But why did the skills shortage issue arise in the first place?
Why did 2.4 million STEM vacancies go unfilled in the US in 2018? Although consecutive US administrations have invested in upscaling STEM (Science, Technology, Engineering, Maths) education, the number of graduates in STEM college degrees is still insufficient. The US heavily relies on non-national graduates to fill job vacancies.
For business owners with vacancies, this can be a real headache. How can anyone run a business if there are no skilled employees to step into existing vacancies? The answer up until now has been simple; investing in attracting the best-qualified candidates with fat salaries and added incentives.
But the smartest CEOs out there have started to take a different, two-stranded approach, by 1) offering comprehensive company-specific staff training, and 2) hiring in experts on a short-term basis to fix a specific problem. The cost of on-site training pales into insignificance beside the cost of attracting and retaining highly-skilled staff. Moreover, employers can tailor the training to suit the precise skillset needs. In-house training is also a great way to motivate and retain staff as well as build strong teams.