Insights
Slayton Search Partners: What’s Next for Manufacturing?
2020 has been a challenging year for manufacturers with COVID-19 causing significant disruptions in both operations and demand. The severity of the pandemic was apparent quickly, as April manufacturing output was down nearly 14%. That’s a record decrease since the federal reserve began tracking production over 100 years ago.
At that time, 78% of manufacturers were bracing themselves for a negative financial impact. They were scrambling to react to the immediate implications of the pandemic such as supply shortages and plant shutdowns. Now, these companies are emerging from crisis mode and adapting for the long-term, making the operational changes necessary to remain competitive. As manufacturers determine the right direction forward, they’re realizing that recruiting and succession planning are crucial priorities.
Topics discussed in this article:
- Looking to the long term: Many say that the coronavirus is a gamechanger in how they seek to operate in not just a “new normal” but in the “next normal” of the future.
- Refocusing on recruiting and succession planning in manufacturing: Recruiting high performers isn’t easy because manufacturing, like the global economy, is on uncertain ground.