Question

A company designs and manufactures sophisticated and unique components for satellites. Its product development process can take a decade. It forecasts steady growth and demand for designers and technicians. What strategy is the company most likely to use to meet its workforce needs?

Focusing on automation of job tasks to decrease the demand for trained staff

Investing in developing and retaining knowledgeable and skilled employees

Developing long-term relationships with temporary staffing sources and contracting as needed

Attracting the best talent by offering the highest compensation rates in the market

Answer 1

The company is most likely to use the strategy of attracting the best talent by offering the highest compensation rates in the market. This ensures that the company can compete for top designers and technicians and retain them, contributing to the long-term success of the company.

Step-by-step explanation:

The company is most likely to use the strategy of attracting the best talent by offering the highest compensation rates in the market. As the demand for designers and technicians is forecasted to be steady and the product development process takes a decade, it is crucial for the company to have skilled and dedicated employees who can contribute to the long-term success of the company.

By offering the highest compensation rates in the market, the company can attract top talent from the industry. This strategy ensures that the company can compete for the best designers and technicians who have the necessary expertise and experience to work on sophisticated and unique components for satellites.

This approach not only helps in recruiting top talent but also helps in retaining them. Employees are more likely to stay with a company that offers competitive compensation, which reduces turnover and ensures continuity in product development and quality.