Business Needs and Standards of Educated Graduates: Australia

This report is a literature review analyzing the business needs of organizations and the attributes of highly educated graduates in Australia. It begins by examining the key business needs, including profitability, competitive advantage, gaining stakeholder support, and cost reduction through sustainability. The report then explores the Australian market, highlighting key industries and the importance of a skilled workforce. The discussion covers the attributes of educated graduates, their leadership skills, and the role of higher education in meeting the demands of the corporate sector. The report concludes that business needs are interdependent and that educated graduates are crucial for the success of Australian companies in a competitive global market. The report also stresses the importance of sustainability and cost reduction for businesses, especially in the context of the Australian market. This report provides valuable insights into the current business landscape and the role of education in driving economic growth.

Running head: BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
Business Needs and Standards of Educated Graduates
Name of the Student:
Name of the University:
Author Note:

1
BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
Table of Contents
Introduction:....................................................................................................................................1
Business needs of organisations in Australia:.................................................................................1
Profitability and competitive advantage:.........................................................................................1
Gaining stakeholders’ support by benefitting them:........................................................................2
Cost reduction and sustainability-New business needs in Australian organisations:......................3
A summary of the business needs of organisations:........................................................................4
The market of Australia:..................................................................................................................4
Attributes of the highly educated graduates in Australia:...............................................................5
Conclusion:......................................................................................................................................6
References:......................................................................................................................................7

2
BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
Introduction:
The assignment is a literature review to study the needs of the business organisations and
the attributes of the higher educated graduates in Australia. The assessment opens with a study of
the business needs of the organisations. The second section studies the market of Australia and
points out its main industries where the educated graduates can work. The final section studies
the attributes of the graduate candidates of Australia and delves into the higher education system
of the country.
Business needs of organisations in Australia:
Martin and Adrada-Rafael (2017) in their work state that business organisations IN
Australia operate to fulfil their business needs. They state that the apex management in these
business organisations set goals and objectives for the business organisations to run successfully
and earn profits. Cabrera et al.(2016) defines business needs of organisations as the high degree
of performance which need to achieve in order to sustain in the highly competitive market and
earn profits. Business needs of organisations can be of various types like gaining high profits,
gaining high competitive position it market, obtaining a global consumer base to achieve repeat
business, offering the customers high quality products at affordable costs and gaining customer
loyalty.
Profitability and competitive advantage:
Allen & Kraakman (2016) state that the two most important business needs of the
organisations are earning profits on continuous basis and competitive advantage in the market.
He states that the shareholders invest capital; in the business organisations which support all its

3
BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
operations and hence, the foremost needs of the business organisation should be bringing about
capital maximisation of the shareholders. Bamiatzi et al(2016) supports Allen and Kraakman and
states that business organisations require to earn huge profits in the market to gain competitive
advantage. The business organisations in his opinion are required to earn huge profits to sustain
in the competitive market. Most of the big business organisations are public limited companies
that raise huge capital from the security market. The investors invest huge amount of money in
the securities market which form the source of financial strength of all the public limited
companies. This strong financial capital base helps the companies to invest huge funds into
production of high standard goods and services. They are able to sell their products to a huge
consumer base and thus earn huge profit. Again it can be stated from the discussion that high
profits allow the multinational business organisations to invest in carrying out innovations aimed
at manufacturing more consumer oriented products. These products help the companies to gain a
loyal base of consumers who consume their products on regular basis. The business
organisations use this loyal consumer base to counteract the threats from new entrants and rival
companies. Thus, it can be stated that high profitability contributes towards achieving high
competitive strength in the competitive market. Rao (2017) contradicts the previous author and
points out that competitive advantage can no more achieved by profitability alone. He pointed
out that good corporate governance and gaining stakeholders’ support can contribute more
towards gaining of competitive advantage in the market.
Gaining stakeholders’ support by benefitting them:
Oyewunmi et al.(2017) state that stakeholders have the power to impact business
organisations and their business outcomes directly and indirectly. They state that stakeholders
like customers are capable of directly impacting the profitability of organisations because they

4
BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
are the ones to buy their products and generate revenue for them. The government, the financial
institutions, international organisations and apex bodies like the Australian Securities Exchange
make laws and policies for the organisations to follow while operating in the market. The
suppliers provide raw materials to these organisations while the distributors distribute their gods
in the market. The employees operate and execute the business plans while the society
encourages them to produce goods to earn profits. The customers, governments and the suppliers
have the power to impact the profitability of the organisations and even lead to their failure.
According to Rao (2017), it has become crucial for the business organisations to protect
stakeholders’ interests through corporate governance. The business organisations toady
incorporate stakeholders’ interests in their business strategies to attract stakeholders like
customers. Thus, this analysis shows that corporate governance and protection of stakeholders’
interests contribute to earnings of high profits.
Cost reduction and sustainability-New business needs in Australian organisations:
Christopher, M. (2016) states that the organisations in Australia are under continuous
pressures of achieving cost reduction and sustainability which have evolved as two new business
needs. The stakeholders like the government s, customers, suppliers and society as which put
great emphasis on business organisations to operate in economic manner and attain
sustainability. The government of most of the competitive markets like Australia have enacted
laws to ensure that business organisations act in ways to reduce cost of operations. He &
MacGregor(2016) state that companies today aim to reduce their expenditure to and operate
more sustainably. The business organisations today prefer to obtain raw materials from
sustainable supply chains which provide them with high quality environment friendly raw
materials. This reduces their waste emission and allows them to use their inventory more

5
BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
efficiently which helps them to make maximum utilisation of raw materials. The customers today
prefers to buy products from producers who use sustainable methods of production. Thus using
sustainable means of acquisition of raw materials and production of sustainable goods enable the
organisations to sell their goods to a huge consumer base. This generates huge revenue for the
business organisations which allow them to spread their expenditure over a huge body of
revenue. Tozlu, AÖzahi and Abuşoğlu (2016) add to Mcgregor and state companies instead of
dumping wastes from their production processes prefer using these wastes to produce energy
using Waste to Energy(WTE) technology. They produce methane which they can use as fuel in
the production processes. It also saves their expenditure towards acquisition of expensive non
renewable sources of energy like coal and petrol. Thus companies can thus reduce their energy
expenditures by becoming energy efficient. Moreover the multinational companies today can
earn extra revenue by selling their surplus energy to smaller firms. This discussion shows that
sustainability helps the companies to reduce their cost of operation and utilise the raw materials
more efficiently even in the waste material stage. Henderson(2017) contradicts with Henderson,
Golring and Simeon-Dubach and states that installation of WTE plants require huge initial
investments in technology and personnel. It can be opined in the light of the above discussion
that big public companies have the technological and financial strength to invest huge amount of
capital into sustainable and expensive technology. Most of the small firms in Australia are not
capable of investing such amount of capital to attain sustainability, energy efficiency and cost
reduction. Thus this analysis shows that the relationship between sustainability and cost
reduction is not constant. The two business needs are directly proportional for the large business
houses but inversely proportional for small firms.

6
BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
A summary of the business needs of organisations:
The business organisations on toady have several business needs like maximising profits,
gaining and retaining competitive advantage, satisfying stakeholders’ needs to ensure their long
term support and attainment of sustainability. The discussion above shows that profitability and
high competitive strength are interlinked where one encourages the other. Similarly sustainability
and energy efficiency help the companies to reduce their energy expenditure. However it must be
pointed in all the business are interrelated and interdependent. For example, following of
sustainable methods of operation creates a strong image of organisations in the markets like
Australia. This positive image helps the companies to attract customers and generate high
revenue by sell products to them. Again catering to multiple needs of customers earns the
companies a loyal base of consumers who give repeated business to the companies. This helps
firms to gain competitive advantage in the market which helps the companies gain more market
penetration and maximise their profits. This earned profit can be invested towards attainment of
further sustainability, energy efficiency and business expansion. Hence it is evident from the
discussion that the business needs are interdependent. The business organisations aim to satisfy
all these needs to retain their leading market position.
The market of Australia:
Hutchens(2017) states that Australia’s economy is a very stable economy and is
experiencing strong development which has not faced recession. This economy stability has laid
to the expansion of the industrial sector which is creating job opportunities (Bourke, 2017). The
Australian economy is among the fastest growing economies in the world. The most important
industries in the country are mining, business consulting, energy and health and pharmaceutical
company. The business needs of the Australian companies are to earn more profits, gain more

7
BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
competitive advantage in the international job market and gain larger consumer bases in the
international market. According to Oyewunmi et al(2017) this would require the industries to
acquire talented and educated work force having the skills and competencies to perform
efficiently to promote towards high performances of the Australian companies.
Attributes of the highly educated graduates in Australia:
Bamiatzi et al.(2016) states that the companies of Australia would require to acquire
talented and highly educated graduate employees having skills and competencies to lead them
towards achievement of higher position in the global market. The higher education system in
Australia consists of university, autonomous institutions and independent organisations
imparting technical education. The country has thirty eight public universities and three private
universities. The government of Australia has created a framework to link education at graduate
level to the requirements of the corporate sector. The Australian Qualification Framework
provides education in doctors, post graduate degree and bachelor degree(The Australian Higher
Education System,2017). The Australian educational institutes provided graduate education in
several areas like management, engineering, electronics, medical sciences and law. The Australia
Bureau of Statistics states that the number of unemployed workforce is falling while the rate of
employed rate is on the rise (abs.gov.au, 2017). An analysis of this discussion shows that
graduates of Australia are educated enough to lead the organisations. They have the leadership
skills and competencies to ensure high level of performances and career growth. Laurence &
Karnon (2016) state that the employers today emphasis on ensuring health and safety of their
highly skilled and talented workforce. The highly competent graduates who join the
organisations after completing their higher education have the skills and competencies which
help them to contribute towards high performances of the organisations. Thus it can be inferred

8
BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
from the discussion that the graduates who form a significant part of Australia’s workforce are
highly talented and skilled. The employers provide these skilled graduate employees with
training to further enhance their skills.
Conclusion:
It can be concluded that business organisations have several needs like maximisation of
profit, achievement of market competitiveness, creating consumer base, sustainability and cost
reduction. These needs are interdependent and interrelated. The organisations today achieve
these needs simultaneously. The market of Australia is economically developing which creates
need for more educated human resources. The educational institutes of Australia provide high
degree of secondary education and provide the industrial sector with educated graduates. These
graduates are competent to lead the Australian companies towards higher degree of achievement
of the business needs.

9
BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
References:
6202.0 - Labour Force, Australia, Jul 2017. (2017). Abs.gov.au. Retrieved 30 August 2017, from
http://www.abs.gov.au/ausstats/abs@.nsf/mf/6202.0
Allen, W. T., & Kraakman, R. (2016). Commentaries and cases on the law of business
organization. Wolters Kluwer law & business.
Bamiatzi, V., Bozos, K., Cavusgil, S. T., & Hult, G. T. M. (2016). Revisiting the firm, industry,
and country effects on profitability under recessionary and expansion periods: A
multilevel analysis. Strategic Management Journal, 37(7), 1448-1471.
Bourke, L. (2017). Global growth surprises and picks up despite political shocks of Donald
Trump and Brexit. The Sydney Morning Herald. Retrieved 30 August 2017, from
http://www.smh.com.au/business/the-economy/australian-economy-to-boom-as-
unemployment-drops-imf-20170418-gvnd6x.html
Cabrera, A., Abad, M., Jaramillo, D., Gómez, J., & Verdum, J. C. (2016). Definition and
implementation of the enterprise business layer through a business reference model, using
the architecture development method ADM-TOGAF. In Trends and Applications in
Software Engineering (pp. 111-121). Springer, Cham.
Christopher, M. (2016). Logistics & supply chain management. Pearson UK.
Gwynne, K., & Lincoln, M. (2017). Developing the rural health workforce to improve Australian
Aboriginal and Torres Strait Islander health outcomes: a systematic review. Australian
Health Review, 41(2), 234-238.

10
BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
He, F. J., & MacGregor, G. A. (2016). Hypertension: Salt: flawed research should not divert
actions to reduce intake. Nat Rev Nephrol.
Henderson, M. K., Goldring, K., & Simeon-Dubach, D. (2017). Achieving and Maintaining
Sustainability in Biobanking Through Business Planning, Marketing, and Access.
Hutchens, G. (2017). Australia's economy likely to keep growing in 2017, experts say. the
Guardian. Retrieved 30 August 2017, from
https://www.theguardian.com/business/2017/feb/14/australias-economy-likely-to-keep-
growing-in-2017-experts-say
Laurence, C. O., & Karnon, J. (2016). Improving the planning of the GP workforce in Australia:
a simulation model incorporating work transitions, health need and service usage. Human
resources for health, 14(1), 13.
Martin, A., & Adrada-Rafael, S. (2017). Business Spanish in the Real World: A Task-Based
Needs Analysis. L2 Journal, 9(1).
Oyewunmi, O. A., Osibanjo, O. A., Falola, H. O., & Olujobi, O. J. (2017). Optimization by
Integration: A corporate governance and human resource management
dimension. International Review of Management and Marketing, 7(1).
Rao, A. L. (2017). A Conceptual Framework of Mastering Art of Competitive Advantage
through Good Corporate Governance. Recent Trends in Sustainability and Management
Strategy, 1, 69.
The Australian Higher Education System. (2017). Group of Eight. Retrieved 30 August 2017,
from https://go8.edu.au/page/australian-higher-education-system

11
BUSINESS NEEDS AND STANDARDS OF EDUCATED GRADUATES
Tozlu, A., Özahi, E., & Abuşoğlu, A. (2016). Waste to energy technologies for municipal solid
waste management in Gaziantep. Renewable and Sustainable Energy Reviews, 54, 809-
815.