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The Engineering and Manufacturing sectors are beginning to feel the pressure of a dwindling workforce. The U.S. will need about 400,000 engineers every year. Similarly, a Deloitte report claims that the manufacturing sector will need 3.8 million workers between 2024 and 2033 as the current workforce begins retiring. Due to labor shortages, companies must balance meeting business objectives with avoiding burning out employees. To do so, employers should turn their focus on retaining them.
Keep reading to discover top retention strategies that will ensure your top engineering and manufacturing talent remains loyal.
Unsurprisingly, salary is still the top priority for employees across almost all industries, and those in Engineering and Manufacturing are no exception. The reality is that top talent requires a compensation package that reflects their worth. And in a competitive market, salary becomes crucial to keeping your all-stars.
Our data revealed that 36% of engineering and manufacturing professionals are unhappy with their current salary.
If your budget and profit margin allow, consider giving your top-performing employees a raise. Doing so shows you value their hard work, making it less likely for them to find such recognition elsewhere.
If you need help crafting competitive offers, our Engineering and Manufacturing Salary Guide can help. In it, you’ll find insights into what the market is paying for employees in the industry.
If you’re unable to increase your employees’ salaries, benefits and perks can go a long way toward keeping your workforce. Our research says engineering and manufacturing employees rank the following benefits as important:
• Private healthcare and life insurance (52%)• Financial incentives, such as savings or stock options (50%)• Company pension plans (44%)• Work-life balance initiatives, including remote/hybrid work arrange ments • Additional holiday allowance (43%)
The post-pandemic workforce looks much different from previous years. One of the most significant differences: employees want improved work-life balance. For instance, our recent survey revealed that 62% of engineering and manufacturing professionals would appreciate remote/hybrid work arrangements. Some other ways to show you value your employees’ well-being include:
• Flexible start and end times• More vacation time• Encouraging frequent breaks to reduce burnout• Respecting employees’ boundaries (e.g., no emails after work hours)
Employees want to learn! According to Business News Daily, businesses that offer professional development opportunities are less likely to suffer from high turnover.
Offer your engineering and manufacturing employees additional training, programs, and resources to grow their skills.
As a bonus, investing in your workers’ education also contributes to your bottom line. For example, assigning an experienced mentor to an entry-level employee benefits both parties. The mentor develops their leadership skills, while the mentee furthers their knowledge, increasing collaboration, productivity, and overall output.
If you’re unsure what would help your workers thrive, ask them. Host regular one-on-one meetings where you encourage employees to speak honestly about how you can improve. Anonymous surveys also present a low-pressure opportunity for employees to share their feedback.
The journey to improved retention actually begins during hiring. Finding the right people to join your team will help reduce turnover in the long term.
Michael Page Manufacturing and Engineering recruiters have extensive knowledge of the market and hiring trends. Our vast database of candidates allows us to find even the most niche skill sets. Additionally, we offer support beyond the job offer to ensure a seamless transition for everyone. Get in touch to start a conversation about your hiring needs.
