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Women in STEM Can Mitigate $2.5 Trillion Impact of Worker Shortage, Says IT Exec Monica Eaton-Cardone

Women in STEM Can Mitigate $2.5 Trillion Impact of Worker Shortage, Says IT Exec Monica Eaton-Cardone

Monica Eaton-Cardone, a FinTech executive specializing in risk management and fraud prevention, analyzes the challenges in solving the STEM skills gap.

New research shows the manufacturing industry is facing a shortage of 2.4 million workers in the next 10 years. FinTech executive Monica Eaton-Cardone says women in tech can swell those ranks if young leaders help drive interest in STEM careers.

(Tampa, FL) December 11, 2018 – A new report by Deloitte and The Manufacturing Institute estimates 2.4 million U.S. manufacturing jobs may go unfilled between 2018 and 2028, risking $2.5 trillion in economic output over the next decade.(1) The study cites a need for advanced technology skills,(1) yet government data shows that few females are pursuing relevant education—less than 1 in 5 engineering, computer and information sciences bachelor degrees are earned by women.(2) Monica Eaton-Cardone, a FinTech executive specializing in risk management and fraud prevention, emphasizes the importance of increasing the number of women in technology and believes young leaders can help get more girls interested in STEM fields.

Manufacturing executives indicated the top five skill sets they will need in the coming years are: technology/computer skills, digital skills, programming skills, expertise in tools and technology, and critical-thinking skills.(1) National Center for Education Statistics (NCES) data suggests a lack of women in science, technology, engineering and math (STEM) may be contributing to the projected skills gap: as of the 2015–2016 academic year, just 19.7% of engineering bachelor degrees and 18.7% of computer and information sciences bachelor degrees are awarded to females.(2)

Yet based on average National Assessment of Educational Progress (NAEP) scores, it’s not necessarily a lack of ability that is creating this gender gap. In the latest (2015/2017) NAEP mathematics tests, girls in Grade 4 scored just 2 points lower than boys and those in Grade 8 scored only 1 point lower on a 500-point scale, while girls in Grade 12 scored 3 points lower on a 300-point scale.(3) On 2015 NAEP science tests, which have a 300-point scale, girls in Grade 4 had the same average score as boys; girls in Grade 8 scored 3 points lower and those in Grade 12 scored 5 points lower.(4)

“What this means is that national testing suggests girls and boys have a similar aptitude for math and science—however, girls tend to stray from STEM fields as they approach graduation and enter college. This could be due to a lack of interest or confidence; but either way, it’s clear that female attrition needs to be addressed,” asserted Eaton-Cardone, who serves as Chief Information Officer (CIO) of Global Risk Technologies and Chief Operating Officer (COO) of Chargebacks911.

To overcome the projected technical skills gap and worker shortfall, Eaton-Cardone maintains it is critical to increase the number of women in technology—and she says this starts by encouraging girls to pursue STEM fields at an early age. While she has long advocated for companies and business leaders to support initiatives designed to boost women in tech, Eaton-Cardone is encouraged by the innovative new solutions that are being launched by young leaders.

As an example, she cites the Forbes 30 Under 30 Education 2019 class, which features young visionaries with an average age of 26. Among them are Dianna Cowern, a YouTube personality known as Physics Girl; Abigail Harrison, cofounder of a Student Space Ambassador program called The Mars Generation; Ruby Lee and Vivian Shen, founders of Juni Learning online coding classes; Grechen Huebner and Jon Mattingly, founders of computer education startup Kodable for students in grades K–5; and Jana Landon, a Google Outreach Specialist who is working to increase computer science enrollment at historically black and Hispanic colleges, and who has helped hire over 500 underrepresented students into Google STEM internships.(5)

“Solving the STEM skills gap is a huge challenge that shouldn’t fall to any single entity; it’s going to require the combined efforts of schools, government agencies, employers and individual leaders to change the status quo,” stated Eaton-Cardone. She applauds those who are already contributing solutions, and encourages others to add their ideas and efforts to the mix.

Eaton-Cardone’s own initiatives include founding the Paid for Grades incentive program, which is designed to support and motivate underachieving students, and spearheading Chargebacks911’s efforts to expand young women’s access to business and networking opportunities with technology leaders. She aims to have women account for at least 25% of the technical workforce at Chargebacks911 in the coming years, and hopes to exceed that goal in the not-too-distant future.

Monica Eaton-Cardone frequently discusses technological developments and opportunities for women in STEM at industry conferences and events. She has been a featured panelist at TRUSTECH, the IATA World Financial Symposium and TRANSACT, and is also available for interviews, panelist opportunities and future speaking engagements. For more information, visit http://monicaec.com.

About Monica Eaton-Cardone:

An acclaimed entrepreneur, speaker and author, Monica Eaton-Cardone is widely recognized as a thought leader in the FinTech industry and a champion of women in technology. She established her entrepreneurial credentials upon selling her first business at the age of 19. When a subsequent eCommerce venture was plagued by revenue-leeching chargebacks and fraud, Eaton-Cardone rose to the challenge by developing a robust solution that combined human insight and agile technology. Today, her innovations are used by thousands of companies worldwide, cementing her reputation as one of the payment industry’s foremost experts in risk management, chargeback mitigation and fraud prevention. As CIO of Global Risk Technologies and COO of Chargebacks911, Eaton-Cardone leverages her global platform to educate merchants on best practices in fraud prevention and to spotlight the competitive and economic advantages women can bring to the technology workforce. Her nonprofit organization, Get Paid for Grades, invests in students to inspire a new generation of innovators. Get to know Eaton-Cardone at http://monicaec.com.

  1. Giffi, Craig A.; Paul Wellener; et al. 2018 Deloitte and The Manufacturing Institute Skills Gap and Future of Work Study; November 2018.
  2. Snyder, Thomas D.; Cristobal de Brey; and Sally A. Dillow. Digest of Education Statistics 2016; National Center for Education Statistics; February 2018; Table 318.30.
  3. Ibid; Table 222.10.
  4. Ibid; Table 223.10.
  5. Coudriet, Carter. “30 Under 30 Education 2019: The Masterminds Shaping the Future of Learning, Access and Opportunity”; Forbes; November 13, 2018.

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