WEF suggests solutions for STEM talent crisis
GENEVA, SWITZERLAND — The World Economic Forum (WEF) highlights a growing global crisis in the recruitment of science, technology, engineering, and mathematics (STEM) talent, emphasizing the need for employers to adapt and innovate.
With STEM-proficient workers in short supply worldwide, businesses are struggling to fill positions essential for fostering technological and economic growth.
“Automation and AI are changing the skillsets required and the skills shortage is affecting our ability to facilitate the energy transition… Those without new STEM competencies are increasingly struggling to compete in the labour market,” the WEF noted.
Partnerships with educational institutions, diversity, and visa sponsorship
“Employers struggle to fill new types of roles that demand expertise in fields such as data analytics, machine learning and software engineering,” said the WEF, urging businesses to collaborate more with educational institutions.
This could involve direct involvement in curriculum development and offering students real-world insights. For instance, in Rwanda, the Ministry of Education, Microsoft, and Keza partner to improve the quality of STEM education in its schools.
Urenco also serves as a model, helping shape the University of Cambridge’s curriculum while securing a pipeline of potential future employees.
Similarly, internships and apprenticeships are effective tools for attracting and retaining young talent. Companies like NASA have successfully used internships to engage students across the U.S. Meanwhile, in France, apprenticeship schemes are expanding rapidly between companies and the country’s grandes écoles.
Diversity in recruitment is another focal point. With women representing just 29% of the United Kingdom’s STEM workforce, initiatives aimed at supporting under-represented groups can significantly widen the talent pool. Moreover, exploring visa sponsorship schemes to recruit international talent is a viable option to address immediate skill gaps.
Strategies for the long haul
Beyond recruitment, retention is crucial. The WEF advises employers to develop a deeper understanding of what creates an attractive workplace. This includes flexible working conditions, a compelling employer brand, and opportunities for professional development.
Employers are also encouraged to identify where new technologies can support skills and where new skills are needed and to upskill older workers.
