The workplace is changing and there’s no denying it, especially in the manufacturing industry. Whether it’s because of the technology (i.e. Artificial Intelligence, Robotics) and data available (i.e. Internet of Things), the changing demographics (i.e. baby boomer retirements) and expectations of the workforce, greater degrees of automation or the advancing “gig” economy, business is evolving to stay relevant and employees are demanding more of their employer. According to the National Association of Manufacturers (NAM) 2019 Outlook Survey, 68.8% of respondents cited an inability to find skilled workers as a top challenge.
Manufacturing firms also have the added challenge of updating the public perception to draw in new talent. A 2017 US perception survey from Deloitte found that only 30% of respondents would encourage their children to pursue manufacturing careers. The same survey shared common perceptions of the industry, which include “Americans are apprehensive about a career in manufacturing because they are worried about job security and stability, a weak career path and poor pay.” The negative perception paired with a potential shortage of 2+ million skilled workers by 2025 highlights the importance of attracting and retaining talent for this critical industry.
Top Trends for 2019
By leveraging some of the top trends across all industries, manufacturers can build their workforce, challenge outdated perceptions, and position their organizations for future growth. The top global employee benefits trends for 2019 include:
- Transitioning from Wellness to Well-Being
- Preparing for Generation Z
- Employee Engagement
Manufacturing and production firms must consider fine-tuning their benefits packages to ensure they are poised to impact their workforce in the way they desire and remain competitive in a global economy. Employers need to ask, “What role do we want our benefits program to serve in our culture?”
Contact a trusted RCM&D advisor to discuss how to enhance your employee benefits package to help attract and retain top talent for your manufacturing or production firm.