What’s New in the Manufacturing Industry?
Posted October 16th, 2019
For many job seekers, the idea of working in manufacturing is enticing. A number of candidates enjoy roles that involve the creation of physical products as well as the team-oriented environment that many manufacturing facilities provide.
By understanding what’s new in the manufacturing industry, you can make smart choices about your career. Here’s a look at some recent trends in the world of manufacturing.
Increased Demand Leads to Higher Salaries
Today’s labor market is tight. Unemployment has been low for some time, and companies face fierce competition when they work to hire top talent. As a result, employers are offering stronger pay and benefits packages as a means of attracting skilled professionals to their manufacturing opportunities.
Plus, raises and bonuses are becoming common options for companies who want to improve retention. Last year, 68 percent of hourly manufacturing workers and 73 percent of those on salary reported receiving a pay increase.
The Skills Gap Challenge
Manufacturing companies are still plagued by skill gaps. A tight labor market makes finding candidates with the right capabilities more challenging. To put it simply, there just aren’t enough manufacturing professionals to go around, particularly those with experience in emerging manufacturing technologies.
Manufacturers are working to close these gaps and, in some cases, employees benefit. Access to training programs might be increasing, allowing those who enter the field to acquire skills on the job and, ultimately, advance their careers.
Additionally, those who are interested in launching a manufacturing career usually wouldn’t have much trouble finding suitable programs through colleges and vocational schools that can help them acquire the right skill set. And, since demand for their skills is high, formal education can be an excellent way to launch a career with significant earnings potential.
Forward Progress Toward Gender Pay Equality
In manufacturing, a significant amount of progress has been made in regards to gender pay equality. Many employers view women as a possible solution to skill gap challenges and the competitive recruitment environment, so they began offering stronger compensation packages in order to attract female candidates.
While men’s total compensation on average is still 12 percent higher than for women – a sign that there is still significant room for improvement – that gap is far smaller than the 18 percent average across all industries. Plus, once a female employee is on board, reports suggest that their access to pay raises, bonuses, and other forms of compensation are on par to what men experience. This indicates that manufacturing companies see the value in hiring women, and are actively closing the pay gap to make their positions more enticing.
Ultimately, the manufacturing industry is seeing substantial growth. Plus, wages are strong, making careers in this field potentially lucrative. If you’d like to know more about manufacturing jobs, the team at Bayside Solutions can help. Contact us to find out about our open positions and see how our services can make it easier than ever to take your manufacturing career to new heights.
