Society of Manufacturing Engineers 038

Talent Pressures and the Aging Workforce: Responsive Action Steps for the Manufacturing Sector

The future of manufacturing will be tied to the quantity and quality of its workforce. Yet, skill shortages due to the mass retirement of older workers could define the near future of the manufacturing sector, according to a new report by the Sloan Center on Aging & Work. Top skills reportedly in short supply include: Management skills (37.4%), legal skills (33.3%), sales/marketing skills (28.2%), operations skills (24.4%), technical computer skills (22.1%), and basic literacy in writing and math (18.9%). However, despite this impending shortage, a lower percentage of manufacturers have analyzed the projected retirement rates compared to employers in other industries. This report has data that is very useful in helping manufacturers understand their overall approach to talent management and specifically how to adapt to the aging workforce and what implications it has on their future workforce.

The full report can be accessed here: http://www.bc.edu/research/agingandwork/meta-elements/pdf/publications/TMISR01_Manufacturing.pdf.