Science, Technology, Engineering and Math Skills Shortage Could Lead to Severe Economic Woes by

Jun 1, 2018

Ask any science, technology, engineering or mathematics (STEM) professional to list the top five challenges they face, and you are sure to hear a lack of trained candidates come up often. Despite the priority the administration has put on promoting STEM in schools, the dearth of skilled STEM employees remains of concern. A new study by Korn Ferry notes that if the current STEM skills deficit does not improve by 2030, this could lead to “tens of millions of unfilled jobs and trillions of dollars in unrealized revenue.” Along with the economy, the report further notes that this deficit could also change the politics of global hegemony with the U.S. sliding down the ranks.

The study, titled The Global Talent Crunch also contends that American manufacturing is a field that could be particularly hard hit. As an industry that already struggles to recruit top-level talent, the manufacturing industry could see a deficit of up to 383,000 workers, approximately 10 percent of the total skilled workforce that is needed.

During a recent visit to the Challenger Learning Center in Allegany, NY, Congressman Tom Reed (R-NY) stressed the importance of this issue, stating, “Without promotion of carriers in this [STEM] field, there will be a shortage of a skilled, qualified workforce for existing and future jobs in high-tech manufacturing.”

In a prepared statement regarding the study, Korn Ferry CEO Alan Guarino explained that “…there already isn’t enough skilled talent to go around, and, by 2030, organizations and economies could find themselves in the grip of a talent crisis. In the face of such acute talent shortages, workforce planning and a comprehensive understanding of the talent pipeline are critical.”

To view the full report, click here: https://infokf.kornferry.com/global_talent_crunch_web.html

To view Congressman Reed’s tweets, click here: https://twitter.com/RepTomReed/status/1001553314243366912

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