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Operational Excellence: Hiring and Retaining Top Employees
The economy is booming, and this presents challenges for manufacturing organizations. Your top-performing employees are prime targets for competitors that are not only willing to offer a higher wage but can also offer a more attractive work environment and career growth path.
Figure 1: Federal Reserve Economic Data (FRED) St. Louis Fed, “Unemployment Rate: Manufacturing Industry, Private Wage, and Salary Workers,” December 6, 2019.
As we look forward, economists expect a slow-down in the next few years, but the demand for skilled employees will continue to be strong. One of the expected challenges is the skill gap being created. According to one study, the gap between available jobs and the number of skilled workers is growing. The study estimates that there may be up to 2.4 million jobs unfilled in the next decade in the United States, with the possibility that certain skilled and managerial positions will become almost three times harder to fill than they are now. In preparation for this challenge, leading companies are taking mitigation steps to retain their top employees and creating a company culture that is attractive to draw prospective employees into the organization.
The natural inclination is to always hire the best available talent for a given role. This approach makes the most sense in theory but may not yield the expected results in practice.
More Columns from Operational Excellence
Operational Excellence: Strengthen Your Design Transfer Process With Agile NPIOperational Excellence: Redefine Recruiting to Attract and Hire the Right Talent
Operational Excellence: Process Effectiveness Qualification
Operational Excellence: Working Remotely–Redesign Your Information Systems
Operational Excellence: Sharpening Your Organization’s Competencies
Operational Excellence: Hiring and Retaining Top Employees
Operational Excellence: Update Your Business Contingency Plan
Operational Excellence: The Gemba Transformation of Manufacturing With AI