Attracting and retaining top talent for the manufacturing industry is more challenging than ever. Employment is up, U.S. unemployment is at a 10-year low[1] (falling to 4.4 percent this year) and Baby Boomers are reaching retirement age and exiting the workforce. The global supply of high-skill workers is not keeping up with demand, and, according to the McKinsey Global Institute[2], there may be a potential shortage of more than 40 million high-skill workers by 2020. HR departments have shifted focus from salaried employees to filling hourly positions, which increasingly require problem-solving skills and technical expertise.
Unfortunately, the manufacturing industry is suffering from a perception problem; eligible recruits fear layoffs, associate the industry with a “lower status stigma”[3] and foresee superior career growth in other occupations. To mitigate these issues, companies must be creative in their appeals to the next generation of manufacturing professionals. Here are some methods to help improve recruiting and retention:
Recruiting the next generation of manufacturing workers won’t be an easy feat. But with a renewed approach to HR and talent management, the industry can find its future leaders.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.
©2018 Bank of America Corporation
About the Author:
Rita Sola Cook is Regional Executive, Global Commercial Banking at Bank of America Merrill Lynch.
[1] Bureau of Labor Statistics, 2017
[2] McKinsey Global Institute, 2012
[3] Society for Human Resource Management, 2015
[4] Industry Week, 2018
[5] Ernst & Young, 2015
[6] Society for Human Resource Management, 2015
[8] We Are Social, 2018
Jeff White, leader of Robinson+Cole’s Manufacturing Law and Aerospace Supply Chain teams, and one of the most respected voices in the manufacturing world today, discusses the implications of tariffs becoming a permanent fixture, supply chains under constant stress, and technology transforming how companies operate. Jeff works with clients around the globe helping them navigate market access, growth, and disruption. He shares candid insights on how manufacturers can adapt to workforce shifts, embrace innovation, and stay competitive in a rapidly changing landscape. 🎧 Tune in to learn how to not just survive—but thrive—in today’s era of disruption.