Page 11 - FARNBOROUGH AIR SHOW 2024 - DAY 1 | DAILY NEWS

McKinsey Warns of Talent Drain, According to McKinsey, there are “three
clear and measurable reasons” for a lack
‘Gray-to-green’ Workforce Transition of productivity among individual employ-
ees in the A&D sector – the skill gap, the
will gap, and the time gap. “Combined, the
sector is behind adjacent sectors, including skill gap, will gap, and time gap factors
Automotive and Technology, in terms of the are substantial and could cost the median
strength of the employee value proposition,” A&D company approximately $300 million
Weddle, Senior Partner at McKinsey, and to $330 million,” said Weddle and Voelker.
Voelker, Associate Partner at the company,
said. “Further adding to the challenge is that The talent drain problem is compounded
the A&D sector’s long running strengths by the sector having to deal with an age-
like risk aversion, strong intentional silos ing workforce. “Globally, the A&D sector is
for security reasons, and slow and steady going through a “gray-to-green” workforce
focus on programs, are starting to become transition, driven by a wave of retirements
detractors for talent. on the horizon,” the experts said. “Our pre-
Voelker Brooke
vious research highlighted that while the
Aerospace and defence companies are “For A&D companies, it’s becoming increas- U.S. leads on this trend with about one-third
losing highly coveted tech talent to other ingly more difficult to compete with big tech of industry employees aged 55 or older, in
sectors and tech players, at potentially un- companies and start-ups that have created Europe, it’s closer to about one-fifth of the
sustainable rates. Technology talent out- strong value propositions that emphasize industry. However, in Europe, a significant
flows are twice the rate of inflows, says the importance of innovation and the cre- proportion of the A&D workforce is aged 50
Brooke Weddle and Andy Voelker, subject ation of leading-edge technologies that to 54, approaching the retirement window.
experts at McKinsey & Company. change the world. This is a call to action This trend is present among both highly
for A&D companies around the globe,” they skilled manufacturing trades and advanced
“The general sentiment is that the A&D said. technical engineering professions.”

to show our commitment to advancing the
future of aviation through our innovative,
intuitive, AI-powered engineering solutions.”

Highlights of Altair’s participation at the
Farnborough Airshow 2024 include:

Sustainable Aviation through AI-Powered
Engineering Simulation Demos: Altair’s
AI-powered simulation solutions enable
aerospace engineers to solve complex
design challenges. By integrating AI into
design and simulation technologies, Altair
provides unprecedented insights and per-
formance improvements for aircraft design
and operations.

Altair Highlights Efficient Manufacturing and MRO with
Intelligent Digital Twins Demos: The compa-
ny’s solutions utilize design and operational
AI-Powered Engineering data to create intelligent digital twins that
enable real-time monitoring and predictive
maintenance, helping aerospace companies
improve safety, reduce costs, and extend
At the Show, Altair is highlighting innova- on sustainable aviation, the smart factory, the life cycle of their aircraft.
tions in engineering simulation, artificial advanced connectivity, and digital engineer-
intelligence (AI), and high-performance ing efficiency.
computing (HPC) that are transforming For government agencies, primes, and
aerospace engineering and production “The power of computational intelligence defense companies, Altair will showcase
processes. is critical to moving the aerospace industry solutions to navigate the evolving digital
forward with improvements in safety and landscape, build solutions at speed, take da-
The company’s AI-powered engineering reducing environmental impact,” said Dr. ta-driven decisions, and deliver programs on
solutions support the entire aerospace life Pietro Cervellera, senior vice president of time and on budget. Its Aerospace Startup
cycle, from conceptual design and manu- aerospace and defense, Altair. “Altair is the Acceleration Program gives startups leading
facturing to operational performance and only company that provides the data science design and data analytics solutions that
maintenance, repair, and overhaul (MRO). and rocket science know-how to take this help them succeed in a competitive global
Company officials are also sharing insights industry to the next level. We are excited market.

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