No Shortageof Talent: How the Global Market is Producing the STEM Skills needed for Growth

No Shortage of Talent:
How the Global Market is Producing
the STEM Skills Needed for Growth
By Elizabeth Craig, Robert J. Thomas, Charlene Hou and Smriti Mathur

September 2011

Research Report

No Shortage of Talent: How the Global Market is Producing the STEM Skills Needed for Growth

The talent power needed for global economic growth
comes from men and women armed with STEM
skills – advanced knowledge of science, technology,
engineering and mathematics. Many experts have
raised the alarm to highlight looming shortages of such
talent, raising the possibility of a diminished capacity
for innovation and slower growth. But Accenture
research shows that the supply of STEM talent is
growing rapidly. The key is learning how to find it.

Scientists, technologists, engineers, managers believe that they won’t be Instead, the problem is one of location
mathematicians: these are the high-end able to find enough trained people to mismatch: talented people are
knowledge workers who turn the meet their needs.3 available but not always in the places
wheel of the global economy. where they are needed. For example,
Collectively, they share at least one Consider that India produces one there may be a shortage of chemical
thing in common, the STEM skills that of the largest pools of engineers engineers in Germany but a large and
are critical to economic growth. How each year, but software association growing supply in China. What we
critical? As the authors of a recent NASSCOM says that only 25 percent are witnessing is the emergence of
report put it: “Just as we would be of them are readily employable.4 a truly global labor market for STEM
unable to expand industry if we lacked In the UK, two-thirds of senior talent – but one that lacks essential
the natural resource materials to build executives from science, high-tech and mechanisms for matching demand
the factories (e.g., cement), or energy IT firms say they can’t find the STEM and supply of critical skills across
to power the plants, we cannot expand talent that they need.5 And in the US, geographic boundaries.
our technology economy without the concerns about the country’s ability to
needed human resources, in this case “sustain its scientific and technological Location mismatch will force
high-quality STEM graduates.”1 leadership” prompted a group of 15 individual companies to venture
prominent business organizations to well beyond their traditional hunting
Many business leaders fear shortages join together with the goal of doubling grounds – and the cost of search can
of STEM talent in the coming years. the number of science, technology, be quite high. Gaps in labor market
For example, countless studies contend engineering and mathematics institutions will make it difficult for
that the lack of people with the graduates with bachelor’s degrees even well-heeled companies to find
right skills could hold back economic by 2015.6 and keep STEM talent. For those
growth, especially in developed reasons, we believe that there is a
economies.2 And surveys show that However, our research suggests that real opportunity for new “labor
the problem is not one of shortages. market intermediaries” (LMIs) to
intercede in global labor markets.

2 | Accenture Institute for High Performance | Copyright © 2011 Accenture. All rights reserved.


Explosive demand Figure 1: Projected growth in the size of the US labor
force 2008 – 2018 (percentage increase in employment)
for STEM skills
Employment in STEM occupations is projected to grow
With global economic growth expected almost two times faster than the average for all occupations.
to be driven by the life sciences,
alternative energy, aging populations
and consumption in emerging markets, All Occupations 10%
the demand for STEM talent is set to
explode in the next decade.7 In the All STEM Occupations 19%
United States alone, employment
in STEM occupations is projected to Life Scientists 27%
grow almost twice as fast between
2008 and 2018 than employment in Computer and Mathematical 22%
other occupations. (See Figure 1.) The
size of India’s tech sector will grow Physical Scientists 15%
more than sixfold in seven years.8 The
South Korean government is pumping Engineers 11%
$200 billion into a new green smart
0 5 10 15 20 25 30
grid project that is expected to create
500,000 tech jobs.9 In the UK, experts Percent Change

forecast an 80 percent increase Source: US Bureau of Labor Statistics, Employment Projections, 2010, as reported in Atkinson and Mayo, 2010.
14
in demand for biological science
graduates and a 49 percent increase in
demand for mathematical science and analysts and software engineers. There utilities industry, which is scrambling
computing graduates between 2007 is also swelling demand for STEM skills to find enough electrical engineers just
and 2017.10 in nascent industries like business to meet increasing demands for power,
analytics services, a market that has never mind to invent, design and
Companies that rely on STEM skills are seen remarkable growth in the past operate clean energy and smart grid
already in a frenzied grab for talent. three years and will exceed $53 billion technologies.16 The utilities’ and
In the United States, tech companies globally by 2013.13 insurance companies’ main competition
like Facebook, Amazon, Cognizant for STEM graduates? The more alluring
and Apple will need to fill upwards High-tech companies are not the only technology companies like Apple,
of 650,000 new jobs by 2018 to meet ones in search of STEM skills – though Samsung and Twitter – not to mention
their growth projections. Two-thirds they may have the advantage of a others such as Zynga, Solar Winds and
of the new hires will be STEM talent.11 more modern image. Many of the Riverbed Technologies that are only
Google already announced it would skills needed by flourishing Internet now in their infancy.17
“aggressively recruit” more than 6,200 companies are also coveted by
workers in 2011 – mostly computer established financial services, utilities
engineers.12 In China, companies such and chemical companies like John
as Baidu, Alibaba and Renren are Hancock, AES, and Dow. For example,
swallowing up programmers, systems in the insurance industry employers
are searching for math, finance,
physics and engineering graduates
who can do sophisticated predictive
analytics and comprehensive risk
modeling.15 The same is true for the



"My biggest talent imperative today and
going forward is to ensure that our skills are
sourced globally and not just locally. The
right talent could be anywhere in the world."

— Rohit Tandon,
Worldwide head of analytics for HP

To complicate things further, have been positioning themselves to
developed market companies may compete in the much more profitable
increasingly find themselves in direct prescription or patent drug business.
competition with emerging market
companies for the same STEM talent. Second, economic growth in developing
Two factors are important here. First, economies inspires entrepreneurship
shifts in the global economy have led and creates new professional
many emerging market companies to opportunities. Evidence of this can be
think seriously about moving into found in the returning diasporas: the
more profitable segments of the increased number of Indian, Chinese
market by competing on product and Koreans who went abroad for
features rather than on labor-cost education but have returned home to
differentials. Pharmaceuticals in India work.18 Even if the highly skilled are
are a case in point: for many years inclined to move, national governments
global majors like Pfizer and GSK may impose limits on their mobility
sourced their products from generics or create incentives (such as have
manufacturers in India, but lately been initiated in Malaysia) to keep
the latter (for example, Dr. Reddy) them inside their borders.19 Developed
market countries that rely heavily on
high-skill foreign STEM talent – the
US awards more than 50 percent of
engineering and computer science
doctorates to foreign students—may
find it more difficult to attract the
world’s best and brightest STEM talent.



Booming supply of Figure 2: Share of STEM talent: Emerging and developed economies

STEM skills The three largest emerging economies already produce more STEM talent than
three of the world’s largest developed economies, claiming a higher percentage
Despite general recognition of global every year.
growth in demand, it’s highly unlikely
that universities in developed economies Developed economies Emerging economies
(US, UK, Japan) (Brazil, China, India)
will be able to simply turn up the dial
and produce more STEM graduates 7

in the next decade. Consider that 6
the US graduated 88,000 visual and 88%
87%
performance arts majors in 2008 but 5 87%
86%
only 69,000 engineers.20 The number 86%
85%
Millions

of STEM graduates in the US would 4 85%

need to increase by 20 to 30 percent
3
between 2006 and 2016 to meet the
country’s projected growth in science 2
and engineering employment alone.21
That would require a collective effort 1
on par with the one fueled by the 15% 15% 14% 14% 13% 13% 12%
space race between the United States 2009 2010 2011 2012 2013 2014 2015
and the Soviet Union in the late 1950s
Source: Accenture Institute for High Performance analysis.
and early 1960s. And as many have
observed, it would also require consid-
erable innovation in STEM education Figure 3: STEM degrees as a percentage of all degrees (2011)
and training – a challenge that some
institutions are trying to meet. (See In China, more than 40 percent of all degrees awarded are STEM degrees. In the
“Higher education: Producing US, just one in eight is a STEM degree.
‘business-ready’ STEM talent.”)

50%
The STEM talent situation looks very
different when we take a global view.
China, India and Brazil are producing
more and more of the world’s STEM 40%
41%
graduates. (See Figure 2.) In China,
41 percent of all new university
degrees awarded are in science and
30%
engineering.24 Comparable figures are
13 percent in the US, and 22 percent
26%
in the UK.25 (See Figure 3.)
20% 22%
The emerging market economies
18%
are accelerating their production of
STEM graduates much faster than 10%
14%
13%
the US and other developed coun-
tries. According to our projections,
the number of engineering degrees
0
awarded in China will grow from
China% India UK Japan Brazil US

Source: Accenture Institute for High Performance analysis



Higher education: Producing Today there are more than 230 PSM or more job offers. Over 90 percent
“business ready” STEM talent programs at 110 institutions in the were placed in jobs by graduation
United States. Total enrollments are for the fourth straight year despite a
One way to quickly produce more still relatively small, however, with lagging economy. Given its success,
business-ready STEM talent is through about 2,600 students enrolled per year.23 the Institute is doubling the size of the
innovation in education. In the 1990s, program from 40 to 80 students
a new credential was introduced in Entirely new courses of study can also in 2012.
the US higher education system: the help fill market needs for STEM talent.
Professional Science Master’s degree, At North Carolina State University Clearly, these new types of programs
or PSM. These degree programs in Raleigh, students can complete a and courses of study are only making
integrate science courses with business Master’s of Science in Analytics at small dents in the talent-supply
courses at about a 70 percent-30 the Institute for Advanced Analytics. problem so far. Over time, however,
percent ratio. An umbrella organization Founded in 2007, the Institute was such innovations could do much
for PSM programs characterizes them designed to equip students with the more to fill the global need for STEM
as “science plus” and notes that they quantitative analysis and team-based graduates who are also ready to
emphasize writing and communications, decision-making skills increasingly step into business roles.
and generally require students to needed in the business world. Employer
complete a team project as well as a demand for the Institute’s graduates
“real world” internship at a business has risen every single year. Students in
or in the public sector.22 the class of 2011 secured an average
of 14 job interviews, and more than
70 percent of the class received two

2.6 million in 2010 to 3.6 million in Figure 4: Technical/associate, graduate, post-graduate and doctoral STEM
2015.26 (See Figure 4.) Chinese and degrees (in millions), 2010 and 2015
Indian universities may not all be of
comparable quality to each other, let China and India lead the way.
alone to top universities in developed
countries, but they still graduate most
4.0 2015
of the world’s STEM talent.
2010
Brazil has seen a tenfold increase in 3.5
0.94
the number of PhD degrees awarded in
the last two decades.27 The country’s 3.0
new engineering graduates, though
dwarfed in numbers by India and
2.5 2.63
China, will grow 68% between 2009
and 2015, with the number of new
2.0
PhDs estimated to more than double
in that time (to 8,800, as compared
to 9,933 in the US).28 In fact, by our 1.5
0.37
estimates, Brazil will produce more
PhD engineers than the US by 2016. 1.0 1.19

Of course, there are persistent debates
0.5 0.04
about how many STEM graduates from
0.42 0.06
universities in developing countries 0.01 -0.01
0.0 0.15 0.16 0.11
are actually qualified for employment
with domestic firms, let alone global China India US Brazil UK Japan
Source: Accenture Institute for High Performance analysis



multinationals.29 Even if just one in our skills are sourced globally and not that the country is churning out new
five STEM graduates in China will be just locally. The right talent could be engineers. But actually reaching those
suitable for global employment (that anywhere in the world.”33 people is extraordinarily difficult in
is, approximately 720,000 would be practice without any “boots on the
candidates to work for multinationals), Of course, finding talent on a ground.” While it is possible to find
China is still producing more qualified global scale and then employing it STEM skills around the world, many
STEM talent than the US, which will productively is not a simple chore. The employers lack the competency to
award 460,000 science, technology, costs of searching for skills in a global search effectively in a global
engineering, and math degrees talent market can be prohibitive. And labor market.36
in 2015.31 the risks associated with setting up
outposts in countries with unsettled On the other hand, even when
Given this growth in supply, an governing institutions will give even companies know where STEM skills
absolute shortage in STEM talent the most adventurous executives a are available, accessing those skills
does not appear to exist. The real reason to pause. can be problematic. Individuals’
problem for employers is a location preferences are an important
mismatch: talent may not reside constraint; some people won’t want
where it is needed. Accenture’s 2010 to move, for example. However, there
High Performance Workforce Study are also systemic barriers, such as
revealed that in companies where The real problem: government policies, employment and
R&D is a critical workforce, 24 percent location mismatch immigration laws, and infrastructure
of executives said that STEM skills inadequacies that render skills in
were located in countries other than remote locations inaccessible.
those in which they are needed.32 Only Companies face twin challenges as
21 percent said that the supply of they seek to source talent globally: The information and access problems
skilled talent they need is extremely an “information problem” in which are classic ones but they illustrate how
small or non-existent. For employers they often lack the information about the local focus of most companies
relying most on STEM talent, location where skills are located and an “access leads them to declare the existence
mismatch is already a bigger problem problem” in which they may know of a shortage when labor supplies dry
than shortage. And as companies where skills exist but have difficulty up in their home markets. And they
expand their global footprint, getting access to it. illustrate the relative immaturity of
location mismatch is likely to thinking and experience about global
become a problem for any company Many CEOs see the challenge of labor markets.37
that relies on STEM talent. locating and forecasting talent
availability in emerging markets as a Perhaps not surprisingly then,
So, despite what we anticipate to be major hurdle to growth.34 For instance, most companies judge themselves
a growth in the supply of STEM skills the CEO of a large international ill-equipped to solve the location
globally, the challenge for developed consumer goods company has said mismatch of talent demand and
and emerging market companies alike that “finding the appropriate talent to supply on their own. For example, an
will be finding and gaining access take advantage of the growth prospects Accenture study featuring electronics
to talent that resides in different of emerging markets is one of the and high tech firms reveals that
countries. Rohit Tandon, worldwide biggest challenges we face."35 The few – only 17 percent – feel they
head of analytics for HP, notes that COO of a global airline echoed that are well-positioned to source talent
“my biggest talent imperative today complaint to us when he said that the worldwide.38 The rest will struggle to
and going forward is to ensure that lack of information about engineering find the STEM talent they need in their
talent in key emerging-market cities home markets.
made it difficult to forecast his
company’s expansion to new growth
centers with any level of confidence.
A company seeking to open an office
in Sao Paulo may know at a high level



Connecting talent That leaves most companies today
forced to buy STEM skills on the open
him hire 20 or 30 PhDs. But, with a
prize offered in that amount, “you’re
supply and demand: market – a task already fraught with going to get a lot more than 20
information and access challenges that people participating.”42
The new will become increasingly difficult as
intermediaries more employers join the hunt in what’s
arguably a “massive, messy, moving”
Another new intermediary is
YourEncore, which focuses on
What can companies do to secure global talent market.39 engaging a growing segment of
the STEM skills they need? Companies experienced talent: retirees.
have a few basic strategies for In the short run, there is a real YourEncore maintains a network of
acquiring skills: build them internally opportunity for new intermediaries “Experts” – retired scientists and
through investments in training to intercede in the labor market and engineers – who are called on to work
and development; buy them on the improve employers’ ability to find on projects at more than 50 companies,
external labor market (this could, at and access STEM talent wherever it such as P&G, Eli Lilly, and General
times, involve “borrowing” skills from is available. In some cases, these Mills. One YourEncore Expert, a retired
other firms by means of alliance or labor market intermediaries will chemical engineer who had spent 35
joint venture); or substitute for them be entirely new entities; others, years specializing in color for Kodak,
with technology or work simplification. however, will be new combinations helped a consumer-products client
of familiar organizations. solve a color challenge with a new
Substitution is difficult because the hair-care product.43
flexibility, creativity and judgment that Companies have long relied on
makes STEM talent so productive is labor market intermediaries such More and more, innovative interme-
impossible to program into software. In as staffing agencies and online job diaries like Kaggle and YourEncore
the long run, it is possible to imagine boards to help them find employees.40 are helping employers find the talent
more STEM skills being simplified – in However, over the past decade, they need, especially STEM talent. In a
much the same way that analytical several new types of intermediaries world of mismatch between supply and
skills have been programmed into have emerged. demand, labor market intermediaries
advanced diagnostic equipment in the will be an essential component of the
pharmaceuticals business. But that is An example is Kaggle, an online most successful companies’ global
in a very long run. platform to which companies post sourcing strategies.
data sets and problems to be
To date, companies have largely analyzed and answered by Kaggle’s
focused on “build” or “buy” solutions, global community of more than
but neither solution is particularly 10,000 scientists.41 Founded in
satisfying. With the extended period 2010 in Australia, Kaggle draws in
of learning and preparation needed scientists from quantitative fields
to acquire advanced STEM skills, such as computer science, statistics,
it would simply take too long for econometrics, maths and physics,
companies to build advanced STEM and from over 100 countries and 200
skills internally. universities. The Heritage Provider
Network, a California physicians group,
has partnered with Kaggle to offer
a $3 million prize to the contestant
who creates the algorithm that best
predicts which patients are likely to be
hospitalized in the coming year; the
aim is to help Heritage offer preventive
care. An executive with the physician’s
group notes that $3 million might let



Looking ahead: countries. The industries – banking,
insurance, communications technology,
Some, like the US, the UK and Japan,
are likely to face a shortfall in the
A research plan oil and gas, pharmaceuticals and domestic supply of analytical talent.
analytics services – are all major users Others, like China, India, and Brazil
The Accenture Institute for High of analytical talent. The countries are likely to become net exporters of
Performance has embarked on a study – US, UK, Japan, Singapore, China, analytical talent – unless, of course,
of demand-supply mismatch and India and Brazil – represent a mix of their own indigenous demand exceeds
new labor market intermediaries in developed and developing economies local supply. For each country, we will
the global market for STEM talent. and, more important, each is both a describe the landscape of talent creation
The intent of this investigation is producer and a consumer of and assess the major institutions that
not simply to document the problem analytical talent. produce analytical talent.
of location mismatch or to explain
how labor market intermediaries may We are collecting new data in Matching mechanisms. Once we
bring about a better match between four ways: have completed the analysis of
demand and supply. It is to show how supply and demand, we will examine
the use of widely scattered data and Talent supply mapping on a global alternative strategies that companies,
new analytical techniques can help scale. We are examining current governments and social-sector
employers and policymakers supplies of two analytical talent pools organizations can use to resolve the
understand how and where to find, in each of the seven target countries. location mismatch in the market for
access and develop essential talent. First, we are tracking the analytical analytical talent, with a particular
talent already present in the six focus on understanding the role of
Given the wide variety of occupations industries in each country. Second, we new labor market intermediaries. This
and skills that fall under the STEM are tracking the fresh talent coming assessment will provide a dramatically
category and the scarcity of data that out of universities with bachelor’s, new look at the STEM skill situation on
would allow for meaningful comparisons master’s and PhD degrees in math, a global scale.
on a global scale, we narrowed our statistics, operations research and
empirical investigation to a slice of the other quantitative fields. We then use Whatever their form and function,
STEM talent pool: analytical talent. By economic forecasts and data from institutions that aid individual
analytical talent, we mean people who employers and universities to employers and job seekers in finding
use statistics, rigorous quantitative estimate the supply of and demand a match of appropriate skills and
analysis and information-modeling for analytical talent over the next five talent are poised to become important
techniques to shape and make years in each country and industry. players in global labor markets in the
business decisions.44 Because math next decade. For individual firms and
plays a “rapidly increasing role as a Industry case studies. Company global economic growth alike, their
universal language for science,” people records, interviews with labor market role in resolving the location mismatch
with advanced quantitative skills experts, and secondary sources will of STEM talent will be critical.
participate in perhaps the closest thing help us ground the investigation in an
to a truly global labor market.45 industry and individual enterprise
context. Our industry-specific
We are collecting previously unavailable approach will add unique perspectives
data in order to test our hypothesis on the exact nature of the talent
about the existence of a “location mismatch as well as provide insights
mismatch” in the market for analytical for firms that want to know what kind
talent in six industries and seven of analytical talent they need and
where supplies are located.

Country analyses. Each country offers
a different vantage point on the supply
of and demand for analytical talent.



About the authors Robert J. Thomas (robert.j.thomas@
accenture.com) is the executive
Elizabeth Craig (elizabeth.craig@ director of the Accenture Institute for
accenture.com) is a research fellow High Performance. He is the author or
at the Accenture Institute for High co-author of seven books on leadership
Performance. She is the author, with and organizational change, including
Peter Cheese and Robert J. Thomas, Crucibles of Leadership: How to
of The Talent Powered Organization: Learn from Experience to Be a Great
Strategies for Globalization, Talent Leader (Harvard Business Press, 2007);
Management and High Performance The Talent Powered Organization,
(Kogan Page, 2007). Her work has also (Kogan Page, 2007); and The
been published in the Wall Street Organizational Networks Fieldbook
Journal, Strategy & Leadership, Talent (Jossey-Bass, 2010). He holds a PhD
Management, Strategic HR Review from Northwestern University.
and elsewhere. She holds a PhD from
the University of Pennsylvania. Charlene Hou (charlene.hou@
accenture.com) is an analyst
with the Accenture Institute for
High Performance.

Smriti Mathur (smriti.mathur@
accenture.com) is a senior analyst
with the Accenture Institute for
High Performance.



Notes 15 Anthony O’Donnel, “Demand for Sophisticated Wadhwa, Ben Rissing, and Ryan Ong, “Getting the
Risk Management Capabilities Increasing,” Insurance Numbers Right: International Engineering Education
& Technology, April 15 2010. See http://www. in the United States, China, and India,” Journal of
1 Robert D. Atkinson and Merrilea Mayo, “Refueling insurancetech.com/security/224400279?pgno=1. Engineering Education, 2008.
the U.S. Innovation Economy: Fresh Approaches to The UK Chartered Insurance Institute’s survey of 30 D. Farrell, M. Laboissière, J. Rosenfeld, S. Stürze
Science, Technology, Engineering and Mathematics university students revealed that only 1 percent and F. Umezawa, “The emerging global labor market:
(STEM) Education,” The Information Technology & were interested in working in insurance after Part II—the supply of offshore talent,” McKinsey
Innovation Foundation, December 2010. graduation, compared with 15 percent who were Global Institute, 2005.
2 Examples: The National Academies Press, Rising interested in finance and banking and 22 percent 31 Estimated based on educations statistics in the
Above the Gathering Storm: Energizing and likely headed into professional services. See The three countries: People’s Republic of China Ministry
Employing America for a Brighter Economic Future, Chartered Insurance Institute, “Insuring a better of Education (MOE), 2009; National Center for
2007; Atkinson and Mayo, “Refueling the U.S. future: how to attract the best students into Education Statistics (NCES), 2008; Higher Education
Innovation Economy”; Confederation of British insurance,” June 22, 2010. See http://www.cii.co.uk/ Statistics Agency (HESA) 2010.
Industry and Education Development International, downloaddata/Insuring_a_better_future.pdf. 32 Contrast that with the numbers for other work
Building for Growth: Business Priorities for 16 Accenture, “Talent management at peak capacity: forces: sales (9%), manufacturing (16%), and
Education and Skills – Education and Skills Survey The utilities industry’s challenge and the way finance (14%).
2011; Manpower Group, Talent Shortage 2011 forward to achieve high performance,” 2008. 33 Interview with Arnab Chakraborty and Rohit Tandon
Survey Results. 17 John Ray, “Fastest Growing Tech—Q1 Update,” on April 25, 2011.
3 Confederation of British Industry and Education Forbes.com, April 6, 2011. See http://blogs.forbes. 34 “Growth reimagined: Prospects in emerging markets
Development International, Building for Growth. See com/johnray/2011/04/06/fast-start-for-fast-tech- drive CEO confidence.” PwC 14th Annual Global
www.cbi.org.uk. in-the-first-quarter/. CEO Survey 2011. See also: Accenture, The Future
4 NASSCOM, Up-skilling the Talent Pool, August 2010. 18 See “Thriving economy lures NRIs back to India,” The of Electronics and High Tech, Developing
See www.nasscom.in/. Economic Times. http://economictimes.india international operating models for the next era of
5 Confederation of British Industry, SET for Growth: times.com/returning-to-india/thriving-economy- competition, 2010.
Business Priorities for Science, Engineering and lures-nris-back-to-india/articleshow/8112599. 35 “Growth reimagined: Prospects in emerging markets
Technology, August 2010. cms?intenttarget=no. April 29, 2010. China Daily, drive CEO confidence.” PwC 14th Annual Global CEO
6 US Chamber of Commerce, Tapping America’s “Overseas Chinese return for growing opportunities,” Survey 2011
Potential, July 2005. See http://www.tap2015.org/ May 13, 2011. Woo-sok Soh, “Korean Americans 36 Peter Cappelli, “Is There A Shortage of
about/TAP_report2.pdf. rush to return home,” The Korea Daily, January 6, Information Technology Workers?” A Report to
7 Accenture Institute for High Performance, New 2010. McKinsey and Company, June 2010.
Waves of Growth, January 2011. 19 “Incentives for Malaysian Experts Abroad to Return 37 Ibid.
See www.accenture.com. to Work in Malaysia,” Official Website of the 38 Accenture, The Future of Electronics and High Tech,
8 Wadhwa Vivek, “The Future of Indian Ministry of Finance Malaysia,” March 31, 2010. See Developing international operating models for the
Technology,” November 13, 2010. See http:// http://www.treasury.gov.my/. next era of competition, 2010.
wadhwa.com/2010/11/13/the-future-of-indian- 20 National Center for Education Statistics. “Bachelor's See www.accenture.com.
technology/. degrees conferred by degree-granting institutions, 39 Daniel Pink, “The Talent Market,” Fast Company, July
9 Tomoko A. Hosaka, “Japan looking to sell ‘smart’ by sex, race/ethnicity, and field of study: 2007-08.” 1998.
cities to the world,” Associated Press, October 7, See http://nces.ed.gov. 40 Chris Beener, Laura Leete, and Manuel Pastor.
2010. 21 Robert D. Atkinson and Merrilea Mayo, “Refueling Staircases or Treadmills? Labor Market
10 Rob Wilson, “The Demand for STEM Graduates: the U.S. Innovation Economy: Fresh Approaches to Intermediaries and Economic Opportunity in a
Some Benchmark Projections,” Warwick Institute for Science, Technology, Engineering and Mathematics Changing Economy. New York: Russell Sage
Employment Research, January 2009. (STEM) Education,” The Information Technology & Foundation, 2007. Bernhardt et al, 2000. “Moving
11 Bureau of Labor Statistics, U.S. Department of Labor, Innovation Foundation, December 2010. the Demand Side: Intermediaries in a Changing
Career Guide to Industries, 2010-11 Edition, 22 See www.npmsa.org. Labor Market.”
Computer Systems Design and Related Services. 23 Robert D. Atkinson and Merrilea Mayo, “Refueling 41 Jeremy Shapiro, “Interview with Kaggle.com,” April
See http://www.bls.gov/oco/cg/cgs033.htm. the U.S. Innovation Economy: Fresh Approaches to 25, 2011. See http://iianalytics.com/2011/04/
Retrieved January 29, 2011. Science, Technology, Engineering and Mathematics interview-with-kaggle-com/.
12 Associated Press, “Google to Hire More Than 6,200 (STEM) Education,” The Information Technology & 42 Jennifer Valentino-Devries, “May the Best Algorithm
Workers This Year,” January 26, 2011. Innovation Foundation, December 2010 Win…” Wall Street Journal, March 16, 2011. See
13 Accenture Analysis. Sources: IDC, Evalueserve, 24 Calculated based on education statistics published http://online.wsj.com/article/SB1000142405274870
Forrester Research. by the Ministry of Education of the People’s 4662604576202392747278936.html.
14 Robert D. Atkinson and Merrilea Mayo, “Refueling Republic of China, 2009. 43 “Old heads, New ideas,” 100thoughts HSBC. http://
the U.S. Innovation Economy: Fresh Approaches to 25 Calculated based on education statistics in the two www.yourencore.com/about-yourencore/news/
Science, Technology, Engineering and Mathematics countries: National Center for Education Statistics HSBC-100-Thoughts.pdf.
(STEM) Education,” The Information Technology & (NCES), 2008; Higher Education Statistics Agency 44 Thomas H. Davenport, Jeanne G. Harris, and Robert
Innovation Foundation, December 2010. (HESA) 2010. Morison. Analytics at Work: Smarter Decisions,
26 Data for 2009 graduates is taken from the higher Better Results. Boston: Harvard Business Press,
education statistics published by the Ministry of 2010; and Jeanne G. Harris, Elizabeth Craig and
Education of the People’s Republic of China; see Henry Egan, 2010, “How successful organizations
http://www.moe.edu.cn/. Forecasts for subsequent strategically manage their analytical talent”,
years are estimated based on government expendi Strategy & Leadership, vol. 38 no. 3, pp 15-22.
ture on education (historical and projected), popula 45 World Science Forum in Budapest (November 2009).
tion growth rate in cohort group, changes in the
gross enrolment ratio, and socio-economic indica
tors such as urbanization, growth in real per capita
income, and literacy rates.
27 “Go south, young scientist: An emerging power in
research,” The Economist, January 6, 2011.
28 Accenture analysis.
29 For a review of this topic, see Gary Gereffi, Vivek


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No Shortageof Talent: How the Global Market is Producing the STEM Skills needed for Growth

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