According to World Economic Forum, in the face of a global Science, Technology, Engineering and Mathematics talent crisis, it’s crucial for employers to innovate and strategize.
Automation and artificial intelligence (AI) are set to increasingly assist workers by handling time-intensive manual tasks. Consequently, the skillsets required of employees are evolving. Those lacking new STEM (Science, Technology, Engineering, and Mathematics) skills are finding it harder to compete in the job market.
Essential Skills for the Modern Workforce
The World Economic Forum identifies scientific literacy and proficiency in information and communications technology (ICT) as fundamental skills that all 21st-century workers must possess.
Employers are finding it challenging to fill new types of roles that require expertise in areas like data analytics, machine learning, and software engineering.
Governments and policymakers must address the core issues of the STEM shortage, particularly in education. However, companies invested in this area can gain privileged access to upcoming STEM experts by collaborating with educational institutions at all levels.
Examples of Successful Collaborations
In Rwanda, the Ministry of Education has partnered with Microsoft and Keza to enhance the quality of STEM education in schools.
The University of Cambridge has teamed up with Urenco, a nuclear energy specialist, for higher education collaboration. Urenco contributes to research and the university’s STEM curriculum, gaining access to a potential future workforce in return.
Internships and Apprenticeships
Offering internships is another way to attract students nearing the end of their education. NASA, for instance, provides a range of internship programs to students across the US.
Similarly, STEM-focused companies can offer apprenticeships. Graduates of these programs often remain with their employers. This model is popular in France, where apprenticeship schemes between companies and prestigious grandes écoles are expanding rapidly.
Promoting Diversity
Encouraging diversity is a key aspect of these initiatives. Supporting underrepresented groups in the STEM workforce, such as women, who make up only 29% of STEM workers in the UK, is crucial for expanding the future talent pipeline.
Visa Sponsorship and Overseas Recruitment
Exploring visa sponsorship schemes to recruit talent from overseas is another effective strategy to address skills shortages.
Embracing a Diverse Workforce
While many new hires will be younger workers, it’s important not to overlook other demographics. Research from SThree indicates that STEM professionals over the age of 50 often feel dissatisfied with aspects of their work, including engagement, inspiration, and compensation.
Lifelong learning and professional development are highly valued by STEM workers due to the rapidly evolving nature of their fields. Nearly half of STEM professionals seek roles where they can acquire the latest skills, even if it means earning less.
Strategies for Recruitment and Retention
Recruiting is only part of the challenge. Employers must also focus on retaining the STEM talent they attract.
Developing Retention Strategies
Focusing on retention strategies can create a virtuous circle, improving recruitment as well. Positive employee ratings on influential sites like Glassdoor will likely increase, and current employees will be more inclined to recommend your company and make referrals. Building a strong employer brand is crucial for this.
Combining Short-term and Long-term Solutions
While short-term measures like hiring contract workers and using flexible staffing may be necessary, only employers with a holistic strategy will effectively address their STEM skills gaps in the long run.
Next Steps for Employers
The bottom line? Employers need to move from discussing STEM talent gaps to actively closing them. Specifically:
Identify where new technologies can support skills and where new skills are needed.
Enhance your employer brand to stand out.
Blend flexible staffing solutions with traditional hiring.
Utilize the ageing workforce by upskilling older workers.
Prioritize diversity in your recruitment and retention efforts.
