How STEM industries will lead Australia’s recovery from recession
“Sydney Opera House” - Photo by Henrique Félix on Unsplash
#Leadership #STEM #Agility #Technical #Resilience# Blog
Have you ever stopped to think about how we are going to float above the flood, restart daily operations and create our “new normal”? STEM Industries are providing us the means to survive through these trying times, and it’s these industries that will help us to break free from this recession.
Despite of all the punches that have been thrown our way, without the support of STEM Industries, we probably wouldn’t have survived as long or as well as we have. Imagine respirators, masks and hand sanitiser being unable to have been ramped up or companies redesign themselves into producing these products. Imagine the pace of vaccine development had we not had the investment in STEM to date. They have educated us on how to conduct our day-to-day transactions safely. They found the means on which to carry on with our business operations. And we heavily rely on them to come up with the medical solutions for our current crisis. So, can you imagine how much worse of a situation we would be in if STEM had not come-to-the-fore?
“Cocoon” – Photo by Bankim Desai on Unsplash
As Megan Lily states in one of her articles, the recent recession showed us all the STEM-skill deficits we have as it focusses businesses on the benefits of increasing digital transformation. My take on this is that it not only showed the STEM deficits, but the current limit of our digital capacity. Upon realising that this is our ceiling, STEM industries stepped up in a big way to exceed those limits and bring forth a new era in digitalisation.
In order for STEM industries to reach their full potential, adequate support is also needed. Megan also argues that The Australian government can take a Leadership role to step up the development of STEM capabilities in conjunction with industry. I believe that a major focus must be given to growing the STEM workforce, especially in areas of the economy where critical skills shortages had already existed. Given the agility that STEM industries have demonstrated consistently, every bit of support given to them is a building block towards recovery.
“Engine” – Photo by Lucas van Oort on Unsplash
Stuart Kennedy of Innovation Aus has been quoted in a recent article that “If you think about the road to recovery, science and technology will be our engines”. And as with all engines, it needs proper maintenance and care to work at optimal condition. Thankfully, the government has proven itself as capable “mechanics” and given the proper care for our STEM engine.
The fact that science and technology expertise has been right at the heart of government policy making has been the makings of our success. According to a study by the STA:
· A government that uses science to inform and underpin its decisions will lead Australia to a brighter future.
· A government that directly invests in discovery-led, basic research will unlock the solutions of the future.
· A government that fosters and rewards innovation and entrepreneurship will secure Australia’s economic success.
· A government that leads from the front, inspiring the private sector to invest in science and technology, will help Australia achieve a stable and prosperous future.
“Through it all, one of the things Australians have found reassuring has been the clear and unwavering commitment by governments of all political persuasions to seek out and follow the expert scientific and medical advice to keep Australians safe.” - Misha Schubert, Chief Executive of Science and Technology Australia (STA). This statement doesn’t apply strictly to the safety and wellbeing of us Australians, but it also speaks to the safety of our economy. Through the government’s support, STEM industries have answered the call to lead Australia out of this recession.
“Overhaul” – Photo by Goh Rhy Yan on Unsplash
In 2019, our Australian National Outlook report identified the key areas to drive innovation to secure our future prosperity. It said we need to reinvent our industries to make us more unique and more profitable, or risk falling into slow decline. Little did we know we would already be in recession in 2020. However, STEM sectors have come into its own time and again during these trying times.
STEM has gone beyond the laboratories and offices and reached the most unlikely of industries. Industries who, 10 years ago, we would have never even imagined would be mentioned in the same sentence as STEM. We have brought science and technology more deeply into service across our economy including farming, manufacturing, and other traditional industries. This sort of Agility is exactly what we need if we are ever going to thrive again.
“Maintenance” – Photo by James Lewis on Unsplash
A recent study by CSIRO has found that future economic growth will depend on the creation of future industries such as advanced manufacturing, hydrogen, space, and quantum technologies. Science, including social sciences, will also underpin the delivery of many public sector services, including water management, land management and defence. That is why I believe that we need our scientists now more than ever to help us develop the high-value industries that will secure our future jobs and prosperity.
We can’t let our future STEM skills become a casualty of volatility, or we will pay for it in decades to come. STEM has already laid out the roadmap for us, and it is up to us to stay the course. What do you think we must do to keep true in this path to recovery?
Work with me – Get in touch here, call 1300 684 669 or email davidw@davidwayne.com.au to discuss options for coaching, workshops or training programs or
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