As a seasoned owner or leader in the metal manufacturing industry, you’ve likely seen many changes and advancements over the years. One issue that you may be currently facing is the retirement of baby boomers from the industry, who make up a significant portion of your experienced workforce.
According to Pew Research, in the third quarter of 2020, about 28.6 million Baby Boomers – those born between 1946 and 1964 – reported that they were out of the labor force due to retirement. If you’re concerned about the skills gap that will be left in their wake and the impact it will have on your company’s future, you’re not alone!
It is important to prioritize finding and training a new generation of skilled workers and keeping up with the latest industry advancements. Having solutions and strategies to address these challenges in place will ensure that your company continues to thrive in a rapidly changing industry.
Invest in Workforce Development Programs
Offer training and education programs to help upskill current employees and attract new, young talent. This can include apprenticeships, vocational schools, and other training initiatives. Providing hands-on learning experiences and help employees understand their roles better. A highly skilled workforce will help increase productivity and competitiveness.
In addition, developing partnerships with local colleges and universities to attract students and recent graduates to careers in the metal manufacturing industry can create a pipeline of talent to ensure a steady flow of talent is always available for your company.
Furthermore, raising awareness about the metal manufacturing industry and the careers it offers can help attract more young people to the field. This can involve participating in career fairs and hosting company tours.
Being Tech Savvy
Adopting new technologies can make the workplace more attractive to younger workers, who are often tech-savvy and appreciate the benefits that technology can bring. This can include automation, digitalization, and Industry 4.0 technologies that streamline processes, increase efficiency, and provide opportunities for growth and development.
Offering Best in Class Compensation
Attracting and retaining top talent requires offering competitive salaries, health insurance, and other benefits. This can help ensure that your company is able to attract and retain the best workers, which will be critical in filling the skills gap left by retiring baby boomers.
A Positive Work-Life Balance
Creating a supportive, inclusive, and engaging workplace culture is key to attracting and retaining younger workers. This can involve offering flexible work arrangements, promoting work-life balance, and creating opportunities for employees to collaborate and connect with one another.
Unlike Baby Boomers, who value job stability and a strong work-life balance, younger generations want more opportunities for growth and development, and meaningful work that aligns with their values.
By expanding on these strategies and taking a comprehensive approach to filling the skills gap, metal manufacturing companies can ensure a bright future for their businesses and the industry as a whole.
For more information on how to replace baby boomers retiring within your metal company, please contact us here.