SMARTMOVES [ INSIGHT ]
by Assad Lazarus Chief Commercial Ocer, Purchasing Power alazarus@purchasingpower.com | 404-609-5100
How to Become an Employer of Choice While millions of federal dollars are being poured into rebuilding America’s manufacturing sector, top talent is tough to find and keep.
Beyond these day-to-day stressors, Purchasing Power’s eBook results also found, anecdotally, that the labor shortage is impacting production uptime, bringing to light quality and turnover issues, and threatening worker safety. To address these nancial stress challenges for employees, manufacturing leaders should look to their organization’s bene ts programs. In today’s bene ts marketplace, there are multiple resources that employers can deploy—often at low or no cost to either party—that prove impactful for employees to alleviate these stressors. With 87% of manufacturing employees reporting bene ts are just as important as salary, employers should architect these programs with suf cient scope to ensure there is something for each employee to bene t from. A weak nancial wellness bene t program can negatively impact how employees view their overall compensation. A comprehensive, well-crafted bene ts package, complete with ample voluntary and short-term bene ts options, can serve as a valuable tool in manufacturers’ talent acquisition and retention toolbelt. The right compensation, training, and bene ts mix will help address the labor shortage, enable manufacturers to keep and secure the best talent, and help prevent unnecessary employee turnover and job vacancies. n
their company has an interest in their professional development. However, with just 13% reporting they are compensated for advanced training, these course opportunities could be looked upon as a job requirement rather than as a bene t. These employees also showed interest in cultivating higher-level skills in tech- and business-focused pro ciencies in data analytics, supply chain, digital operations and automation, robotics, and even softer managerial skills. 2. Help employees find work-life balance through better benefits. The shortage of skilled labor is causing manufacturing employees to work more hours—a trend noted by 60% of respondents. Most of those working prolonged shifts are clocking overtime pay, cited by 45%, which can be viewed as a positive outcome. Yet the ip side to a bigger paycheck is more and longer work days, which can exact a toll on an employee’s work-life balance and even on-the-job productivity, performance quality, and overall employment satisfaction. Speci cally, the survey revealed that workplace stress affects employees emotionally (65%), physically (59%), mentally (57%), and nancially (50%).
To support the industry’s plight to solve for the skilled labor shortage, Purchasing Power published the 2024 Manufacturing Financial Wellness eBook, which includes ndings from a survey of industry employees. The survey reveals two key areas of improvement as prime opportunities for manufacturing leaders to set their organization apart from others as an employer of choice: employee training and bene ts. 1. Provide workers the training they crave. Recent federal legislation con rms that the U.S. government is behind the manufacturing industry and has acted to bolster much of its resurgence and reshoring. However, these new provisions also set the stage for steep competition for skilled and talented employees. While 70% of manufacturing employee respondents are largely committed to staying in the industry, they also are open to a new path for the right opportunity, according to the eBook data. Job training and advancement can help motivate them to remain loyal and stay put. Employees are eager to advance their careers by up-leveling their skills, with 57% of respondents indicating they feel
38 Inbound Logistics • July 2024
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