This article first appeared in Industry Week.
If we have a lost cost in our business of $100,000, $500,000 or $1,000,000 would you know about it? Should you know about it? Would you take action to reduce the lost cost?
What is the actual cost of turnover for your business?
Unfortunately, well over 90% of companies do not capture this true cost or know how to calculate it specifically for their company. To get a total annual cost, one must look at the cost per person multiplied by the number of employees lost in a year.
IMEC believes building quality, customizable training programs, and defining career pathways are the solutions to manufacturing workforce challenges of shortages of skilled workers, retiring workforce, and meeting the needs of innovative technologies that the current skills don’t quite match. The new Career Pathways in Manufacturing program aids companies in recruiting, succession planning, and developing the workforce of the future with skills training in high-demand technical areas.
As we navigate past the pandemic, companies are facing the effects of the “great resignation.” Diversity and inclusion are no longer a nice to have, but an essential part of a company to thrive and grow. Research has proven over time that diversity, equity, and inclusion (DEI) practices contribute to organizational success, such as 70% more likely than their peers to capture new markets or 25% more financial returns above the national industry mean for companies that are top quartile for gender diverse executive teams.
Recruiting and hiring new employees is costly and time-consuming. It has been noted, an average organization loses anywhere between 1% and 2.5% of revenue on the time it takes to onboard and orientate a new hire to their position. And manufacturing organizations are experiencing a steady decline in hiring.
IMEC is proud to recognize Stacey Curry Lee, Technical Specialist in Workforce Development, who recently achieved the International Coaching Federation (ICF) Associate Certified Coach (ACC) reinstatement.
We can hire some employees with credentials in hand. You hire engineers with an engineering degree or an accountant with an accounting degree. The degrees these employees hold give you the evidence that these people have followed a specific training protocol and have achieved a certain level of proficiency. Unfortunately, not all people are ready or able to pursue a degree or formal education program. Many of these people are on your shop floor or in your office. However, just because they don’t have a degree doesn’t mean they don’t want a career with your company. By providing an opportunity for everyone in your company to build a career, you are addressing some of the inequity which resides in the workplace, while improving engagement and retention of your valued employees.
Many manufacturers continue to face challenges in their quest to recruit employees. If you are struggling with acquiring talent, consider doing more to attract mid-career workers – individuals in their thirties, forties and fifties who seek new employment opportunities. Armed with experience and skills acquired during years of working, they can be hired to fill critical roles and help propel your company forward.
Here are some helpful tips:
Local and regional colleges are terrific places for recruiting entry-level talent. Here are nine tips for getting the most out of your college recruitment program.
1. Work on Recruitment All Year
College students begin looking for internships and jobs long before they graduate. Therefore, it’s important to form strong relationships year-round through a variety of tactics.
Are you struggling to find an adequate amount of young job applicants? One smart, pivotal move you can make right now is to ramp up recruitment of high-school students. By focusing on current students as well as recent graduates, you can ensure you have a strong pipeline of workers to sustain your manufacturing business. Here are nine ideas to help you get started: