable, but some generations are more likely than others to think they should be financially compensated for their learning through a higher salary in the long run,” said Hays managing director Nick Deligiannis.
“The fourth industrial revolution is here and rapidly gaining ground. Many job responsibilities are changing in response to artificial intelligence (AI), the internet of things and cloud computing while technology is also increasing how fast our knowledge and skills are becoming out-dated.”
Institute of Public Accountants chief executive Andrew Conway said the need to upskill in the face of constant change was the catalyst behind its partnership with Deakin University to deliver a MBA as part of its professional program.
“The accounting profession continues to evolve and we want our members undertaking the IPA’s MBA professional program to be well-placed to provide the essential advice their small business clients are seeking as their trusted advisers,” said Mr Conway.
“The IPA MBA has a dedicated small business advisory unit to help members, better service small business clients, extending from planning and marketing to socioeconomic factors affecting small business, including their mental health and wellbeing.
“The IPA is the only Australian professional accounting body offering an MBA as its Professional Program and we believe this will keep our members ahead of the competitive pack and help to provide the high quality, professional services that the small business owner needs and deserves.
“Globally, an MBA has the track record of increasing employment and promotion opportunities as well as rises in income.”