Tag: drain

Analysts warn of Boeing talent drain, question company’s long-term strategy | In depth

A cadre of departing mid-level Boeing staff has raised questions about whether the company could find itself short of critical expertise needed to advance future commercial aircraft programmes, say aerospace experts.

Bloomberg reported on 26 September that 170 Boeing vice-presidents and other middle-tier staff, including 70 commercial aircraft employees, have taken buyouts. The first of those will depart the company on 2 October in exchange for one year of salary.

boeing building

Boeing insists staff cuts will not degrade its ability to compete. But some industry experts express surprise at how many skilled workers are leaving, warning that Boeing must be careful not to cut too deep.

“We are witnessing the departure of a critically talented, experienced segment of the Boeing executive workforce. And that you cannot replace easily,” says Michel Merluzeau, aerospace analyst with consultancy AIR.

“The response has reportedly been really strong to the voluntary layoff packages,” he adds. “I

Read More

Business owners drain savings to survive pandemic: ’I’m not planning for a big rebound in 2021. I’m looking at 2022,’ one says

NEW YORK — When the coronavirus outbreak forced cruise lines to cancel trips to Alaska, it wiped out Midgi Moore’s tour business, leaving her with thousands of dollars in deposits to refund.

Moore’s company, Juneau Food Tours, didn’t have enough cash on hand. So, she withdrew $30,000 from her retirement account — a painful decision for a 56-year-old starting to look forward to the day when she can stop working.

“It was a gut punch,” Moore says.

Many business owners are tapping the money they socked into personal savings and retirement accounts to withstand the pandemic. For some, like Moore, there are big expenses coming due while for others it’s a way to offset the losses and stay afloat until the virus eases its grip.

Owners are trying to keep their businesses alive at a critical time for the U.S. economy. Small businesses employ nearly half the nation’s workforce. In

Read More