Business Wire (08/28/23)
Healthy growth in demand for manufactured goods and services, as well as year-to-year increases in production capacity, revenue, and shift work, highlight a positive outlook for the manufacturing sector in the second half of 2023, according to a survey of 304 human resource leaders at U.S.-based manufacturing organizations by the UKG Workforce Institute. Still, 76% of manufacturers are struggling to fill critical labor gaps, and two in three (66%) said it takes longer now to fill open jobs.
Around three in five manufacturers reported an increase in employee turnover (62%) and unfilled jobs (57%) at their organizations over the prior year. Most HR leaders say $20,000 to $40,000 is the average cost to replace a skilled frontline employee. More than half of manufacturers (54%) said their annual rate of turnover is above 20%.
This article originally appeared on businesswire.com. Use this link to see the full article: Manufacturing Turning Point? Annual UKG Survey Shows Labor Improvements Visible Despite Uphill Climb