The Aerospace Executive Podcast

Working with Millennials w/ James Durham

Are Millennials really the entitled generation who want to start at the top? Or, are they just more flexible and willing to take risks? James Durham, my friend and podcast Producer, shares his insight on millennial values and the challenges companies face in attracting next generation talent.

 

 

For my generation of job applicants, the benefits they desire are not homogenous. The long-term upsides of 401k matching or retirement plans don’t resonate for everyone the way they used to. -James Durham

Takeaways + Tactics

• Some want freedom and immediate gratification. Others see success as a goal they must work hard to achieve. Companies must pivot to both to match and manage expectations.
• They are very tech-savvy, and highly skilled
• Companies need to leverage social media for marketing AND recruiting. Many millennials want to see companies active in social dialogue and modern in their social mindset.
• Younger workers have become geared towards schedule flexibility, travel opportunities, and autonomy. More importantly, though, it varies greatly from person to person. Want to know what a worker wants? Then be prepared to ask them a direct question.

 

For more aerospace industry news & commentary: http://northstaresg.com/

To learn more about Craig Picken and the NorthStar Group, visit http://northstaresg.com/.

 

In the beginning of the episode, we talked about how college graduates see the workforce and how likely they are to be attracted by companies who either promote themselves as culture centric (e.g., Google and Amazon) or companies who come with the offer of steady growth. James also shared his opinion on why millenials are more likely to take risks and why they have less to lose than baby boomers did when they were in their twenties and thirties.

We also covered:

• The impact of the “prolonged adolescence” on the workforce
• Why influencers on social media are good at delivering the information to millenials
• How the lack of job security has made people think about betting on themselves and starting a business instead of working in the corporate world

 

Millennials are starting families later in life, traveling extensively and changing jobs more frequently, which is having a big impact on the workforce. They are also more likely to take risks and build their own business, as they often feel they don’t have much to lose. Providing relevant benefits and a path for growth is the key to harnessing the power that they bring.

Pilots and the Modern Flight Department w/Dave Scheu

Attracting the right people in your company is vital for success. But what happens when you can’t offer as much financial incentive as the big players? What else can you offer to your future pilots? Is investing in their education worth it? In this episode, Dave Scheu talks about how to find talented pilots and lower turnover rates.

 

The technology is moving fast. It’s almost a shame that I wasted this money on a piece of equipment that is obsolete in a year. -Craig Picken

Takeaways + Tactics

• It’s more than pay.  Added benefits, flexibility, and a company culture that values its pilots helps to keep turnover rates low.

• Pilots who seek continuing challenges won’t always be happy in the airline. They want companies who can deliver on their interests.

• Hire people who have a future plan, even if your company is not included in that plan.

• Invest in your people. Investment in their continuing education shows interest in their growth.

 

For more aerospace industry news & commentary: http://northstaresg.com/ 

To learn more about Craig Picken and the NorthStar Group, visit http://northstaresg.com/.

 

In the beginning of the episode, we talked about talent acquisition and how important is to invest in the education of your pilots. We also touched on the technological changes and how much money is lost due to buying equipment that will be improved upon the next year.

We also talked about:

• The potential of the supersonic business
• How automation impacts the skills of a pilot
• The importance of improved satellite communication

It’s hard for flight departments to compete with the airlines on wages alone.  But attracting the right people is not impossible… it just takes some thought and creativity.

How Can Anyone Make Money? Boeing, Airbus, Partnering for Success, Consolidation and Trade Wars w/Kevin Michaels

Thought leader Kevin Michaels draws from his 30 years of experience and shares insights on the current state of the aerospace industry.

 

 
We are in an industry with enormous entry barriers and incredible complexity. -Kevin Michaels

Takeaways + Tactics

• While the behemoths are rising, the independents are laser focused for success.
• Air travel demand is on fire globally with 7% annual growth, driving up asset prices.
• Boeing has set aggressive goals which will change the company mindset and shake up expectations.
• US-driven trade wars and sanctions are driving uncertainty in the supply chain, particularly in raw materials.

We also shared insights on:

• The tremendous uncertainty in supply (both uranium and aluminum)
• The impact of geopolitics on the aerospace industry
• Airlines and the growth of outsourcing in the last few decades
  
  

The aerospace industry is growing, but we are also living in times filled with uncertainty when it comes to aluminum and uranium, caused by the U.S sanctions on Russian oligarchs. There are 3 strategies that companies can use to grow: low costs, differentiators, and focus. At the moment, the market is evolving towards focus and narrower niches, but the optimistic growth plans set by companies like Boeing can easily be impacted by foreign suppliers.

For more aerospace industry news & commentary: http://northstaresg.com/

To learn more about Craig Picken and the NorthStar Group, visit http://northstaresg.com/.

Rising Above the Status Quo w/ René Banglesdorf

Failure is an option, and fear of failure is inevitable. On this episode, Aviation CEO René Banglesdorf shares how she found success out of the depths of the great recession and discusses our role in producing the next generation of innovators.

If you can succeed in the bad times, you’ll love the good times.  But if you’ve never seen bad times, then watch out!  

 

 
The ability to transform fear of failure into determination to win, no matter what-- THAT’s what makes people rise above the status-quo. -René Banglesdorf 

 

Takeaways + Tactics

• The fight against mediocrity happens every day. Every day we make choices that will either push us forward or make us stall.
• Companies with a diverse pool of employees are more creative and offer differing points of view.
• When determining what your company should hire for, look inside the systems and see what is lacking.
• Millennials need a sense of purpose.  Give them something to believe in and they will pour their hearts into it.

 

Resources

For more aerospace industry news & commentary: http://northstaresg.com/

To learn more about Craig Picken and the NorthStar Group, visit http://northstaresg.com/.

 

At the beginning of the episode, we talked about the importance of putting people of diverse backgrounds in the aerospace industry. This is not only to give them an equal opportunity to succeed but also to bring new perspectives to the table.

Rene also shared insights on:

• Why the fight against mediocrity starts with emotional resilience
• The role of innovation in driving younger generations to the industry
• Universal rules about finding the right candidate

You can’t leave a legacy in one day. The secret to success is fighting back after a failure and transforming your fears into fuel to fight the next battle. 

The Surprising Truth About What Makes Us Successful w/Jeff Haden

We’re often intimidated by co-workers, relatives, and friends that make it big and wonder “What do they have that makes them successful in everything they do?” Is it talent? Or, insane drive and motivation? Jeff Haden shares the surprising truth about success and motivation, and making things happen.

 

 

Who can I emulate? What roadmap can I find? You don’t have to perfect new wheels. There are perfectly working wheels there already. -Jeff Haden

 

Takeaways + Tactics

• You don’t need an “Aha moment.”  Motivation is something you create.
• Your goal doesn’t have to be your life’s passion to find motivation to do it.
• Most successful people are hardworking and persistent. They follow a roadmap and are the last to quit.
• Success comes in small bites which eventually leads to accomplishments of big goals.

 

Resources

For more aerospace industry news & commentary: http://northstaresg.com/

To learn more about Craig Picken and the NorthStar Group, visit http://northstaresg.com/.

 

At the beginning of this episode, we unpacked what Jeff Haden learned about successful people in the process of writing his book “The Motivation Myth: How High Achievers Really Set Themselves Up to Win.” We also talked about his conclusions after studying high achievers, and what it really takes to become successful.

Jeff also spoke about:

• Successful people work harder than everyone else around them.
• Most people are willing to help if you ask them nicely, as they’re flattered by it.
• Always ask yourself “Will this action bring me closer to my goal?”

Many entrepreneurs quit their job after coming up with a business idea, justifying their actions by saying they want to be “all in.” However, this approach is incredibly risky. What if your business doesn't bring any revenue? Are you prepared to take care of all of the aspects of your business? As a worker, your roadmap and job description are well-defined. But as a business owner, you have to fill in many roles, and often won’t know what step to take next. Keep your job, and treat your business as a side hustle. Test your business idea and find out whether you’re suited to be an entrepreneur.

How to Stay on Top of the Aerospace Industry as a Sales Executive w/Brant Dahlfors

 

There is no end to what you can learn about the airplanes you sell, the sales processes, and how to manage a team. But how do you keep reinventing yourself? What are the best sources of leads? How can you add more value to your clients? On this episode, Brant Dahlfors shares his approach to selling jets.

 

 
I do believe you have to reinvent yourself to stay relevant through your career.  -Brant Dahlfors

 

Takeaways + Tactics

• The best way to sell is to develop a direct relationship with your prospects.

• Refusing some deals is part of the business. So is bringing more value to your prospects via detailed information that is relevant to their interests

• Pay attention to the new factors that affect your business. You can never know too much about sales processes, the tech of your competitors, and the technology of airplanes.

• Word of mouth and recommendations are some of the best lead generation sources.

 

Resources

For more aerospace industry news & commentary: http://northstaresg.com/

To learn more about Craig Picken and the NorthStar Group, visit http://northstaresg.com/.

 

At the start of the show, we talked about how to broaden your horizon outside the local market, and the importance of developing a direct relationship with your prospects. We also discussed the value of word-of-mouth and personal recommendations, as well as the importance of keeping an eye on everything that affects your business.

We also covered:

• The importance of being in touch with the latest technology advancements
• How to improve the dynamics in your sales team
• How to look more professional in the eyes of the client

Constantly reinventing yourself is a strong way to stay relevant in a competitive business. Make the tech work for you. It will keep your work fresh and interesting.

 

The Democratization of Business Aviation w/Alasdair Whyte

With the growth of global business, airlines are struggling to keep up with the demand of travelers. What does this mean for business aviation as an industry? Are we on the verge of a Golden Age for aviation? What makes this industry so unique? On this episode, I talk to the co-owner and founder of Corporate Jet Investor, Alasdair Whyte, who shares the future for the business aviation industry.

 

We’re about to see a Golden Age of business aviation. -Alasdair Whyte

 

Takeaways + Tactics

• Business Aviation is a small community.  OEMs rely on good brokers. Brokers rely on good operators. OEMs, Brokers and Operators get leads from financiers or lawyers and other channels.
• When 1,000 random Americans were surveyed, 25% said they’ll fly in a business jet in the next 10 years.
• The US is a great place to own a jet because fuel is cheap, and it’s easy to take-off, land, & park. Permits are obtainable, and there are many private airports. This is not the case throughout the world

 

Resources

For more aerospace industry news & commentary: http://northstaresg.com/

To learn more about Craig Picken and the NorthStar Group, visit http://northstaresg.com/.

 

Alasdair talked about how he got started and the advantages of growing a business in a lean economy. Next, we talked about why business aviation is such a unique industry and what is going to create more demand for it.

We also discussed:

• Why Alasdair thinks business aviation is on the verge of a Golden Age
• The average age of owners in the business aviation space
• Different players and countries in the global market

The cost of business aviation is coming down, and more people are going to adopt it. Airlines are going to struggle to fulfill the needs of a growing global business community, and this is where business aviation steps in. The US has proven to be THE best places to own a jet from a business standpoint-- and that’s why it’s booming.

JSSI’s Neil Book is Running an Innovative Technology Company that Benefits Aircraft Operators

The OEM and third-party maintenance worlds are incredibly competitive. How can a company provide value that cuts through the competition? What are some of the additional commodities that can benefit the whole market? How does leveraging of data raise industry standards? On this episode Neil Book, President and CEO of Jet Support Services, Inc shares valuable insights on these topics.

 

I try to bring a sense of urgency and the need to innovate. -Neil Book

 

Takeaways + Tactics

• A younger fleet means aircraft can be in engine programs a lot longer.
• As new aircraft sales have stalled, the OEMs are focusing heavily on the aftermarket.
• As you build new businesses and revenue streams, it is important that they continue to feed the core business.

 

Resources

For more aerospace industry news & commentary: http://northstaresg.com/

To learn more about Craig Picken and the NorthStar Group, visit http://northstaresg.com/.

 

 

At the start of the show, we talked about the work JSSI does, and the changes they’ve made to the age of the aircraft in their engine program. We also discussed why manufacturers and OEMs are focusing more on the after-market. He shares the value-add commodities they have integrated into their customer service.

We also discussed:  

• Strategic partnerships and communication
• How Neil’s tech experience translated to how he does his work at JSSI
• The importance of new revenue streams the feed into the core business

Leveraging buying power with the maintenance community will translate into very competitive rates. This removes the risk of aircraft maintenance and can reduce the overall maintenance cost. Combine technology, innovation and partnerships with the best MROs in the industry, and the ultimate beneficiaries of this are the aircraft operators.

 

Guest Bio:

Neil Book, President and CEO of Jet Support Services, Inc. (JSSI). Find him on LinkedIn https://www.linkedin.com/in/neilbook/.

How Jeff Barger Used Leadership Essentials to Turn Around a Business & Get Union Buy-In

A winning company is rooted in strong culture and good leadership. When this is lacking, what are the questions you should ask to start turning things around? How do you evaluate whether the management has the appetite to do what needs to be done? How can you go about assembling the right team? On this episode, President and CEO of Zodiac Aerospace, Jeff Barger, shares his strategies for transforming a company from struggle to profitability. 

 

The right team has to be assembled. -Jeff Barger

Takeaways + Tactics

• You want collaborative, cross-functional types of leaders.
• Lead by example and do what you say you’re going to do. 
• Bonuses for operators: money is nice to have, but it’s the recognition they really want. 

Resources

For more aerospace industry news & commentary: http://northstaresg.com/

To learn more about Craig Picken and the NorthStar Group, visit http://northstaresg.com/.

 

At the start of the show, Jeff gave some background on his career. He shared his experiences turning businesses around, and how he has successfully done this over the last 15 years. Next, we talked about how to evaluate the culture and leadership to see what needs to be done, as well as the best ways to incentivize hard work.

We also discussed:

• The kinds of leaders you need to have
• How do get the buy-in of the workers
• Dealing with unions
• Mistakes other companies have made

It’s natural for people to be a little cold to a new leader, but when they see that action is taking place, they will start warming up. Once the trust builds, they will start to do the things necessary for their own personal success. That's where you really see the ownership start to get traction at the operator level. 

How Data Sharing Will Dramatically Change the Aviation Industry w/Eldon Thomas

The aviation industry is ripe for excess and unnecessary spending. How has this affected the balance of power? How will technologies like blockchain promote better data sharing and conversations? On this episode, we are joined by Eldon Thomas from Velo Aviation and Jet Data to answer these questions. 

 

We can share information and data across the industry on the best solutions for performance and reliability. -Eldon Thomas

 

Takeaways + Tactics

• GE is driving more revenue on the aftermarket services than they are from selling new engines.
• OEMs invest a lot of money into the products so they can capitalize on the backend, and the leasing companies all want products for a price that makes sense for their balance sheets.
• A tracking and information system for parts will help everyone in the industry, and keep insurance costs in check.
• Blockchain technology is coming to aviation.

 

Resources

For more aerospace industry news & commentary: http://northstaresg.com/

To learn more about Craig Picken and the NorthStar Group, visit http://northstaresg.com/.

 

Eldon shared how he got started, and explained his interest in supply chain management in aviation. Next we talked about the whole parts industry and the factors controlling it, followed by the possibilities blockchain presents for aviation, and how it can completely change everything for every stakeholder in the industry.

We also discussed:

• Why companies end up overpaying for insurance
• What makes the airline industry unique
• Why there’s a demand for surplus parts

The airline industry is unique. There is a global need for parts which is unpredictable, and parts traceability is expensive. The entire industry can be transformed by Blockchain, the same technology used in Bitcoin, to create a very secure database that is difficult to hack and misuse to bring sanity to an often insane supply chain.