Manufacturing Today - March/April 2016 - 14


The Right HR Strategy Can
Address Manufacturers'
Workforce Challenges
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

There's no question that manufacturers contribute significantly to the nation's economy. According to the Bureau of
Economic Analysis (BEA), manufacturers generated $2.09
trillion in 2014, which accounted for 12 percent of the country's gross domestic product (GDP). The BEA also found
that, for every $1.00 spent in manufacturing, another $1.37
is added to the economy, representing the highest multiplier effect of any industry. Furthermore, one in every six
American jobs is in the manufacturing sector, meaning that
more than 17.6 million workers rely on manufacturing for
their paychecks and livelihoods.
14

manufacturing-today.com MARCH/APRIL 2016

SERVICE

S U S TA I N A B I L I T Y

B UY AMERICAN

C ANADA MANUFACTURING

Manufacturing clearly plays an essential role in the success of the American economy. Unfortunately, many
companies struggle when it comes to
the essential function of human resources, which can inhibit their own
success. Throughout the industry,
employers are being challenged by
high turnover and an inability to attract top talent. To overcome these
challenges, manufacturers must develop a sound HR strategy that promotes an employee-centered culture.
The manufacturing workforce is
getting older, as the average age of a
skilled worker in a U.S. manufacturing company is 56 years old. As these
employees approach retirement,
there seem to be few candidates ready
to step in and take their place.
That's because younger workers
- those from generations X, Y and Z
- view manufacturing less positively
than other employment sectors. In
their eyes, manufacturing is dull and
unprogressive, and careers within
the field are less prestigious and offer
limited advancement opportunities
in comparison to other career paths.
While older and more informed
individuals realize these opinions
are false, this perception has led to a
very real shortage in the employment
pipeline. A recent report from Accenture revealed that 55 percent of manufacturers say they currently have or
will soon have a shortage of skilled
workers. To make matters worse, retaining workers who do enter manufacturing is equally challenging.
In its report, "Ready-Now Leaders:
Meeting Tomorrow's Manufacturing
Talent Challenges, Global Leadership
Forecast 2014-2015," Development
Dimensions International stated that
employee turnover rates for manufacturers will increase by more than
25 percent in the very near future.

AH
S R EXPO 2016

P R O F I TA B I L I T Y

N EWS

T ECHNOLOGY

C ONTENTS

D IALOGUE

E MPLOYEES

S U P P LY C H A I N

M ANAGEMENT

C OVER STORY

L AST PAGE

P R O F I TA B I L I T Y

T H E B AT T E RY S H OW

L EADERSHIP

O P E R AT I O N S

W ORKFORCE

COLUMN BY | LOUIS BASSO AND BARRY SHORTEN


http://www.manufacturing-today.com

Table of Contents for the Digital Edition of Manufacturing Today - March/April 2016

Contents
Manufacturing Today - March/April 2016 - Cover1
Manufacturing Today - March/April 2016 - Cover2
Manufacturing Today - March/April 2016 - 1
Manufacturing Today - March/April 2016 - 2
Manufacturing Today - March/April 2016 - Contents
Manufacturing Today - March/April 2016 - 4
Manufacturing Today - March/April 2016 - 5
Manufacturing Today - March/April 2016 - 6
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