It’s good news for American manufacturers! Job growth, production, and orders are all up this year. 100,000 jobs have been added to the industry since November, 2016 according to the Bureau of Labor Statistics. So far, 2017 is gearing up to be the best year for manufacturers in three years.
Despite this, manufacturing businesses area still facing significant financial challenges. It is getting more and more expensive to attract and retain highly-skilled employees. Whether you need someone on the floor with specific training or you need to hire someone who has their doctorate to help with research and development, the costs add up quickly.
So, what do you as a business owner need to help you navigate this?
If you are struggling to find qualified hires, look at opportunities to partner within your community to locally cultivate the skills you are looking for. Could you partner with a local high school or community college to teach the skills you need within their existing curriculum? Getting creative may help you establish a strong labor pipeline for years to come.
If you need PhD-level skills, what specific qualifications are you looking for? Maybe there is a “boot-camp” class you could send ambitious employees to that will teach them the necessary skills without having to seek out a recent doctoral graduate. Alternatively, are there benefits you could offer that may cost you less but provide the employee with something more desirable?
The Bottom Line
Employees are your most valuable resource and it is always worth investing in talent and retention. Without skilled employees staying competitive is nearly impossible.
How Can We Help?
Connect2Capital is here to support your business needs, whether you need some working capital to hire new employees or start a new training program.
Have you already applied with a bank and been turned down? Don’t let that stop you! We specialize in working with businesses who are unable to secure traditional financing.