Space is a frontier that offers endless opportunities for expansion. For Millennials, the space industry offers an exciting time to launch into new, uncharted territory that can help the cohort themselves grow in their professional careers.
More and more, space exploration has become an appealing venture for Gen Y as the cohort holds a deep fascination with space. According to a National Pew Research study, Millennials want to explore space more than any other generation while 88 percent believe the International Space Station is a good investment.
It’s no surprise that those in the cohort have developed tech and software skills are beginning to move into the aerospace sector.
While new talent offers a bevy of opportunities for the sector’s progress, more Millennials may also want to consider investing their time and talent within the space exploration industry as the NewSpace race kicks off:
1. Stability: Private Companies are Launching Today’s Space Race
Private companies are increasingly entering the NewSpace industry, revitalizing the race into the final frontier. With so much development and investment occuring in space, some experts expect the sector’s value to grow up to $1 trillion by 2040. Not only does this offer lucrative and stable prospects for investors, but also for those looking to start or build a new career.
Millennials themselves have experienced unstable economic climates and hardships, coming of age, first during the Great Recession of 2008 and now with the looming threat of another. Gen Y values working within stable industries with room for building a future in their careers. Research from Deloitte University shows that Millennials seek stability in their careers, but given the apprehension of the economy they may be more loyal to stay with employers than they were in previous years. Private space exploration companies will want to build upon this stability, continuing to implement Millennials in the details of their plans to grow their companies, explore new areas of space and working with partners to facilitate successful missions.
2. Innovation: Develop Your Skills
The space exploration industry is constantly evolving and innovating in ways that are reshaping the way we see and interact with the world and our place in it. Recently, the private NewSpace sector developed inventions like the MPASS (Multi-Parameter Aerosol Scattering Sensor).
With so much innovation occurring, Millennials will want to harness the opportunities to join a space industry company that is developing its innovation enterprises. According to a study from Bridge, an employee business development suite, Millennials who are offered developed opportunities are most likely to stay loyal to that company.
Emily Foote, VP of Customer Engagement at Bridge, says, “Millennial employees are looking for something different in their jobs, beyond good compensation.”
Foote continues, “They aren’t satisfied with routine promotions or pay bumps; they want opportunities to learn, develop new skill sets, and grow into leaders. Organizations that create learning environments are rewarded with employee engagement and loyalty.”
While not a private space company, NASA’s Jet Propulsion Laboratory established the Phaeton mentoring program that helps its Millennial employees’ desire for further training, providing them with a valuable end-to-end experience, streamlining a process that would normally take years to acquire. As other private companies incorporate learning and mentoring programs that help their employees feel confident and curious, they can help Millennials take chances in a constantly developing industry, which will push innovation forward.
3. Ethics: Exploring the Potential of Positive Impact
Space exploration can help people ask fundamental questions about the human condition and our place in the universe. One goal of organizations like Space for Humanity, for instance, is to democratize space exploration for everyone through the values of transparency, kindness and integrity, among others. Private companies like SpaceTime Enterprises are also incorporating has a similar focus, but using AR and VR technologies for customers to experience real-time views of space and other immersive experiences at better than retina-level resolution.
Millennials who are characterized by their social responsibility may be eager to join the space industry for these philosophical and humanitarian reasons alone. The cohort is known to desire working for companies with a positive social impact and how they do good for the world.
NewSpace companies who offers Millennials a purpose beyond innovation and professional development will help build more lasting relationships with the employees but also consumers, while the Gen Y employees will find more fulfillment, engaging teams and the passion and drive to create the best possible space exploration products they can create.
Now is a time that Millennials and new and private space companies are configuring their roles as they prep for increasingly profound innovations in the field. As both parties align to created added-value for themselves, each other and the rest of humanity, Millennials have reason to want to enter the NewSpace industry which is ready for them to make a permanent mark on.