Manufacturing Wages Rise and Marketing Efforts Increase
Manufacturing businesses are realizing the power of two major assets – skilled workers and strong marketing campaigns. In certain areas of the country, hourly wages are increasing as well as the need to market manufacturing businesses for greater profits.
The Link Between Unemployment and Manufacturing Wages
For years, a high unemployment rate meant inexpensive labor was easier to find. Now more jobs are opening up in every sector, including manufacturing. As a result, people are seeking more competitive wages. Those who are in long-term jobs are also becoming what is referred to as “job hoppers.” Instead of accepting an incremental raise from their a current employer, they are finding jobs at other manufacturing companies to receive a significant jump in salary. As a result, manufacturing businesses are looking for ways to retain good employees. One way is to boost their marketing efforts to increase profits. This makes it possible to pay workers what they are looking for as well as retain skilled employees. To pay your workers more, you need to sell more to make up the gap. Savvy marketing strategies can help manufacturing businesses increase profits in just a few short months.
The Need for Skilled Workers in the Manufacturing Industry
Due to a shortage in certain skills, wages are rising in certain industrial cities across the United States. As manufacturing begins to boom again, there is a need for workers with particular skills. These essential skills include electricians, repair people, engineers and machine operators. There is a serious shortage in workers with skills such as welding. This creates a situation where manufacturing businesses need these workers and they can command higher pay. The Wall Street Journal reports Daniel Meckstroth, chief economist at the Manufacturers Alliance for Productivity and Innovation, stated, “There are skill shortages that are developing and are going to be more and more widespread.” This is likely to increase as more baby boomers retire. Establishing an effective marketing campaign helps to boost your bottom line so your business can afford to hire top notch workers to stand ahead of the competition.
Possible Solutions to Finding Manufacturing Workers
Manufacturing businesses are becoming proactive in their approach to finding skilled workers. In the past, two-tiered wage scales meant new hires started working at a lower pay rate. Workers realize this can restrain their wage increases and are leaving to find better paying jobs. Manufacturing businesses realize the importance of paying workers their worth during a time when certain skills are essential to help build their enterprise. As a result, some are creating apprentice programs to help new people learn these profitable skills. This also creates a feeling of loyalty to the business that taught the workers their trade. Other manufacturing companies are paying incentives to employees who can recommend other good workers. Placing effective marketing ads for workers is crucial to attract serious people who are willing to learn or share their skills. The key is to attract good workers before they go to the competition.
The Power of Marketing for Manufacturing Businesses
When you need to pay out more, it is imperative to increase your profits. To produce better goods, you must hire skilled workers. This can become a vicious cycle unless you do something to change it. Increasing your profits now makes it possible to pay more to skilled workers and attract talent that will want to stay with your thriving business because they see a bright future with the company. Digital marketing is an essential strategy to spread the word about what you do. Your business needs an appealing website, an updated blog and a strong presence on social media to succeed. The Internet is where most customers are looking for solutions. Prospective employees will also look for a strong onine presence that gives your manufacturing company greater credibility. Now is the time to initiate digital marketing campaigns to stay relevant in an constantly changing manufacturing marketplace.