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To keep production lines humming along successfully, manufacturers need to keep their highly skilled workers with specialized training. The annual quits rate from the U.S. Bureau of Labor Statistics has unfortunately shown an increase in manufacturing losses from 18.4% in 2017 to 28% in 2021.1
So, how can manufacturing companies achieve higher employee retention?
Employee job satisfaction and engagement play a major role in a company’s retention rates.2 Workplace morale and productivity are often a good measure of whether or not your employees feel valued, engaged and supported. Production quality as well as your bottom line are likely to see positive impacts if your employees are happy in their roles.
Manufacturing companies should consider how they can keep employees happier and improve employee retention. A lack of engagement or connection with the company and insufficient compensation are among the main reasons for manufacturing staff leaving their jobs.3
Luckily, there’s good news in the industry. The majority of manufacturing companies recognize the benefits of improved employee retention, with 83% percent of manufacturers stating attracting and retaining a quality workforce are high priorities.4
Discover how you can create a happy, productive workforce — and keep them around long term.
Retention in the Manufacturing Industry
To retain existing, valuable talent, manufacturing leaders should prioritize a positive workplace culture and a strong employee engagement strategy. These initiatives can be powered effectively by valuable benefits that encourage a sense of value among staff.
Typically, unhappy workers cite a lack of connection with the company and dissatisfaction with compensation and benefits among the main reasons for leaving.5
Manufacturing leaders should consider how they can prioritize workplace culture and employee engagement and instill a sense of value among staff with training, benefits and more.
Bolster Employees’ Satisfaction and Well-Being With Improved Benefits
Increasing employee benefits is a great way to show your appreciation for your employees and improve your employee retention rates. More attractive, comprehensive and customizable benefits that meet employees’ desires may result in increased job satisfaction and improved employee retention.6 Additionally, this may add a sense of value and worth in employees’ overall view of their job and company. Research shows that engaged manufacturing employees have 70% lower turnover rates and a 78% higher safety record.7
Support Employees With On-Demand Pay
Offering an on-demand pay solution is a valuable benefit in helping employees feel happy and supported in their roles. According to a study, 89% of employees reported feeling more motivated and productive at work when they had access to their wages before payday.8 Earned wage access can give employees what they’re looking for and make them feel more appreciated by their employer.
Improve retention with on-demand pay.
This post is part of a larger series, so check back soon for more insights into the Manufacturing industry.
All information herein is for educational purposes only and should not be relied upon for any other use. The information herein does not constitute the rendering of financial, business, accounting, securities, tax or legal advice, or other professional advice by DailyPay. No fiduciary obligation or duty exists or is created, between you and DailyPay. DailyPay does not warrant the completeness or accuracy of any information provided to you.
1 https://www.bls.gov/news.release/jolts.t18.htm:DailyPay, 2020
2 https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/managingforemployeeretention.aspx:DailyPay, 2020
3 https://www.randstad.ca/employers/workplace-insights/talent-management/5-reasons-manufacturing-workers-quit-their-jobs/:DailyPay, 2020
5 https://www.randstad.ca/employers/workplace-insights/talent-management/5-reasons-manufacturing-workers-quit-their-jobs/:DailyPay, 2020
6 https://www.amwins.com/resources-insights/article/the-bottom-line-of-benefits-for-a-5-generation-workforce:DailyPay, 2020
7 https://www.amwins.com/resources-insights/article/the-bottom-line-of-benefits-for-a-5-generation-workforce:DailyPay, 2020
8 https://www.fisherphillips.com/news-insights/earned-wage-access-tips-for-employers-seeking-to-attract-retain-talent.html:DailyPay, 2020
More for Manufacturing
Learn how on-demand pay may address top challenges across the industry.
