As the world becomes increasingly digitized, the demand for advanced electronics and skilled professionals who design and manufacture them is skyrocketing.
But as McKinsey’s latest report shows, the industry faces a major challenge: a shortage of qualified workers.
According to the report, the industry failed to fill an estimated 2.4 million jobs in the last decade, costing the economy $2.5 trillion in the U.S. alone.
McKinsey’s thought leaders suggest that the key to overcoming talent shortages is to focus on developing the skills and capabilities of the existing workforce.
This can be done through targeted training, education programs, and by creating opportunities for on-the-job learning and advancement.
Here are other ways to tackle labor shortage:
– Partner with local trade schools and community colleges.
– Give employees clear pathways to advancement and offer training for upskilling.
– Make employees the owners of your company.
How are you addressing labor shortages in your manufacturing firm?
