Australian RTO leaders set sights on growth in 2023
ReadyTech’s 2023 Voice of VET Report has revealed that Australian Registered Training Organisations are more bullish about their growth prospects in 2023.
Australia’s Registered Training Organisation leaders have expressed optimism that their education offerings will improve in 2023, as a tapering of Covid impacts propels investment in staff salaries and training, marketing spend and the pursuit of revenue growth.
ReadyTech’s fifth annual Voice of VET Australian RTO Industry Report, Australia’s premier survey and snapshot of private RTOs, found that over half (54%) of RTO leaders surveyed at the end of 2022 expect to have increased their course revenue by the end of 2023.
To achieve growth, almost one half of RTO leaders surveyed (48%) plan to increase the amount they pay employees, with 90% revealing staff talent and training was the factor they believe will have the highest impact on student learning and experiences this year.
A larger proportion of RTOs than in 2022 are also expecting student acquisition strategies (56%) and marketing spending (51%) will be key factors in propelling their RTO forward, while RTO progress is expected to be led by higher student enrolment numbers.
A 58% slice of the RTO market reported either revenue growth or stability in 2022, a marked turnaround on the half hit by revenue decreases in 2020 and 2021, while RTOs say that almost all aspects of their businesses will improve with Covid passing.
Trevor Fairweather, ReadyTech General Manager of Education, said the sector’s confidence is rebounding significantly in 2023, with RTOs seeing a greater investment in people, as well as staff and student experiences, as key platforms for growth into the future.
“The resilience of RTOs has been tested during the pandemic. It is clear that senior RTO leaders feel they have weathered the storm, and now intend to invest in student acquisition as well as the staff they need to deliver exceptional experiences.”
The 2023 Voice of VET Report found digital transformation remains on the agenda for RTOs, with a 62% of RTO leaders saying they strongly agree or agree that it was a ‘high priority’, and that learning management is seen as the next key opportunity for more digitisation.
To download a copy of the Voice of VET 2022 report, visit readytech.io/VoiceofVET.
For further information or to organise an interview with Trevor Fairweather, General Manager of Education at ReadyTech, please contact firstname.lastname@example.org.
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