Last updated on November 17th, 2022

Did you ever think your organization would be competing with Silicon Valley, startups, and major tech companies for talent? As Industry 4.0 (or is it 5.0, now?), AI, robotics, the Internet of Things, smart manufacturing, and more move full steam ahead, ensure your training strategy keeps pace and helps your company and employees secure the skills needed for future success.

We realize there’s no need to preach to the choir about current and pending staffing challenges in manufacturing – you get it. Taking a cue from buy versus build acquisition and growth strategies, have you explored investing in your current employees to build their skillsets and complement your recruiting, retention, and engagement initiatives? It can be a win-win for employees and your business.

As reported by Exploding Topics, “McKinsey predicts the demand for physical and manual skills in repeatable tasks will decline by 30% over the next decade. At the same time, the demand for technological skills will increase more than 50%, and the demand for leadership and high-level social/emotional skills is expected to rise 30%.”

What’s more, The Manufacturing Institute’s 2020 Manufacturing Engagement and Retention Study found two-thirds of those under age 25 feel training and skill development motivate them to stay with their current employers.

Armed with this knowledge, consider enhancing your training strategy and toolkit:

• Create a reskilling strategy for your workforce. Check out Manufacturing X Digital’s free Hiring Guide, which reviews how to upskill almost 250 different roles.
• Build relationships with local colleges and let them know the skills you seek in today’s worker and tomorrow’s. See if a college representative will visit your operation and speak with current employees about the classes, certifications, and degrees that can help them reskill for the future. While you’re at it, reach out to their internship/co-op program directors to enhance your talent pipeline.
• Offer or enhance tuition reimbursement benefits. Nothing tells employees you believe in them and value what they bring to the table than an investment in their future. Tuition reimbursement can open doors to opportunities previously unattainable, while ensuring you’ll have the talent and skills to keep driving your company forward.
• Explore free, online training opportunities. The Institute for Advanced Composites Manufacturing Innovation (IACMI) America’s Cutting Edge free online program teaches machinists CNC machining skills.

For more ideas, check out The Manufacturing Institute’s 2022 Manufacturing Perception Study results report.

While you focus on enhancing your company’s training strategy for the future, let RBT CPAs help free you up by taking on your tax, audit and accounting needs. We’ve been providing professional, ethical services to clients in the Hudson Valley for over 50 years. Give us a call.