With cutting costs always on the mind of a manufacturing enterprise, it can be difficult to see the big picture when it comes to investing in talent. Business leaders are actively seeking new ways to keep costs to a minimum and bringing up the idea that investing in employee training and a few key areas throughout an organization is often rejected. However, these actions can actually have the opposite effect. When a business provides employees with training and professional development along with flexible work schedules and competitive wages, it can have a dramatic impact on the bottom line.
Focusing on training and professional development has the potential to begin making an impact on a business’s profitability nearly immediately. Using a simplified example, this fact becomes clear. An employee tasked with operating a CNC machine with only minimal training on the equipment might take 1 hour to complete a task. With in-depth training of the equipment and processes associated with manufacturing a component on a CNC machine, the time it takes to manufacture that same part can become 15 minutes. Each hour, the operator produces 4 parts instead of one. This is an incredibly simplified example but one that holds merit. A well-trained employee can accomplish more and provide more value to an organization as a whole.
One thing that has not been affected by the flood of technology making its way to the manufacturing shop floor is the fact that high morale cultivates motivated employees. Motivation and pride in one’s work has a tendency to inspire employees to go above and beyond for their employer. If an individual is unhappy with their working conditions, doesn’t have faith in their leadership and doesn’t feel as though they are respected, it is difficult for them to find the drive to put in that extra effort which can have a monumental impact on the way a business operates. A common ‘want’ from employees in nearly every sector is the option for flexible work hours. This is a difficult ask for a manufacturing organization and may not be impossible. Investing the time and energy into devising a way to offer employees a more flexible work schedule could have a dramatic impact on recruiting and employee retention. These core concepts have been around for decades and continue to prove themselves as a valuable way to improve efficiency and maintain a loyal workforce.
There are few things that can stir up motivation throughout a workforce like money can. The manufacturing industry may not be viewed by the public as a career path that can provide decent compensation but this could not be farther from the truth. The median salary for an entry-level manufacturing engineer is $63,360 according to Payscale, much higher than the $44,148 per year median wage for workers in the U.S. according to the Bureau of Labor Statistics. Ensuring that a manufacturing organization offers fair compensation to their workforce is vital in order to retain their workforce and keep employees motivated. Fair compensation has a great chance to keep employees working hard, productive and a manufacturing business moving forward.
Investing in talent can have a tremendous impact on the profitability of a manufacturing enterprise. A business is only as good as their workforce and offering these individuals what they need to remain content and motivated will drive any organization forward. Understanding the effort involved and the return on the investment is key. However, leadership is still a vital part of the process. Come find out how leadership can help drive a business forward.