{"id":38943,"date":"2023-02-09T18:55:55","date_gmt":"2023-02-10T00:55:55","guid":{"rendered":"https:\/\/dev.industrialrepairstore.com\/3-steps-to-improve-manufacturers-optimism-amid-an-economic-downturn\/"},"modified":"2023-12-06T14:54:11","modified_gmt":"2023-12-06T20:54:11","slug":"3-steps-to-improve-manufacturers-optimism-amid-an-economic-downturn","status":"publish","type":"post","link":"https:\/\/industrialrepairstore.com\/fr\/3-steps-to-improve-manufacturers-optimism-amid-an-economic-downturn\/","title":{"rendered":"3 \u00e9tapes pour am\u00e9liorer l'optimisme des fabricants en p\u00e9riode de ralentissement \u00e9conomique"},"content":{"rendered":"

While there is little manufacturers can do about the economy, there are steps they can take to boost confidence.<\/p>\n

By Jerry Murphy<\/a>, partner-in-charge of manufacturing and distribution services, Sikich<\/a><\/i><\/p>\n

It\u2019s no surprise, in the midst of an economic downturn, optimism in the manufacturing industry is low. In a recent survey of manufacturing leaders<\/a>, Sikich found that less than half (49%) of respondents rated their optimism of business prospects over the next six months a seven or higher on a scale of one to 10.<\/p>\n

The National Association of Manufacturers uncovered similar results in its quarterly outlook survey<\/a>, with respondents reporting their lowest outlook since 2020.<\/p>\n

While there is little manufacturers can do about the economy, there are steps they can take to boost confidence and set themselves up for success in the future. Using data from the Sikich Industry Pulse report and insights from our team of experts, here\u2019s our advice.<\/p>\n

Focus on culture<\/b><\/p>\n

Attracting high-quality talent has been an ongoing challenge for manufacturers over the past few years. In fact, going back as far as Sikich\u2019s 2017 manufacturing report, we found \u201caddressing workforce challenges\u201d was a top business priority for manufacturing leaders. And this challenge isn\u2019t going to get easier. Due to the aging population in the US, companies will continue to be impacted by long-term labor shortages.<\/p>\n

<\/div>\n

It is important that companies prioritize long-term talent solutions, even amid a potential recession. While talent acquisition will likely slow over the next year as manufacturers focus on cost-saving measures, companies should invest in culture-building initiatives to retain top employees. Companies should review benefit plans, consider unique benefits (such as flexible scheduling), expand training and development programs, and measure and improve employee engagement to improve culture and morale. Since the COVID-19 pandemic, employees and candidates have come to expect more benefits; companies that don\u2019t focus on a comprehensive offering will struggle to attract and retain talent.<\/p>\n

Additionally, companies looking for unique skillsets should avoid a hiring freeze. Sikich\u2019s report found more than a third of manufacturers have planned a hiring freeze to save costs this year. This strategy could hurt them in the long run. While it is advantageous to slow hiring during the economic downturn, leaders should be open to making strategic hires when talent with valuable skillsets become available. The increase in layoffs in other industries and at larger companies provides an opportunity for manufacturers to obtain talent that they would otherwise be unable to attract. Manufacturing companies can also explore untapped populations, such as candidates requiring work sponsorship, to ensure they have a pipeline of talent available. Without a long-term talent strategy in place, manufacturers will struggle to sustain a workforce.<\/p>\n

Don\u2019t shy from automation<\/b><\/p>\n

Automation\u2014both on the factory floor and in back-office roles\u2014can be a game-changer for manufacturers. Yet, many companies have been slow to adopt innovative technology. Robotic process automation (RPA) is the automation of manual tasks\u2014examples include verifying vendors, entering purchase orders, accounts-payable processing, accounts-receivable cash application, monitoring inventory and handling customer-service requests. RPA enables companies to eliminate these tasks from employee workloads and redeploy staff to higher-value activities.<\/p>\n

Half of manufacturers have no plans to invest in RPA, according to Sikich\u2019s report. What many manufacturers don\u2019t realize is RPA can be easy and inexpensive to implement. In fact, technology-savvy staff can create their own RPA tool using open-source software.<\/p>","protected":false},"excerpt":{"rendered":"

While there is little manufacturers can do about the economy, there are steps they can take to boost confidence. By Jerry Murphy, partner-in-charge of manufacturing and distribution services, Sikich It\u2019s no surprise, in the midst of an economic downturn, optimism in the manufacturing industry is low. In a recent survey of manufacturing leaders, Sikich found […]<\/p>\n","protected":false},"author":1,"featured_media":38944,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[45,43],"tags":[],"class_list":["post-38943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","category-technology"],"acf":[],"yoast_head":"\n3 Steps to Improve Manufacturers' Optimism Amid an Economic Downturn - ERD Industrial Repair Store<\/title>\n<meta name=\"description\" content=\"While there is little manufacturers can do about the economy, there are steps they can take to boost confidence. 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