Although the economy is growing, hiring has slowed for many manufacturers—especially for those in search of specialized candidates. In fact, the economy’s current strength is one of the biggest factors contributing to the shrinking pool of job seekers.
Manufacturers of all sizes have had a hard time recruiting new employees, but small businesses also have to compete with larger companies that can offer extra benefits or higher salaries. According to the National Federation of Independent Business, 47% of small businesses had unfilled positions in March of 2023.
Manufacturing has experienced a steady increase in job growth, but recent recruiting troubles may be an early indicator of an ongoing shortage. A study conducted by Deloitte and the Manufacturing Institute estimated that 3.5 million manufacturing jobs will need to be filled by 2025, and only 1.5 million of those roles will be filled due to a lack of qualified applicants.
Here are five strategies to help with industry recruiting challenges:
- Utilize technology
Use internet-based recruiting and job posting sites and apps to attract individuals to the company. Many individuals, especially younger ones, almost exclusively search for jobs using the internet. Also make sure job posts are mobile-friendly, as Millennials are likely to use their smartphones when job searching.
- Visit recruiting and review websites
View your company’s page on sites like Glassdoor to see what employees are saying and identify strengths and areas for improvement.
- Use social media
Post job openings and build your brand by highlighting company benefits and perks on LinkedIn, as well as your own website and social sites.
- Offer voluntary benefits
Voluntary benefits like long-term care insurance and cancer insurance can be offered to employees at little-to-no cost to employers. It gives employees the opportunity to personalize their benefits package based on their wants and needs.
- Offer employee referral incentives
To enhance the appeal of referring friends to the company, provide monetary rewards or other gifts to current employees who refer job candidates for open positions. These programs are generally successful because employees are putting their names on the line by endorsing someone else.
For more information on how to effectively recruit talent, contact an MMA advisor today.