Congress is taking a look at the DoD’s contractors and what they’re charging the federal government. Recently, Congressman John Garamendi (D-CA), Chair of the House Armed Services Subcommittee on Readiness, and United States Senator Elizabeth Warren (D-MA), a member of the Senate Armed Services Committee, took aim at loopholes in current acquisition laws. The pair has introduced the “Stop Price Gouging the Military Act” to reduce the odds of the DoD being ripped off. The Price Gouging Act also provides financial incentives for contract performance.
“As Chair of the Armed Services Subcommittee on Readiness, I know how much we pay for parts to keep military equipment ready. We know that taxpayers and service members are routinely overcharged by defense contractors due to loopholes in current regulations. We cannot allow taxpayer money to be wasted to inflate the bottom lines of giant defense contractors. Our service members need the tools to properly negotiate prices,” said Congressman Garamendi.
Per the usual, it’s often the actions of the few that ruin life for the majority of the faithful.
Layoffs
Crypto
Crypto.com CEO Kris Marszalek announced over the weekend in a tweet that the company will be laying off 260 employees – or 5% of its workforce.
“Our approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so,” Marszalek wrote in the tweet.
No news on when layoffs are happening, but Crypto is just the latest crypto exchange to either layoff employees or rescind job offers, as the market spirals down.
Hiring
Raytheon
While headquarters are now in Arlington, VA, an influx of contracts has brought on a hiring spree out in California for Raytheon. The defense contractor is looking to fill about 1,000 engineering, supply chain, and tech jobs out at various California locations. With 683 openings in El Segundo and almost 200 in Goleta and a smattering of options in Irvine and San Diego, Raytheon is in growth mode.
Raytheon’s senior director of talent acquisition, Douglas Greene confirmed that they have a variety of opportunities. He said, “Principal electrical engineers is a big one, and we also need people for factory planning, production control and software engineers.”
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Opportunity to Watch
While education and certification programs play an important role in building new talent, apprenticeship programs are often an untapped resource. Recently, the Federal Railroad Administration set up an $8 million grant program for Amtrak, enabling training for 600 employees over the next three to five years. But the DoD also has upskilling and apprenticeship programs in place. SkillBridge is a key DoD effort that helps service members make a successful transition from the military to the civilian workforce. Many employers, like Booz Allen, work with the DoD to train the right employees.
According to Caroline Baxter, deputy assistant secretary of defense for force education and training, more than 50,000 service members have participated in the program with external employers, developing skills to help them secure post-military employment.
“SkillBridge is a critical part of the investment the department makes in the future success of those who serve our nation in uniform,” said Baxter. “We are proud to see the number of companies and service members participating in this vibrant and consequential program grow year over year, and we are meeting this growth in demand with redoubled oversight to ensure this opportunity retains its promise to service members for years to come.”
A successful hiring strategy incorporates as many talent sources as possible.
