Issue link: http://www.insightdigital.biz/i/214203
By the Numbers The Pricewaterhouse Coopers Manufacturing Barometer Business Outlook Report October 2013 finds that in the third quarter of 2013, optimism among U.S. industrial products manufacturers remained at a high 60 percent level, and optimism about the world economy's prospects over the next year rose from 31 percent to 40 percent among those selling abroad – its first positive upward swing since 1Q 2012 when optimism was at 44 percent. Hiring plans remained moderate, although the majority (58 percent) are planning net new hiring over the next 12 months. More than three-fourths (77 percent) of U.S. industrial products manufacturers surveyed cite a need to fill certain skill gaps in their businesses in the next year or two. Only 23 percent claim to have all the right skills needed at present. Approximately 78% of manufacturers recognize the importance of human-capital acquisition, development, and retention. Yet only 30% of manufacturers report that they are near or at world-class human-capital management, and 9% report no progress toward world-class status. Rate your organization's progress toward world-class human-capital acquisition, development and retention. 20092011 1=No progress 9.4% 8.9% 2 22.5%23.4% 3 37.6%37.3% 4 24.4%26.5% 5=World-class6.1% 2011 >90% 76-90% 6.4% 14.6% 25.8% <25% (employees have the skills and necessary work ethic) 22% (of manufacturers say) 31.3% 51-75% 25-50% 3.9% Does your organization have the skilled innovation leadership and talent (e.g., product engineers) and talentdevelopment program to drive world-class human-capital management into the next generation? 2011 Insufficient talent and no development program 32.8% Sufficient talent but no development program What percentage of employees have technical skills, problemsolving skills and work ethic to excel in highperformance work teams? Generation Y (ages 18 to 32) are projected to make up 75 Insufficient talent but a development program in place Sufficient talent and a development program in place 38.5% 10.3% 18.5% Source: The Next Generation Manufacturing Study conducted by the Manufacturing Performance Institute with the American Small Manufacturers Coalition, in partnership with UW-Stout's Manufacturing Outreach Center percent of the workforce by 2025. Eight out of 10 manufacturers say this generation represents a small fraction of their employee base. Three out of four manufacturers say negative perceptions are deterring young people from entering manufacturing careers. Source: ThomasNet.com's 6th annual Industry Market Barometer survey 24 | / insight on manufacturing • November 2013 w w w.in s i g h t o n m f g .c o m