In the dynamic landscape of the manufacturing industry, securing top-tier talent is only half the battle.
The real challenge? Keeping them.
As manufacturing processes evolve, the value of skilled labour rises, making employee retention in the manufacturing industry a key factor in business sustainability and growth.
Let’s take a quick look at the employee retention challenges the industry faces and how businesses like Ben Machine are paving the way for employee-centric strategies.
The Challenge of Employee Retention in Manufacturing
Manufacturing, with its rigorous demands and need for precision, has always required skilled hands. But in an age where labour shortages and skill gaps become increasingly prominent, holding onto those hands becomes a task of paramount importance.
Deloitte forecasts the creation of 3.5 million manufacturing jobs by 2025, yet anticipates over two million of them remaining vacant due to a shortage of skilled professionals. According to a recent survey, Canada witnessed a voluntary turnover rate of 15.5%, marking a 12.4% rise from the previous year. This uptick may indicate that employees are seeking greater flexibility in their roles or are discontented with their present employers.
High employee turnover rates are a significant cost implication – from recruitment costs to lost productivity. Moreover, with the rapid technological advancements in manufacturing processes, the demand for a workforce adept in contemporary techniques is skyrocketing. These demands, juxtaposed against a backdrop of an aging workforce and younger generations gravitating away from manufacturing roles, crystallize the retention challenge.
Understanding the Root Causes
The manufacturing sector grapples with high employee turnover, predominantly attributed to three pivotal concerns:
- A workplace culture that feels distant or unsupportive
- A sense of stagnation in career progression
- Remuneration that fails to match both market standards and individual expectations
Surveys often unearth varied individual sentiments; one employee might express feeling underappreciated, while another yearns for roles that stretch their capabilities. Besides, the emerging workforce brings a fresh perspective to the table.
For this new generation, the concept of work-life balance is an essential aspect of their work ethos. Within the intensive environment of manufacturing, achieving this equilibrium poses a challenge. Recognizing and addressing these complex issues is critical for organizations looking to win the war for talent down the road.
Strategies for Improving Employee Retention
To retain talented employees, progressive companies are using a diverse range of strategies. Drawing inspiration from Ben Machine’s approach, here are some proven strategies that can help you retain your top talent:
1. Create a Positive Workplace Culture
When employees feel valued, listened to, and integral to the company’s mission, they’re more likely to stay. So you have to foster an environment where open communication is encouraged and each worker feels part of a larger purpose. This is how you can significantly reduce feelings of alienation or stagnation.
2. Offering Training and Development
Employee development is key. When companies provide opportunities for employee training and development, it enhances their workforce’s skill set as well as enables career progression. At Ben Machine, the educational support program demonstrates our dedication as we provide financial assistance for courses that enhance our employee’s professional development.
3. Competitive Compensation
Compensation remains a significant factor in job satisfaction. When you offer competitive pay scales and understand market benchmarks, it signals your recognition of an employee’s worth. Besides, unique benefits like our share purchase plan can further incentivize long-term association.
4. Work-Life Balance
Meeting production targets and deadlines are two inseparable parts of the business world. However, we can’t overlook the importance of work-life balance. Flexible hours, understanding personal commitments, and other benefits can help employees maintain a comfortable work-life balance. For instance, we offer fitness membership so that our workers can improve both physical health and mental well-being.
5. Recognition and Rewards
Feeling unseen or unappreciated is also a leading reason employees feel dissatisfied. Regular employee recognition for accomplishments, be it through monetary rewards, career advancements, or even simple acknowledgments, can make employees feel cherished. Our approach of offering retention bonuses on employment anniversaries is a prime example of such recognition.
Tips for Job Seekers
For those on the hunt for a fulfilling role in the manufacturing industry, it’s important for them to identify companies that prioritize employee retention. Here are a few tips:
- Research: Dive deep into a company’s values and practices. Reputable companies like Ben Machine often shed light on their employee-centric approaches.
- Inquire: During interviews, don’t shy away from asking about benefits and growth opportunities. Remember, interviews are a two-way street; while they assess your fit for the role, you assess their fit for your aspirations.
- Prioritize Growth: Align with companies that offer continuous learning opportunities. If they have initiatives similar to Ben Machine’s educational supplement capability, it’s a good sign they value your growth as much as their own.
Have a Solid Employee Retention Strategy in Place
The manufacturing industry’s future depends on its ability to retain skilled talent. As technological advancements redefine the sector, the human element remains irreplaceable. By prioritizing strategies that emphasize employee satisfaction and growth, companies don’t just ensure reduced turnover – they guarantee a future where innovation, dedication, and expertise drive success.
For both potential employees and employers, the call to action is clear: prioritize and invest in long-term relationships that are mutually beneficial. It’s not just about business growth; it’s about building a community of dedicated professionals, all working towards a shared vision.