AIAA/AIA Study Shows Labor Shortage Hurting Aerospace and Defense Sectors Written 1 November 2022
A Pratt & Whitney F100 jet engine being tested. | U.S. Air Force photo by Sue Sapp; Wikipedia; Public Domain
Defense News reports, “Amid the exodus of employees across the economy over the last 12 months, 70% of companies in the aerospace and defense sector saw increased turnover, according to a new workforce study conducted by the Aerospace Industries Association and the American Institute of Aeronautics and Astronautics in collaboration with Ernst & Young. Overall turnover rose to 7% versus nearly 6% the year before.” Aerospace and defense executives are still having difficulty finding qualified workers, even as the labor market cools off. Higher labor costs due to the tight labor market have shrunk sales and profit margins. For example, Raytheon has hired 27,000 people in 2022, but still needs 10,000 more.
Full Story (Defense News)