IS STEM THE NEW MBA?
CD Howe recently published a Commentary that contemplates the rapidly growing demand for employees with advanced digital skills in numerous and varied industries. The study suggests that Canada faces a continuing digital brain drain to the U.S. and needs to focus on policies that help retain Canadians with digital skills by creating opportunities comparable to those they might find elsewhere. Further, the commentary cites the need for the federal government to take steps to recognize and harness the advanced digital skills of STEM-educated immigrants and temporary foreign workers. This will undoubtedly help firms align hiring practices with diversity goals, however the digital shift may also exacerbate existing gender inequalities in the labour market since there is a severe STEM gender gap.
The report offers several approaches firms can take to address this issue, such as investing in upskilling and reskilling the existing workforce and increasing work-integrated learning. While not specific to financial services, the IIAC believes this report is easily translatable to the investment industry, and can be instructive to our member business models, and worthy of consideration in member hiring practices.