Requirement: Driven by Employer Demand “Education needs to be in tune with the job market - otherwise we are training something that isn’t going to be there” – Regional Manufacturer as the labor supply tightens across the country, communities, industries and businesses are competing in a “battle for talent.” Businesses will move to where talent is plentiful, especially when talent is hard to find. In order to be competitive and seize growth opportunities, the talent supply in the GLBR must be aligned and responsive to employers’ STEM demands. declined as a result. deter companies seeking to enter the A high-performing STEM region is one According to interviews with regional Approximately 35 percent in which employers define and economic development groups, two of reported a reduction in communicate their needs to training biggest factors that companies consider when production output or sales. providers, the K-12 education system choosing to open new facilities are the current and the broader community. As business needs continue to evolve, new requirements are quickly reflected in training delivered to workers. This creates an environment where retraining costs are minimized, worker productivity is maximized, and talent supply and demand are tightly matched. Economic growth is Finding #1: constrained by challenges finding qualified STEM talent According to the GLBR STEM Employer Survey, a regional survey of GLBR employers19: Approximately 53 percent indicated that applicant availability has prevented them from developing new products or services. In addition to constraining the growth availability of talent and the education Approximately 41 percent indicated of businesses in the GLBR, challenges system in place to fuel the talent that their overall productivity had in finding qualified STEM talent also
Requirement: Driven by Employer Demand “Education needs to be in tune with the job market - otherwise we are training something that isn’t going to be there” – Regional Manufacturer as the labor supply tightens across the country, communities, industries and businesses are competing in a “battle for talent.” Businesses will move to where talent is plentiful, especially when talent is hard to find. In order to be competitive and seize growth opportunities, the talent supply in the GLBR must be aligned and responsive to employers’ STEM demands. A high-performing STEM region is one in which employers define and communicate their needs to training providers, the K-12 education system and the broader community. As business needs continue to evolve, new requirements are quickly reflected in training delivered to workers. This creates an environment where retraining costs are minimized, worker productivity is maximized, and talent supply and demand are tightly matched. Finding #1: Economic growth is constrained by challenges finding qualified STEM talent According to the GLBR STEM Employer Survey, a regional survey of GLBR employers19: Approximately 53 percent indicated that applicant availability has prevented them from developing new products or services. Approximately 41 percent indicated that their overall productivity had declined as a result. Approximately 35 percent reported a reduction in production output or sales. In addition to constraining the growth of businesses in the GLBR, challenges in finding qualified STEM talent also deter companies seeking to enter the According to interviews with regional economic development groups, two of biggest factors that companies consider when choosing to open new facilities are the current availability of talent and the education system in place to fuel the talent
GLBRA_STEM-Impact-Initiative-Full-Report_final.docx