Is there really a shortage of STEM talent?

The Stem of the Problem

In 2012, a government study stated that undergraduate STEM degrees would have to increase by 34% in order to meet predicted demand for these skills, yet at the same time, only 50% of individuals with a STEM degree are employed in a relevant field, a disproportionately high number when compared with other fields of study.

It's not a lack of qualified individuals, perhaps it's a lack of opportunity? 32% of Computer Science degree holders not employed in an Information Technology role, state that they are working in unrelated fields due to a lack of relevant jobs.

However in the Bay area, there are a record number of STEM opportunities being created, and almost every hiring manager whom we are speaking with is planning to grow their teams over the coming 12 months.

In reality, companies are competing for the same skillsets, educational background, experience, and essentially the same candidates. To compound the problem, job seekers are applying to the same companies, with the same focus, again, for the same roles; leading to the same companies offering jobs to the same pool of candidates, who have 4 or 5 job offers at any one time and resulting in the vast majority of businesses having their offers rejected.

This cycle creates the two-fold problem in which I hear daily from both parties

1) A large proportion of candidates are overlooked or excluded, giving the perception of a lack of opportunity.

2) Employers are struggling to fill their roles due to losing candidates to competitors, leading to a perception of a lack of available talent.

Not a Quick Fix

The solution is not a simple one – or one that will change the hiring landscape overnight. However, to start the process employers should to look to create more inclusive hiring processes, different backgrounds and remove barriers to entry (following the Big4 Audit firms who removed degree classifications as a requirement to apply), whilst candidates must think outside the box when it comes to new opportunities and explore opportunities outside of the obvious companies.

Having spent 10 years solely recruiting in data and analytics, we at Harnham have become the natural bridge to help remove barriers to entry for jobseekers as well as finding people whose STEM education can be used within companies who they otherwise would not have approached.

Let me know in the comments below if you have completed a STEM degree and experienced some of what I have mentioned in this article? Or are you a company who have seen the positive impact of opening up your criteria for what the preferred STEM candidate looks like?

If you’d like to know more about our STEM roles in the Bay Area get in touch with maxdosad@harnham.com or visit our website.