The engineering industry has a problem. There isn’t enough talent available.
And it’s impacting the industry in a big way. So much that 37% of engineering professionals surveyed claim the shortage has the most significant impact on their sector.
It’s impacting the industry’s pockets too. Lack of skilled labour causes delays, and “According to some estimates, the shortage of STEM skills is costing UK businesses £1.5 billion a year in recruitment, temporary staffing, inflated salaries, and additional training costs”.
Strangely, this is happening while more young people than ever are taking up STEM subjects in higher education. However, while more are studying STEM, few end up working in those fields.
In fact, only 24% of STEM graduates find a career in STEM within six months of graduation. This indicates that there’s something deeply wrong with the recruitment process.
So, what’s the solution?
We know there’s a disparity between the number of people graduating with relevant STEM degrees and the number of people who eventually become engineers. Bridging the skills gap at this level is seen as key to rebalancing the shortage. In effect, by doing so, you’re cultivating the talent pools of the future.
Here’s how you can address and overcome the problem:
Hire Graduates
Many companies take graduates on, but few have a developed scheme in place. Take note from larger companies and aim to upskill graduates into complete and qualified talent by the end of the scheme.
To attract graduates, consider your digital footprint. Many will pursue your careers page, social media, Glassdoor etc., before considering your firm. The more attractive you can make your firm online seem, the more talent will head your way.
Master the interview process
When hiring an engineer, you’ll want to know if they have the technical skills. So it can be tempting to throw out a technical test during the first stage of an interview. However, this can alienate candidates early on, and first impressions count.
Instead, Involve your A players as soon as you can in the interview process. Ideally, with the first call. They’re able to talk through the same technical sensibilities you would ordinarily test for, only far more naturally.
Review your offering
Candidates shouldn’t judge your benefits package exclusively on finances. Now more than ever, they’re interested in factors like flexible working, wellbeing initiatives, Diversity and inclusion.
Flexible working is the one benefit most candidates want, and you may begin to lose sound engineers if you neglect to offer it in some form. However, we understand that permanent remote work isn’t going to be possible for everyone joining your business. But with talent pools of skilled engineers shrinking, is it worth taking a step back and asking whether your engineers need to be in the office five days a week?
Train to retain
To keep an engineer in your firm, they need a reason to stay. They must feel engaged enough to want to remain with you for the long term. The three main drivers for retaining a highly skilled worker are as follows: “the ability to be self-directed, getting better at the job, and having a purpose in one’s endeavors”.
Are you offering that to your engineers? Because at their core, they’re cerebral creatures. The types who’d take toys apart when they were kids then put them back together. They never lost that spark. So keeping them mentally stimulated is vital for retention.
To help you understand more about the skill shortage and gain a deeper, more actionable understanding of how to overcome it, we composed a downloadable eGuide that elaborates on all these points and more in greater detail.
To download, click here to fill in a short form, and it’s yours.
We also know what makes engineers tick - speak to us at Enterprise about how to keep them engaged and add value to the business and themselves.
