- For Your Industry
In the past, we put together a dream team of manufacturing icons and their contributions. In celebration of Manufacturing Day 2018, we’d like to share key statistics to highlight contributions manufacturing has made over history, and upcoming industry challenges.
From another perspective, for every $1 invested in manufacturing, another $1.37 in additional value is created in other sectors. Because of this rippling effect, investing in the manufacturing sector is one the most effective ways to grow the economy overall.
Despite slower growth in recent decades, the industry remains a growing contributor to domestic employment.
Manufacturers pay higher starting salaries and require constant skills development and growth. This means that skilled employees are valued more and manufacturing companies are willing to pay for top talent.
This growth is unprecedented and is expected to outpace overall economic growth (2.3%) over the same period.
Due to industry growth and a retiring workforce, hiring rates will be steadily increasing over the next 7 years.
This presents a tremendous challenge and opportunity for companies to attract and train new employees. Outdated assumptions about the nature of manufacturing work has lead to public misconceptions. Fortunately, events like MFG Day and Industry 4.0 technologies are changing that.
With large portions of the current workforce retiring, companies will need to capture tribal knowledge quickly and document training material efficiently.
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