We recently completed a survey to professionals working in Indiana's STEM field to understand what matters most when seeking new employment, which factors attract professionals to new roles, and what employers can do to retain staff. With over 200 responses, this article provides an overview of our findings to help inform your hiring strategies and share highlights from our research.
Key Factors for Attraction
"Excellent compensation and benefits" was overwhelmingly the most important factor for professionals when seeking a new role, with 87% of respondents selecting this option. It's no surprise, and it explains why smaller organizations often struggle to compete with larger companies that can outspend them in the battle for talent.
While compensation is crucial, it's not the only determining factor for Indiana's scientific talent pool. The second most important factor, chosen by 62% of respondents, was the "opportunity for career growth within the company," followed closely by "opportunities to learn new highly desired skills" (51%).
This is where employers of all sizes can compete. A robust learning and development program at your organization's core will be pivotal for attracting and retaining talent. We asked respondents to rate how important a prospective employer's training and development program is (1 – not important, 10 – extremely important). The average ranking was 8.5/10, underscoring the significance of continuous learning to Indiana's STEM professionals.
Competition and Retention
When asked, "How many calls or messages have you received from recruiters or talent teams about new opportunities this year?" 47% of respondents reported receiving more than five points of contact. This indicates that the talent pool is receiving substantial interest from employers across the state, making it more critical than ever for organizations to monitor the competition and prioritize retention efforts.
Where Are Candidates Applying for Jobs?
Forty-two percent of respondents indicated they apply for new opportunities on LinkedIn, with another 42% using Indeed. Only 5% of respondents would apply directly on a company's website.
Having a solid presence on LinkedIn and Indeed is clearly important for recruiting in Indiana. However, employers must also focus on building their employer brand and growing their networks. Sharing your value proposition with a community of engaged professionals on LinkedIn can significantly enhance your hiring strategy and build a pipeline of future talent.
If your LinkedIn network is underdeveloped or your employees don't actively promote your business, talent consultancies can offer a quick solution to expand your reach.
Who Are We Competing With?
70% of respondents would consider moving to another state for work, turning the focus from talent attraction to talent retention. To keep talent in Indiana, we must address the factors driving relocation. Illinois, Texas, California, North Carolina, and Tennessee were the top five states respondents would consider moving to, with California and North Carolina's biotech hubs posing strong competition for Indiana.
Furthermore, 42% of respondents were unsure or did not see themselves working in Indiana in the next five years—this represents a significant portion of the workforce that will be critical to the industry's growth.
Conclusion
Indiana's STEM industry is growing rapidly, with many new organizations opening facilities. Employers are increasingly relying on talent consultancies, which have become key drivers of hiring success. Rather than viewing these consultancies as merely a resource, companies should consider them as competition. Collaborating with the right talent partners will be crucial in determining the success of your hiring efforts.
Gone are the days when large, generic staffing firms were the most effective. Local, specialized firms are proving they can offer flexible, tailored solutions that meet the unique needs of employers. From pricing to hiring best practices, from contract consultants to permanent staff, it's essential to scrutinize your talent partner and ensure they align with your company's goals.
To thrive in Indiana's competitive job market, STEM employers must take a holistic approach—balancing competitive compensation with meaningful career development, enhancing their employer brand, and strengthening ties with local talent partners. This multifaceted strategy will be key to long-term success in attracting and retaining top talent.
If you would like more information on our research, please get in touch.
