The Undersupply of Technology And STEM Talent in Innovation Fields: A National Concern

The Undersupply of Technology And STEM Talent in Innovation Fields: A National Concern

The burgeoning technological and innovative landscape in the U.S. is showing no signs of slowing down. While innovation accelerates at a rapid pace across various industries, the demand for skilled talent in these fields has increased. However, many regions, including Orange County, CA, are facing an undersupply of local talent in innovation domains. This lack of expertise threatens to stifle the growth potential and the economic advantages innovation can bring to these regions.

Orange County, CA Talent Crisis

Orange County, CA often recognized for its picturesque beaches and upscale living, is more than just a beautiful place; it's an entrepreneurial hub. Many large employers in the county, including some prominent names in finance and technology, are struggling to find local talent for innovation jobs. The CEO Leadership Alliance Orange County (CLAOC) has even taken measures to expand its board to tackle this issue, enlisting experts from finance giants like Pimco and Pacific Life Insurance Co.

The CLAOC, since its launch in 2017, has been increasingly influential in the Orange County, CA. The Alliance recognizes the fundamental role of talent as a driver for economic growth in any innovation hub. According to the nonprofit's website, a skilled talent pipeline, especially in technology and STEM, attracts companies to build their presence, leading to a surge in innovation, social well-being, equality, and productivity.

However, as Chapman University President Emeritus Jim Doti pointed out, Orange County has lagged behind other counties in innovation jobs. A study by Doti revealed that the average annual wage in "advanced innovation industries" is $125,000, compared to an average of $66,300 for all other jobs in Orange County.

The National Picture

This challenge isn't unique to Orange County. Across the U.S., many markets face the daunting task of filling innovation-centric positions. The demand for roles in technology, software development, aerospace, scientific research, medical products, and pharmaceutical development continually grows. Yet, the local talent pipelines in many regions are insufficient.

Potential reasons for this national undersupply include:

• Education System:?The U.S. education system may not be producing enough graduates with in-demand skills or degrees in STEM fields.
• Attraction and Retention:?Regions may struggle to attract or retain talent due to factors like cost of living, lifestyle, and other opportunities in more established innovation hubs.
• Migration of Talent:?Many professionals migrate to established tech hubs like Silicon Valley, leaving other regions undersupplied.

Enter Reaction Search International (RSI)

Addressing the talent gap, Reaction Search International, a national Forbes-ranked Executive Recruiter, stands out as a potential solution. RSI's Managing Director, Robert Boroff, has an impressive track record of conducting executive search assignments across multiple industries globally, on behalf of both FORTUNE 1000 companies and smaller organizations.

What makes RSI a promising answer to the talent crisis?

• Industry Insiders:?RSI's recruiters are insiders, specialized in recruiting where individual expertise can be applied effectively.
• National/Global Reach:?RSI's national/global presence gives it a broader perspective and reach, enabling it to find talent that can bring a fresh perspective to local challenges.
• Transparent Process:?RSI prides itself on a transparent recruitment process, guaranteeing right fit placements with active client participation.

In a rapidly evolving technological landscape, regions that can attract and retain top talent will thrive. For regions facing an undersupply, partnerships with organizations like RSI could be the key to unlocking their innovation potential.

Sources:

1. CEO Leadership Alliance Orange County (CLAOC) Board Announcements
2. Study by Chapman University President Emeritus Jim Doti
3. U.S. Bureau of Labor Statistics on Innovation Job Trends
4. Forbes Rankings on Executive Recruiters
5. Reaction Search International Company Data