How to Promote Manufacturing Jobs to Millennials and Gen Z
By 2030, there is predicted to be a global human talent shortage of 85 million people, according to a study by consulting firm Korn Ferry. Their recent Future of Work series outlined that this talent shortage could result in approximately $8.5 trillion in unrealized annual revenues. This could potentially hurt a number of sectors, particularly manufacturing, which currently employs 22% of the global workforce.
If you’ve read the numerous headlines about AI and robots taking over our jobs, you might be surprised to learn about a potential talent shortage, particularly when we face increased unemployment due to Covid19 and its devastating effect on the economy. So, what is driving this talent shortage, and what can we do to mitigate it?
Low birth rates
Low birth rates in Japan and Europe mean that populations will be shrinking in the coming years. The current global fertility rate (the average number of children each woman gives birth to) is 2.4 children, and it is estimated to drop to 1.7 by 2100.
In contrast, women were having an average of 4.7 children in the 1950s. This, coupled with the fact that the majority of baby boomers will have retired from the US workforce by 2030, means that there could be a significant skills deficit.
To succeed, manufacturers will need to attract workers
To avoid a talent shortage, it’s crucial to focus on attracting Millennial and Gen Z talent. Millennials are defined as anyone born between 1981 and 1996. Gen Z spans anyone born between 1995 and 2015.
As we move into a fourth industrial revolution, there will be many exciting opportunities for careers in manufacturing. Misconceptions about manufacturing need to be overcome to attract and retain these younger generations, in addition to considering their workplace expectations.
What criteria is important to Millennials and Gen Z’s when choosing a career?
Interestingly, salary ranks highest in those surveyed by the American Advisors Group. Even more so than Baby Boomers. 61.6% of Millennials listed salary as the most important factor in career choice, compared with just over 50% of Baby Boomers. Job satisfaction ranks highly too. Flexibility and company culture are also important factors.
Samantha Evans, In-House Recruiter at Sony UK TEC, says, “Careers in manufacturing face a certain amount of unfair stigma, which people in the profession know is unjustified.
“Many people falsely believe that these roles are boring, are just for men and aren’t accessible to people without specific qualifications. This couldn’t be further from the truth.
“Here at Sony UK TEC, careers in manufacturing are multi-faceted and offer incredible opportunities to be at the forefront of cutting-edge technological innovation in a world-leading facility.”
Industry misconceptions
Many people don’t know that manufacturing has the highest average wages of private sector industries ($81,289) and the highest tenure for workers (9.7 years). Reframing people’s misconceptions of the industry will be a crucial part of talent recruitment. Technology will also play an essential role in attracting these digital-first generations.
Include employee retention in your workforce strategy
Alongside attracting talent, it is also important to consider employee retention. Millennials are more likely than any previous generation to switch jobs. Only half of Millennials plan to be working at their company one year from now, according to a study by Gallup.
Employee turnover costs businesses time and money. “Organizations must address employee turnover head-on by bringing more efficiencies to their onboarding processes and driving “time to competency,” says Lawrence Whittle, CEO of Parsable.
Conclusion
By anticipating the potential talent shortage and making strategic changes to recruitment, onboarding, and retention policies, manufacturing companies can look to stay ahead of the curve and reduce the risk of a talent deficit.
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