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Anew year is upon us, bringing great optimism and opportunity for the manufacturing industry. The ticking clock, however, reminds us we are closer to the end of the decade when a perfect storm of a limited employee pipeline, a retiring workforce, reshoring and the changing pace of technology is expected to place even greater labor demands on manufacturers, challenged by an already slim supply of skilled workers.
While there are positive signs that manufacturers are starting to take action, there is much still to do to ensure the industry and our nation remain competitive. After all, keeping the manufacturing engine going and growing is an important driver for the US economy and for the country to remain competitive. With nearly 12 million Americans (or 9% of the workforce) employed directly in manufacturing according to the National Association of Manufacturers, the industry is a strong job creator and generates jobs in other industries.
For continued growth, manufacturers must have access to skilled labor, an area where the industry is severely challenged. According to a recent SME survey, 9 out of 10 manufacturers are having difficulty finding skilled workers and they say this is directly hurting their bottom line. The same survey showed that not having access to a talented workforce is impacting production, quality, innovation and growth.
With businesses success on the line, focusing on training and development should be the clear choice. However, while employers invest in equipment, tooling and materials, they often neglect to make a similar investment in their employees. If workers don't keep up with technological advances, the whole structure moves out of balance. A well-trained employee will more effectively utilize the capability of new equipment, leading to increased innovation and productivity.
Three Workforce Development Trends
There are positive signs that manufacturers are beginning to understand the importance of addressing this skilled labor gap now before it's...