Challenges Are Human
While there is an array of issues facing manufacturers as they plan for 2017 and beyond, the biggest challenges all center on human resources.
Whether it is the struggle to find to talent, efforts to retain employees, or initiatives to improve the employee experience, human resources challenges are a major factor as manufacturers attempt to plan for a profitable future, according to Gene Marks, President of The Marks Group.
Gene Marks joined IMTSTV to talk about the vital importance of managing human capital to enhance bottom lines. Although his presentation at the Global Forecasting and Marketing Conference (GFMC) focused on several important issues facing manufacturers—ranging from regulations to technology—during his chat with IMTSTV, he honed in on human resources as the most significant overall challenge.
In the current economy, unemployment is relatively low, so companies now have to focus on retaining people. Company executives need to closely monitor compensation trends, as well as other benefits, including paid time off (PTO) and overtime pay, to ensure they remain competitive, noted Marks.
The manufacturing industry continues to suffer from a shortage of skilled laborers. Once companies find a skilled laborer to fill a position, they must make keeping them motivated, compensated and satisfied a priority, Marks explained. Often, he said, the key to employee retention is not simply money—instead, it is overall environment. Employees increasingly want flexibility, including more options to work remotely and more non-traditional schedules. Marks highlighted the fact that Millennials, in particular, are accustomed to being afforded more independence and flexibility and do not expect to be micromanaged.
To stay current on all the trends that will directly impact your strategic planning, purchase the Global Forecasting & Marketing Package. Mark your calendar today for GFMC 2016 on October 19 in Miami, Florida.