Attracting Top Talent in the Space Industry: A Guide for Employers

In our quest to understand the wider recruitment landscape, we need to consider the rapid growth and advancement of the space industry. According to the World Economic Forum¹, the global space industry is expected to generate revenue of over $1 trillion by 2040.Consequently, this expansion is producing a surge in demand for professionals skilled in space-related disciplines - from aeronautics to satellite-based technologies.

Identifying the Skills Gap

A critical part of the puzzle lies in the skills gap. It's an ongoing concern that has been echoed in reports by the OECD², which show a growing gap in STEM fields, including space and aeronautics. The talent gap signifies the shortfall of skilled professionals in relation to the number of available positions. By understanding the specific areas of shortage, employers can streamline their recruitment processes and plan targeted strategies.

Defining Required Skills and Roles

To combat the talent gap, employers need to know exactly what skills are in demand, it's important to know exactly what skills are in demand. This includes roles such as aerospace engineers and technicians, planetary scientists, and satellite data analysts, to name just a few. The World Bank³ suggests that as technology advances, these requirements evolve, necessitating a workforce adaptable to the dynamics of space technology.

The Allure of the Space Industry

Of course, one can't ignore the inherent allure of the space industry. A survey by Bain & Company⁴ suggests that the opportunity to work on cutting-edge technology and contribute to the exploration of space is particularly attractive to younger job seekers. Emphasising these aspects in job descriptions can position your company as an exciting and rewarding place to work.

Developing an Attractive Employee Value Proposition (EVP)

Transitioning our focus to the creation of an appealing EVP is key in the recruitment process. The Harvard Business Review⁵ posits that a strong EVP can reduce hiring costs by 50% and increase new-hire commitment by nearly 30%. Your EVP should encompass the total value you offer your employees, including compensation, benefits, career development opportunities, and work-life balance.

Incorporating Diversity and Inclusion

McKinsey & Company⁶ has established that companies with diverse workforces are more likely to outperform their less diverse counterparts. Therefore, integrating diversity and inclusion into your recruitment strategy can not only improve your company's performance but also widen your talent pool. In addition, incorporating diversity and inclusion initiatives into your onboarding process helps to redefine your wider organisational culture.

Building a Robust Talent Acquisition Strategy

Last but not least, the need for a comprehensive talent acquisition strategy cannot be overstated. Gartner⁷ advises that successful strategies combine traditional methods with innovative tactics such as university partnerships, industry events, and leveraging social media platforms.

In conclusion, the quest to attract top talent in the space industry may be challenging but certainly achievable. It requires keen understanding, strategic planning, and a robust EVP. By implementing these steps, you'll be well on your way to assembling a formidable team, creating the right culture, attracting the right talent, and developing the right strategy for success.