Bank of America anticipates the growing space economy will more than triple in size in the next decade, with the firm forecasting space will grow to become a $1.4 trillion market this week.
The space economy has expanded principally due to a record period of private investment and
new investor opportunities in companies involved in satellites, spaceflight, and more. At the same time, Bank of America tracks just 14 publicly traded stocks with exposure to space.
However, there is even more expansion to come in the space industry.
The continued expansion, however, could create a problem. The rapid growth means there could be a shortage of qualified individuals to perform these highly technical tasks.
Yet, a gap in global STEM skills exists, which undoubtedly contributes to the talent shortage in the space industry. According to a recent Randstad Data survey, the U.S. has approximately 3 million additional STEM jobs open than the number of skilled workers capable of filling them.
Despite other sectors of the economy encountering a downturn due to COVID-19, the aerospace industry is seeing continued growth.
A new media report released by the nonprofit Space Foundation discovered that U.S. private space employment had reached a ten-year high.
Space is now home to the most vibrant and creative economy on the planet. Therefore, Nova Space is dedicated to enabling and expanding access to build a skilled workforce for tomorrow.
There has never been a better time to pursue your passion in the space economy.
Staffing Qualified Employees
SpaceX, the company accountable for sending astronauts to the International Space Station, presently has over 50 available positions in Cape Canaveral. Blue Origin, established by Amazon’s Jeff Bezos, has 31 openings at its plant in Merritt Island and 322 jobs at its establishment in Kent, Washington.
Meanwhile, aerospace giant Boeing is looking to fill nearly 400 space-related jobs all over the country.
The smaller guys are hiring, too. There are nearly daily postings from companies like Astroscale US in Denver or Masten Space in Mojave, CA.
The high demand for premium employees is expensive.
The analysis of the average private U.S. space sector salary found employees earned $123,234 on average, which is more than double the average salary of $59,292 for all U.S. private-sector jobs. The wages are well above the average annual salary of $95,350 for STEM occupations.
The space industry should very much compensate employees with specialization at a high level. However, many potential hires do not have all the required skills.
Employing candidates with les- specialized skills could help alleviate some of the compensation stress held by the space industry.
It is never too early to think about professional development in the space industry. Investing in your workforce is the best way to ensure your employees’ career and academic growth continue. However, it can take up precious time and resources.
Here are a few explanations why professional development in the space industry matters:
It sets the space industry up for continued success.
In your first year, there are bound to be some bumps along the way. However, the professional- development courses can help students prepare and be ready to tackle the industry’s challenges. Experiencing professional-development courses will expand their skillset and build up their “toolkit,” so they will have everything they need to start their career off strongly.
It expands the knowledge base.
Participating in professional-development courses will expose them to new ideas and perspectives, perhaps some they had not thought of before. Even if they come in with the premium skills you demand, a wealth of knowledge will come from actively participating in such courses.
It’s a confidence booster.
Attending professional-development courses will increase their expertise in the space industry. As a result, the knowledge will help build confidence in their craft, which will carry over into other interactions. They will share the most accurate information when interacting with other employees. The constantly learning culture is exciting and will continue to energize your employees.
It helps you set & achieve your goals.
Setting career goals for employees is essential to help them stay on track. Partaking in professional-development courses is productive for them to see how far they have come. Professional development can give the necessary resources to achieve those goals efficiently.
Currently, space organizations rely on conventional academic standards to fill their talent pipelines with engineers, scientists, technicians, and non-technical professionals. They support various business functions in the space industry.
Entry-level non-technical employees generally lack the space-industry understanding to comprehend at an entirely fundamental level. The complete mastery of the process involved in designing, manufacturing, launching, and operating spacecraft has not been acquired.
Professional development of space industry employees has had a significant gulf in the employees’ knowledge base. While not essential for their day-to-day business procedures, fundamental knowledge of their space organization’s goals, capabilities, and technical practices reduce internal and external communication barriers.
Nova Space’s professional-development courses help space industry professionals acquire the necessary knowledge and skills; therefore they are set up for success in the space industry now and in the future.