Aerospace & Defense Industry Talent Overview
The Aerospace and Defense Industry is set to reach $790 billion in 2023, growing at a CAGR of 0.64% from $770 billion in 2019. The industry is keen to enhance its four key segments that will support its move toward digitalization: autonomy, connectivity, manufacturing, and smart mobility. Key players in the sector include Lockheed Martin, Raytheon Technologies, L3Harris, and Thales.
The global talent ecosystem of the A&D industry was severely impacted by the recent pandemic, resulting in a loss of over 220,000 jobs in the US. The pandemic also highlighted challenges in A&D talent management, including underdeveloped DE&I initiatives and a significantly older workforce that may soon retire. In response, companies are offering benefits such as flexible work models, overtime pay, recognition and career growth, and retirement to attract and retain talent. These efforts will be crucial for the industry to continue to grow and innovate in the coming years.
To address the talent shortage in the industry, companies are implementing reskilling initiatives and recruiting early-career talent with tech skills. Improving DE&I and adopting next-gen recruitment practices can also help attract and retain a diverse workforce.