5 Ways to Address Talent Skill Shortages in the Global Aerospace Industry

The aerospace industry has historically been a leader in innovation, known for driving advancements in technology, transportation, and national defense. Despite its critical importance, this industry today faces a shortage of skilled talent. This talent gap poses a risk to future growth and innovation, as it can hamper the industry's ability to meet global demands and maintain its competitive edge.

Read on as we talk about talent skill shortages in the global aviation industry and what industry leaders can do to address them.

Overview of the Aerospace Industry

The aerospace industry is broad, encompassing the design, manufacture, and maintenance of aircraft, spacecraft, and related systems. Key players include commercial aviation giants like Boeing and Airbus, defense contractors like Lockheed Martin and Northrop Grumman, and space agencies like NASA and ESA. The industry is vital for national defense, global transportation, and space exploration, generating around $952 billion in revenue in 2022, according to the Aerospace Industries Association (AIA). This industry also employs 2.2 million people across different operational areas, representing 1.47 of the U.S.’s total employment base.  

Given this robust growth and importance, talent shortage is a serious challenge that could derail this industry in the coming years. 

The Talent Gap: A Growing Concern

A McKinsey report on the aerospace and defense industry highlights the seriousness of the talent gap, especially in engineering, manufacturing, and digital technologies. This shortage is driven by the following factors.

Aging Workforce 

An aging workforce is a problem that’s common across many countries in the developed world. The current aerospace workforce is nearing retirement age, creating a vacuum of experience and expertise.

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The industry has struggled to replace these workers with younger talent, leading to a skills gap. 

Rapid Technological Advancements 

As technology advances, the demand for workers skilled in areas like artificial intelligence, cybersecurity, and advanced manufacturing technologies is outpacing supply. According to the European Commission, 75% of companies find it hard to find workers with the right skills and 40% of all adults lack the basic digital skills needed to thrive in today’s market. The industry's shift towards digital solutions requires a workforce adept in new technologies and capable of driving innovation, and finding such skilled workers is proving to be a challenge.

Educational Challenges

The aerospace industry relies heavily on a pipeline of graduates with STEM (Science, Technology, Engineering, and Mathematics) backgrounds. However, there is a shortage of students pursuing STEM fields, exacerbating the talent gap.

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The existing geopolitical climate is making immigration difficult, leading to a widening gap between demand and supply.

Global Competition 

The aerospace sector faces competition from other high-tech industries, like software development and biotechnology, for the same pool of skilled workers. This competition makes it challenging to attract and retain talent.

Due to a combination of these factors, the impact on the aerospace industry is profound.

Impact on the Industry

The talent shortage in the aerospace industry has many consequences. Firstly, a lack of skilled workers can slow down research and development efforts, delaying the introduction of new technologies and innovations. The aerospace industry, once prided for its technological advancements, is grappling with stagnation today.

Another major problem is the delays in production and maintenance, affecting the industry's ability to meet growing demands for commercial and military aircraft. The growing number of safety incidents have also contributed to the reputational loss of the aerospace industry. 

Furthermore, recruiting and retaining skilled talent in a competitive market can drive up labor costs, impacting profitability and competitiveness.

In light of the above challenges and their dire impact, what can industry leaders do?

Addressing the Talent Shortage

To tackle the talent gap, the aerospace industry must adopt a multifaceted approach. Below are some strategies that can work in both the short and long term.

Investment in Education and Training 

A good step forward with an eye to the future is to partner with educational institutions that specialize in offering STEM education. Organizations can also collaborate to fund research and offer apprenticeships to train students and equip them with the necessary skills before they enter the workforce.

Reskilling and Upskilling Programs 

The experience of the aging workforce can be best used with relevant reskilling and upskilling programs. These training programs help the workforce align with technological advancements. Current employees can be reskilled to adapt to new roles, while new hires can be upskilled to meet the demands of cutting-edge technologies.

Diversity and Inclusion Initiatives 

Expanding recruitment efforts to include underrepresented groups brings fresh perspectives and ideas. Emphasizing diversity can help the industry tap into a wider pool of talent, ensuring a more dynamic and innovative workforce. Moreover, these initiatives can help comply with emerging regulations and improve brand reputation.

Attracting Global Talent

Relaxing immigration policies can facilitate the entry of skilled workers from abroad, helping to fill immediate talent gaps. Offering competitive packages and benefits can also make the aerospace industry more attractive to international candidates.

Embracing Digital Solutions 

The growing technological advancements in robotics and the emergence of the Fourth Industrial Revolution (FIR) can reduce the need for human labor. Also, digital tools and automation can optimize the workforce, allowing for greater efficiency with fewer employees. This strategy has double benefits - it reduces talent shortage problems and enhances overall productivity.

With such initiatives, the global aerospace industry can address its talent shortages and continue with its growth and profitability. 

Summary

The talent skill shortage in the global aerospace industry is a complex challenge that requires a comprehensive strategy to overcome. At the same time, addressing this talent gap is essential to ensuring the aerospace industry remains at the forefront of technological advancements and continues to play a vital role in global economic development. The five strategies mentioned in this article can help the aerospace industry turn the talent shortage into an opportunity for growth, innovation, and competitiveness in the global market.