“Try not to become a person of success, but rather try to be become a person of value” – Albert Einstein
We are in a battle for talent. Your company’s success will be determined by the talent within the company, starting with excellent LEADERS all the way to your entry level roles! It is imperative to both human resource leaders and business leaders to recruit and retain the very best employees. If the battle to attract talent to certain companies seems challenging – the retention of skilled talent presents an all-out war, as winning the war for talent will make all the difference to a company’s overall success.
It is crucial for companies to continue to innovate and think creatively – that is especially true in the Aerospace & Defense Industry. KPMG stated that in recent years, the skies have been quite friendly for the aerospace sector. With a growing demand for air travel, massive backlogs of new aircraft orders and a slowly resurging business jet sector, outlook for the industry is strong. But underneath the headline data are signs that the industry is undergoing a shift that will see significant consolidation within areas of the supply base and downward pressure on profits as the original equipment manufacturer (OEMs) ramp up production of increasingly advanced platforms.
The A&D sector is characterized by strong volume growth, with an estimated production of 20,000 aircraft in the next 20 years. To keep up with this growth, the industry must attract top engineers as well as skilled direct and indirect labor. In the next decade alone, the European A&D industry is expected to require at least 12,500 highly qualified engineers per year. However, the industry has difficulty attracting and retaining the top talents.
Trends that will challenge the sector:
- Demand for highly skilled is expected to increase
- Demographics, as in the aging population will impact the industry
- Competition for talent amongst companies and salaries will make things more difficult
How to strategize for the Battle:
- Think global – have a bigger talent pool
- Transfer your knowledge to younger workers before employees retire
- Do not loose the talent you have – retain your workers – have succession plans!
- Be the best place to work – improve working environment and culture! Brand awareness!
- Recruiting strategies – creativity, partners – think outside the box!
So it goes with stating again, ask any business about its top challenges — the odds are good that recruiting and retaining talent are somewhere on that list. Smart companies know that they’re only as good as their best workers, and will prioritize seeking out the best of the best for their organizations. What will you do – what is your strategy?