The supply chain industry in Asia Pacific is struggling to attract young talent.
Technology has changed the type of skillsets required in supply chain roles, but new research revealed the industry is not prepared for the advancement in tech.
Research conducted by Bastian Consulting, revealed that the overwhelming majority of respondents think graduates are unlikely to apply for roles in supply chain.
Seventy-two per cent of respondents said graduates are more likely to explore roles in sectors other than supply chain.
Why are young people avoiding jobs in a booming industry?
The survey of more than 500 supply chain executives from Australia, New Zealand, Singapore, Malaysia, Hong Kong, Japan and Thailand, showed that 76 per cent of respondents say there is not enough being done to raise awareness of the opportunities available in the supply chain.
“Over the past 12 months, supply chain has made the headlines and made the public more aware of its important role in society as well the major contribution it makes to the global economy. These results clearly show that the industry can do more to communicate the diverse opportunities available in this growing and exciting sector,” Tony Richter, Founder of Bastian Consulting said.
“We’ve never been busier… it is a bit puzzling as to why the staff is not available” tony says.
Respondents were also in agreement that employers are not doing enough to engage with young people, as 70 per cent said organisations are lacking in apprenticeships or graduate recruitment program opportunities.
Industry needs to do more to “communicate the diverse opportunities available”
Tony Richter says that while there is a lot of investment going into technology, the industry needs to do more to invest in raising awareness of the profession as well as market the many opportunities available to young people.
“People use to think about logistics as warehousing and trucking, transport and forklifts. From a diversity perspective, it was almost entirely male driven”
Tony says.
Tony adds that the sector is on an evolutionary journey, but notes there is more work to be done in terms of the gender balance.
In New Zealand, Singapore, Malaysia, Hong Kong and Japan, the majority of survey respondents think there is a gender imbalance across the supply chain workforce.
On the contrary, just over half of respondents from Australia and Thailand do not think there is a gender imbalance issue in the supply chain industry.
How does supply chain tackle this?
“The tech side of supply chain see’s more gender balance. Not only supply chain, but the tech sector as a whole,” Tony says.
Interestingly, despite the perception that the supply chain sector is grappling with an ageing workforce, less than half of respondents said there is an ageing workforce issue in supply chain.
However, he admits diversity in supply chain is going to be a long term journey,
“Typically in the warehouse and operational areas, that are really male dominant in terms of culture,” Tony says.
"There needs to be a lot of work around investing, encourage and welcoming in those environments. But it won't happen overnight"
Technology is playing a huge role in supply chain and its changing the game
Just over half of respondents said technology has changed the type of skillsets required in supply chain roles. Respondents were more united in their view that the industry is not ready for this change, as 68 per cent of respondents said that the industry is not prepared for the shift in skillsets that will be required.
Tony on the growth of digital supply chains.
Tony says AI and blockchain are a “huge” focus, especially when it comes to adapting the technology to supply chain.
“One of the big areas we’re seeing a lot of focus on right now is implementation and integration.”
Tony notes the opportunities in connectivity of multiple technologies, in a logistics or supply chain environment, is in demand.
“One of the biggest issues facing the supply chain industry is a lack of talent”
Tony says.
This is clearly being felt across the entire APAC region.
“Creating an inclusive culture, equal opportunities and career development programs alongside a united effort to demonstrate that this industry is more than just forklifts and warehouses, should be high on the agenda for any business looking to attract new talent in this sector,” Tony concluded.
Bitcoin has once again reached the $44,000 mark, marking a significant milestone not seen since April 2022, as optimism surrounding the approval of Bitcoin exchange-traded funds (ETFs) continues to rise.
Investors and cryptocurrency enthusiasts are closely watching developments in the ETF space, with hopes of increased institutional adoption and regulatory clarity.
The latest surge in Bitcoin’s price comes as the U.S. Securities and Exchange Commission (SEC) is reviewing several Bitcoin ETF applications. These ETFs, if approved, would allow investors to gain exposure to Bitcoin through traditional financial markets, potentially attracting more institutional money into the cryptocurrency space.
Bitcoin’s price had been relatively stagnant in recent months, hovering around the $40,000 range. However, growing anticipation for ETF approval and positive sentiment in the crypto market have fueled the recent rally.
As a result, Bitcoin’s price surged past the $44,000 mark, reinvigorating interest among retail and institutional investors alike.
In summary, Bitcoin’s resurgence above $44,000 is fueled by mounting optimism regarding the approval of Bitcoin ETFs, which could bring more mainstream acceptance and investment into the cryptocurrency market.
As the SEC evaluates these ETF proposals, the crypto community eagerly awaits the potential impact on Bitcoin’s price and the broader digital asset landscape.
In a historic moment for the tech giant, Apple Inc. has officially crossed the remarkable milestone of a $3 trillion market capitalisation.
The Cupertino-based company’s stock soared to new heights, closing at a record-breaking valuation, solidifying its position as the world’s most valuable publicly traded company.
Apple’s journey to this extraordinary market cap began decades ago in a garage, and today it stands as a testament to innovation and consumer demand. The company’s relentless pursuit of cutting-edge technology, coupled with its successful product lineup, has consistently attracted investors and consumers alike.
Investors and analysts are now pondering what lies ahead for Apple as it reaches this monumental valuation.
Will it continue its upward trajectory, or are there challenges on the horizon? With competitors in the tech space continually evolving, maintaining this valuation will undoubtedly be no easy feat.
One question that remains on everyone’s mind is, can Apple sustain its impressive market cap growth? Additionally, how will this achievement impact the broader technology sector?
Furthermore, what strategies will Apple employ to continue its dominance in the market? These are questions that experts and enthusiasts alike will be closely monitoring in the coming months.
In the midst of a rapidly changing tech landscape, Apple’s market cap reaching $3 trillion marks a significant moment not only for the company but for the entire industry.
As the company continues to innovate and expand its product offerings, the world watches with bated breath to see if it can maintain its position as the global tech juggernaut.
Moody’s Investors Service has downgraded China’s credit outlook, expressing concerns about the country’s economic growth prospects and the ongoing property market crisis.
The credit rating agency revised its outlook from stable to negative, citing a combination of factors that are putting pressure on China’s economy.
China’s economic growth has been slowing down in recent years, and Moody’s warns that this trend is expected to continue. The country faces challenges such as high debt levels, a rapidly aging population, and a declining labor force. These factors could hamper its ability to sustain robust economic growth in the future.
Additionally, the ongoing property market crisis in China is a major concern for Moody’s. The real estate sector has been a significant driver of the country’s economic growth, but it is currently experiencing a severe downturn with falling property prices and a growing number of unsold homes. This crisis has the potential to further weigh on China’s economic performance.
Moody’s decision to downgrade China’s credit outlook raises questions about the country’s ability to manage its economic challenges effectively. It also underscores the importance of addressing issues in the property market to prevent a broader economic crisis.
