What’s keeping Manufacturing CEOs up at night?
Concerns about an economic downturn, worries about supply chain challenges, and retaining & attracting talent, these are some of the struggles of manufacturing CEO’s. We are going to delve into some of these concerns in more detail and offer some advice to combat these common challenges.
Talent Recruitment and Retention
No surprise here that this is one of the main concerns for CEO’s in manufacturing. Over the last few years there have been many employees globally leaving manufacturing jobs. On top of the struggle to attract younger workers, those with STEM skill and a general interest in mechanical and technical careers – manufacturers now have to deal with changing generational perceptions of work overall. Millennials and Gen Z are predicted to make up 30% of total employment by 2030.
Investing in workforce-related technology will greatly combat this challenge. The younger generations are tech savvy and don’t want the burden of paper-based or Excel processes when it comes to onboarding and their training needs. It is a simple yet effective way of giving the perception of a more modern workplace who invest in their people.
Global Supply Chain Disruptions
Hiccups in the production and distribution of materials, components and products have become the norm with the rise of global value chains. The past two years have brought repeated, outsized disruptions to the world’s supply chains. Prior to 2020, supply chains were largely invisible to the general public. COVID-19 and other disruptions brought massive upheavals that shined a spotlight on a precariously balanced system. However there is a way to overcome some of these issues.One area where companies are investing is full supply chain digitization. Achieving end-to-end supply chain visibility provides real-time transparency into how products really flow through the global supply chain, giving CEO’s and colleagues real data on carbon, energy, and waste. A lot of companies think they know how their products are flowing, but until they get the real data, they don’t actually know. Digitizing the wider supply chain and generating real-time supply chain analytics can help.
Involving Everyone in the Decision Making Process
As a CEO, you know a lot about your business’ operations. However, when you’re making business decisions, you shouldn’t overlook the expertise of your workers. This can be a challenge for CEOs in manufacturing. Successful manufacturing CEOs take steps to create workplace democracy and consult the people working on the factory floor before making decisions that could impact process.Involving all workers in business decision-making will boost employee satisfaction and allow you to avoid productivity losses that occur when management and manufacturing floor staff are working out of sync. This should be the case especially when CEO’s are making decisions about workforce related technology such as a Connected Workforce Solution for employee learning & development needs and much more.
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