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Graying Workforce - A Looming Threat for US Aerospace Industry
The ageing employees in the US aerospace industry are increasingly becoming a cause of concern for the recruiters, as a huge number of skilled workers will reach the retirement age by 2008.
/Aerospace - Aviation PR News/ - NEW DELHI, INDIA, June 17, 2007 - As per a recent report "US Aerospace Industry Analysis" published by RNCOS, it has been found that the US aerospace industry continues to be the largest in the world. Employing about 631,000 workers, this industry encompasses aircraft, space vehicle & parts, search navigation and navigation instruments, engines and engine parts, etc. Of all these segments, aircraft accounted for nearly 218, 000 jobs trailed by search detection and navigation instrument that accounted for 158, 500 jobs during the year 2006.
However, the US aerospace industry is now encountering some serious problems in the form of an increasingly graying workforce. Ranks of employees falling under the age group of 25 to 34 years also dropped to 15% in 2005, whereas it was 27% during 1992, as per the Aerospace Industries Association. It's expected that roughly one of every four employees will reach the age of retirement by the next year.
The situation is grim for defense contractors because unlike other industries encountering skill shortage, defense contractors can't hire non-US citizens. The main hindrance in hiring non-US staff is national security-clearance and govt. restrictions upon technology transfer.
Another main problem is the looming threat known as "brain drain". Companies are formulating creative ways, ranging from conducting online chat with students to speeding up the pace of young workers becoming senior leaders, so that talent can be lured and retained.
Industry analysts are optimistic that this shortage can be deflected. "The work force isn't going to suddenly disappear, we actually have enough time to start building up the folks for the future." Assistant vice-president with the Aerospace Industries Association, Jeremiah Gertler said this, as reported by the Associated Press, on May 21, 2007.
As per the RNCOS report "US Aerospace Industry Analysis", "US aerospace industry witnesses health growth in 2006. Sales are expected to grow by around 5.9% this year (2007) to exceed US$ 195 Billion. This growth will be spurred by the slight increase in Defense Dept.'s purchases and expansion of space sector. However, commercial aircraft, engines & engine parts deliveries will witness faster growth."
Key issues and facts analyzed by this report include: detailed analysis of US Aerospace industry, why Aerospace industry is important for US economy, key drivers & challenges faced by US Aerospace industry, etc.
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