2022 Marcum National Manufacturing Survey Report

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THE 2022 MARCUM NATIONAL MANUFACTURING SURVEY REPORT

LABOR REMAINS A SIGNIFICANT CHALLENGE Labor challenges were frequently cited as a threat or obstacle to growth in this year’s survey. The Great Resignation hit every employer in the economy, but some studies indicate manufacturing is suffering more than most as skilled workers retire, change careers, or simply opt out of the workforce. Replacing that skilled labor with reliable talent was cited as the biggest challenge facing 83% of respondents — by far the largest concern among manufacturers. At the same time, 77% of respondents plan to increase headcount in the next 12 months. Given that, and knowing how competitive the labor environment remains, it makes sense that 86% of respondents raised wages, 66% improved benefits, and more than half are offering bonuses. Further, 77% plan to increase wages by at least 5% in the next two years, with 26% saying they plan to boost wages by 10% or more. But successfully navigating the labor landscape in the coming years will take more than just improving wages and benefits. This difficult issue requires a multipronged approach that also includes automation and more creative approaches to retaining and attracting talent. The labor observations in this report offers some ideas, as well as a deeper look at the figures. EMPLOYMENT GROWTH/ RETENTION/RECRUITING