Owners of manufacturing companies know first-hand just how rewarding careers in this sector can be, both financially and intellectually. However, our young talent may not realize the benefits a factory can offer. Manufacturing companies are having to find creative ways to breathe new life into their mature companies by enticing young talent to join their workforces.
Recruiting young talent
There’s an ongoing talent gap in manufacturing, especially high-tech niches. Proactive high school and college academic advisors have been instrumental in directing students toward careers in high-demand manufacturing sectors and recommending apprentice or internship programs.
Many businesses and schools work together in Project Lead the Way (PLTW) programs that start preparing students for science, technology, engineering, and math (STEM) careers as early as kindergarten. Today roughly 6,500 schools operate PLTW programs in all 50 states.
Manufacturing companies are a key partner in PLTW programs. For example, owners and managers may mentor students and teachers, companies may lend technology equipment to community colleges and high schools, and human resource departments may offer apprentice or internship programs.
Not only do PLTW programs offer opportunities for manufacturers to give back to local communities, but they also create a source of workers trained in STEM disciplines that they can draw from in the future. And money spent on these training programs may be deductible for income tax purposes — and, in some cases, may generate federal and state tax credits that could be refundable or carried forward to future periods.
Create a mentor program as a part of succession planning
Support and encourage your seasoned employees to mentor and train for niche positions as a part of your succession planning strategy. As new talent is hired, pair them with a mentor for training and building employee engagement. Having more employees trained in these niche positions could help as other employees retire or there is a sudden incident to cause a gap in a department.
It is important for your young talent to feel empowered at work. These younger generations like strong communication where they can be heard, discuss what’s going on in their career, what they are doing well and how they can improve. Having a mentor to help them develop their career path is important to our younger generations. Implementing a mentor program can be a benefit to your company’s continued success in growth and talent retention.
Offer value-added work environments
Our younger generations tend to be more technology savvy and innovative than previous generations, according to executive feedback reported in the 2014 Duke University/CFO Magazine Global Business Outlook Survey. Hiring workers with such attributes can give a manufacturer the creative edge it needs to out-maneuver competitors.
As an added bonus, younger workers tend to have lower salary expectations and value nonmonetary perks and benefits over cash. In fact, 45% of millennials prefer flexible work environments over pay, according to the Millennial Branding Report published by Professional Development Services, a career-building firm. They want to choose when and where they work, rather than working traditional 9-to-5 jobs. Many young people also seek careers that provide a sense of personal fulfillment.
Examples of offerings that appeal to young talent include flextime arrangements, mentoring programs, and additional training and licensing opportunities. For example, a young worker may be incentivized by a year-end bonus program that’s based on developing innovative solutions to lower costs and waste (lean manufacturing) or improve product quality (six sigma principles).
Stay ahead of the technology curve
Technology is an important part of the daily life of younger employees — and they know how to use it to improve efficiency. This young talent group will likely try to integrate intuitive devices and online services used in their personal lives into the workplace, such as tablets, video chat, social media and cloud computing.
Managers can leverage their deep understanding of technology by involving them in purchasing decisions. Some forward-thinking manufacturers have even added young talent to their boards of directors to increase diversity and offer fresh, technology-driven perspectives on such issues as strategic investment decisions and data security.
Manufacturers and young talent can be a winning combination. But first manufacturers need to refresh the sector’s image by promoting flexible work options and personal development opportunities, investing in user-friendly technology and participating in PLTW programs. Contact your financial advisor to brainstorm creative solutions and maximize the tax benefits of attracting and hiring young talent.