A new study released October 5, People & Profitability – A Time For Change, commissioned jointly by Deloitte, The Manufacturing Institute and Oracle, indicates that manufacturers must incorporate new and progressive talent strategies in order to sustain profitability and global competitiveness. The report serves as a supplement to the 2005 Skills Gap Report issued jointly by Deloitte, the National Association of Manufacturers (NAM) and The Manufacturing Institute.
The study, conducted in May 2009, analyzes the current functioning and trajectory of people management practices as they drive a manufacturer's business success. People and Profitability also pinpoints critical talent shortages manufacturers confront as they look to hire from an under-skilled workforce pool. More progressive people management practices include viable solutions to this problem.
The study shows that surveyed manufacturers, especially the most profitable, rank employing a top-notch workforce high on their priority list. Many companies assigned a higher importance to implementing people management practices compared to increasing customer service orientation.
However, the study also found that many companies still rely on traditional approaches and old tactics when managing and developing their employees, and it furthered revealed that progressive tactics have failed to gain traction.
In order for U.S. manufacturers to remain globally competitive, they must look to invest in a highly-skilled workforce and the hiring strategies needed to attain it.
For the full report, click here.