For years, the UK jobs market has faced a shortage of STEM skills, which unfortunately isn’t showing any signs of improvement. According to the Institution of Engineering and Technology (IET) it’s a growing issue that they’ve been tracking for the last 15 years.

In 2021, an IET report revealed that the STEM sector had a shortfall of 173,000 workers with an average of 10 unfilled roles per business in the UK. This is costing the UK economy an incredible £1.5bn a year.

Some of the worse affected are life science and chemistry-specific related jobs along with engineering roles. More than 50% of engineering companies recently polled, said that they struggle to recruit and retain staff with the required knowledge and skills.

Reports trace this talent problem back to a shortage of students studying STEM subjects in the first place, but also a lack of qualified graduates that then going on to pursue a career within a STEM role.

Data from gradate career experts, Prospects, found that only 16.6% of chemistry graduates left university to be hired in science roles, with 19.9% entering the job market in unrelated sectors. While latest stats from the Office of National Statistics show that the Scientific & Technical industries are suffering one of most dramatic slowdowns with the average percentage of professionals entering the sector falling from 43% to just 5% between 2019 – 2021.

In other words, the number of new, suitably skilled workers joining STEM industries year-on-year, isn’t growing at a fast enough rate to significantly address the labour shortfall. The result – a candidate driven job market with employers competing hard to attract and retain from a pool that’s short on talent.

So, what can STEM companies do to source the best talent and gain a competitive advantage?

1. Explore all avenues

There is a tendency, during the recruitment process, for employers to favour universities and elite schools that offer STEM degrees. While these institutions remain a great source of talent, there are many other avenues companies should consider in order to get the most out of their recruitment process.

Highly skilled and talented STEM graduates are emerging in great numbers from community colleges, for example. These are a great option to explore for student placements. These courses offer substantial enrolments every year with two-year degree programmes, making them a great resource when it comes to sourcing new STEM talent for the job market.

2. Be an employer of choice for Gen Z and Millennials

Millennials and Gen Zs currently make up the majority of today’s UK workforce.  Millennials (or Gen Ys aged between 26 – 41) constitute around 35% while Gen Zs (aged 12-25) account for 24% which is expected to grow to 27% by 2025.

So, knowing how to appeal to these generations is key to attracting and retaining the best current and future talent….and this means giving value to the same things they value. It’s no secret that diversity and inclusion matters most to Gen Zs as well as working for an employer that cares for the environment; one with a real commitment to fighting climate change.

For Millennials, as well as Gen Zs, providing options like working remotely, flexible schedules, work-life balance, and opportunities for career progression are all top priorities.

Gen Zs and Millennials also prefer a calm work environment so take stock of your current company culture, workplace benefits, and reconstruct your offering so it appeals to these candidates’ needs. Companies that can offer flexibility and security will be their first choice.

3. Invest in upskilling

STEM is a rapidly evolving set of industries with varying needs, which require the benefit of the knowledge and skills of new and more experienced professionals.

Investing in upskilling your workforce helps to fill critical skill gaps, invoking a sense of achievement and value among your team while strengthen your business offering at the same time.

And it need not be a huge cost. Professional development courses such as virtual programs and online training are all available at an affordable fee that’s also flexible enough to work around your employee’s existing job demands.

4. Use a specialist recruiter

A bad hire can be costly especially in a tough talent market such as STEM. Not only is it wasted time and resource for your business but also, you could have missed out on the right  candidate in the meantime.

To ensure that you make the right hire, it’s important that your recruiter understands your sector. But even more than this, ideally, they have had actual experience of working within your industry themselves. That way, not only will they have extensive knowledge and connections across the STEM industries, but they can advise you on industry trends, provide insight on job roles and benchmark your salary offering to ensure that it is competitive.

Overall, they will have the understanding to create a bespoke hiring strategy that relates to your specific needs.

For more information on how to attract and retain top talent in STEM fields, please get in touch with our specialist team of recruiters on info@remarkable-jobs.co.uk.