2022 Marcum National Manufacturing Survey Report

25

www.marcumllp.com

17| Over the next two years, howmuch do you expect to adjust average compensation (including benefits) to attract new workers?

12| Rate your outlook for the manufacturing industry in the coming year:

Very positive

35% 30% 25%

More than 10%

26% 51%

Somewhat positive

5 – 10%

Neutral

1 – 5%

6% 3%

Somewhat negative

5% 5%

We are not adjusting compensation

Very negative

Unsure

14%

Not applicable - We do not struggle to recruit new workers

13| Looking back on the last 12 months, did your company’s workforcegrow, shrink, or stay about the same?

0%

18| What are you doing to attract and retain skilled labor? Increasing wages 86% Offering bonuses 51% Improving benefits 66% Onsite/paid training 26% Tuition reimbursement 29% Improving work-life balance 57% Other (please specify) 3% 19| At a very high level, what are your company’s TOP THREE business strategies?

Grew 10% or more

29% 14% 37%

Grew 5%

Stayed about the same

Shrunk 5%

9% 9% 3%

Shrunk 10% to 20%

Shrunk more than 20%

14| Is workforce recruitment a critical issue for you? Yes

77% 23%

No

1

2

3

15| In the next 12 months, does your company expect to increase or decrease the size of its workforce, or will it stay the same?

Product/Service expansion Leverage technology to drive innovation and improvequality Expand through acquisition and grow footprint

50%

38%

13%

50%

30%

20%

Increase (by 10% or more)

40% 23% 14%

32%

27%

41%

Increase by 5% – 9%

Increase productivity and profitability

Increase by less than 5% Decrease by less than 5%

60% 36%

24% 29%

16% 36%

0% 0% 0%

Compete on price

Decrease by 5% – 9%

Offer more customized and specialized services

22%

50%

28%

Decrease (by 10% or more)

Stay about the same

23%

16| Looking ahead four years (2022-2025), what percentage of your employees will need to be replaced due to retirement?

0% – 5% 6% – 15% 16% – 25% 26% – 30%

66% 17% 11%

3% 3%

>30%