Context of Workplace Education and Training Essay 2 (3000words)

Context of Workplace Education and Training 2 (3000words) - Essay Example rced to restructure, augment and reshape their economic and labor strategies as investors turned more and more to underdeveloped countries to bring their capital where labor is less costly. The Australian government was compelled to grapple with these new realities as unemployment rate rose from 1.6% in 1970 and peaked at 10.1% in 1992. The workforce had to be retrained to be more competitive. It was in this context that Australia adopted and implemented the Vocational Training and Education system. VET is a system of education incorporated into school curricula and workplace trainings that aims at preparing the student or the worker with the necessary competency that will hone them into competent members of the workforce able to compete in the global arena. The Australian VET is characterized by its nationally unified system, Competency-Based Training (CBT) and Work-Based Learning (WBL). Globalization, the VET and other related concerns have impacted even on established Australian i ndustries like Travelex. Travelex is one of the world’s biggest foreign exchange companies. It was founded by Lloyd Dorfman of London in1976 which initially made a breakthrough into the airport scene in 1986 in Heathrow Airport, an arena used to be monopolized by clearing banks. In 1989, it set up foreign exchange units in Australian airports under permission from the Ansett Airlines, operator of the Australian airport terminal. Today, the company operates in 93 airports around the world, has presence in about 30 countries in the world and employs about 6000 people. Australia is its third biggest market (History of Travelex). The Travelex business has three divisions. The Global Business Payments division accepts commercial and personal clients’ requests to service payments in almost all parts of the globe in their preferred currencies. The Retail Division, the largest in the world, which has 700 branches all over the world, sells banknotes and foreign exchange in most currencies