The professional services industry intersects with a diverse group of industries, from accounting to engineering to law, essentially comprising all those businesses which provide a service to other businesses. The sector also spans franchising, management services and the creative economy. ABS data released last June shows more than 1.1 million Australians work in this industry, the fourth largest industry group.
The industry experiences growth in tandem with domestic and global economies’ growth as demand for various professional business services is fuelled. And in line with rosier general economic conditions of late, economists regard the outlook for businesses in the professional services sector as positive and future growth in most sub-sectors is strong. Encouragingly, employment in these sectors in 2018 grew at [106%] compared to just [1.4%] for the total economy.
Still, most industries in these sectors are experiencing challenges involved with embracing technological change and so-called disruptive innovation. Service industries are not immune to the advances in automation, with even the legal industry having seen the introduction of ‘robot lawyers’. However, for some sectors this has actually been an advantage—for example, traditional accounting firms have morphed into digital and consulting. As such, digital economic transition (that is, to an information economy) has been a key driver in the growth of professional services roles.
Stream are market leaders in assisting Professional Services companies to find outstanding talent.
To speak with one of our Professional Services consultants, please call:
|Radé Radinovich||+61 450 576 774|
|Kristen Barling||+61 413 004 600|
|Albert Ilagan||+61 481 365 385|
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