A STEM skills shortage stems business growth, too

With a change in economy comes a change in skills requirements - at least, that's what the Australian Industry Group (AIG) is telling the sector. In the most recent workforce development needs survey “Skilling: A National Imperative” the AIGroup presented data that should concern everyone.

A full three quarters of respondents to the AIGroup reported skills shortages. Much of this shortage occurred in technician and trades categories, but - as has been the case in the past - one of the most difficult areas to recruit to address shortages are those that require skills in science, technology, engineering and mathematics (STEM). In fact, according to the survey the overall skills shortage has increased from 49% in 2016 to 75% in 2018. There is every expectation that this will keep growing unless we train more STEM professionals and get better at providing pathways for them to enter the private sector.

Increasingly important new economy sectors like big data, automation and artificial intelligence are still struggling to recruit the skilled workers they need to forge ahead in a highly competitive global market. The challenge to creating the skilled workforce we need is two-fold. Science & Technology Australia has been arguing the need to return to the demand-driven university system if we want to ensure that there are enough skilled workers for the digital economy. While student numbers are restricted, boosting places for undergraduate STEM students (whose degrees are typically much more expensive to deliver) will always be a challenge.

But now we're also seeing a more immediate shortage; and it's only getting worse. The best hope to redress this in the short term is to create more collaboration between the skilled workforce in academia, and the companies that need their skills. Experts in science and technology who are skilled and experienced in working with big data, automation and AI exist within universities and research institutes and are keen to collaborate with the industries in need of their expertise.

This is where events like Science meets Business can help. It's a targeted, boutique opportunity for the skilled research workforce and the companies that need it to come together and create purposeful and proactive collaborations. For five years now, Science & Technology Australia has led the way in bringing those in the STEM sector together with business leaders.

In 2018 Science meets Business will be bring thought leaders together under the banner of high tech and big data. Throughout the day opportunities in medicine, space, agriculture and cyber-security will be explored with speakers from both the science and the business community.

As the Minister for Industry, Science and Technology, Karen Andrews once said at Science meets Parliament “…we all know, sometimes the best connections are those made informally at events like Science Meets Business. So, I really encourage you to network, share stories and build contacts”.

The benefits of programs like Science meets Business extend beyond the coming together of ideas. With multiple curated opportunities throughout the event to meet like-minded opportunity-holders and problem-solvers it also provides opportunities to bridge the gap between expert researchers and business leaders. We can't pretend to be able to provide an instant fix to the skills shortage but we can provide opportunities for business to adapt through targeted collaboration with the skilled STEM sector.

Every year I leave Science meets Business fizzing with ideas, inspiration and potential. With a huge line-up of speakers from a range of industries, I'm excited about the opportunities this year to create the kind of data economy Australia can and should have - and I hope to see you there to work with me on bridging the gap and getting on with science-informed business.