Manufacturing Adapts to Maintain Growth
Undoubtedly, manufacturing has had to adapt to overcome in the past few years. It’s one of the industries most affected by the global health pandemic. Manufacturing companies are struggling to keep up with the capital needed to maintain output, supply their goods to their clients, and keep employees. Therefore, capital is one of the most valuable resources of the product manufacturing industry and businesses working in this space.
Fortunately, there are strategies manufacturers can depend upon to maintain their growth. And, recover from the hardships of the pandemic and common industry-related challenges that manufacturing companies are facing as the result of changing economic conditions and employment.
Workers The Main Dilemma Facing the Manufacturing Industry
Employee retention and onboarding remain the most daunting challenge for manufacturers. Before the pandemic even hit, manufacturers were starting to see a drop-off in ‘baby boomer’ age employees, as they started to retire. But, as the pandemic began, this issue became even more prevalent.
Manufacturing Pivots to Adjust to Tightening Labor Market
Manufacturing has changed immensely over the past decades and is working hard to change its perception to attract talented workers. They are doing so by promoting innovative technology to attract recent graduates, communicating the value of vocational training to high schoolers, offering apprenticeships, and recruiting underrepresented demographics such as women and veterans.
Attracting new talent is only one side of the coin the other is retention. It has become a crucial strategy for manufacturers to close the skills gap by retraining current employees. In addition to retraining, offering competitive pay levels and incentives helps in retention. Establishing a mentoring program between older employees who are close to retirement with newer employees to acclimate faster. Ensuring new employees understand what skills and knowledge they need to succeed.
Provide for the Needs of the Current Workforce
Manufacturers are working hard to overcome labor shortages. It all comes down to focusing on the value of the work to attract both experienced and prospective workers. At the same time strengthening, the current workforce through retraining, providing incentives, and competitive salaries. These strategies will go a long way toward finding the right people to keep the production lines humming.
Looking for financing to keep your production line humming, see how our solutions help manufacturers.
