Employee Recognition for Manufacturing Companies
Attracting and Retaining Talent in Manufacturing is more difficult than ever
Only 3 in 10 parents recommend manufacturing to their kids.
- 80% of manufacturing workers are over 45 years of age
- Average worker is 56 years old
- 2.7M experienced workers will be retiring by 2025
Your Baby Boomers are retiring and chances are you are either already struggling to fill positions or you anticipate difficulties in the near future.
Most of our manufacturing clients usually come to us for help to improve safety or employee engagement. In the last few years, however, onboarding has become more and more popular as the workforce gets more and more diversified. Wellness also scores high with Millennials and Gen Z.
Business Results Improvements
Research proves that employee recognition in manufacturing can bring significant improvements:
- 70% fewer safety incidents
- 24% less turnover
- 40% fewer quality errors
- 21% higher profits
Willis Towers Watson reports that operating income drops 33% when employees are disengaged.
How does all this apply to you?
It’s not all bad news. Manufacturing as a whole is rather slow to respond to change – you can get ahead of the curve by acting early. Set the stage for future-proofing your organization’s ability to attract and retain talent, recognize and reward employee contributions and create a high-performance culture.
Our Discovery Team will help you evaluate your company’s current state and suggest the appropriate action based on your business goals.
Finding Budgets for Employee Recognition Programs
Many CFOs we talk to are surprised how far we can take their budgets. A common misconception is that employee recognition “costs a lot”. It can, but doesn’t have to, if we’re all smart about it.
Evaluate Your Existing Solution
First, you don’t necessarily have to find new budgets – our Discovery Team is very good at evaluating your existing solution (if you have one) and oftentimes we help the client transition from antiquated or poorly performing solutions within the same or similar budget.
70% of Recognition Should Be Non-monetary
We believe 70% of recognition should be non-monetary. High performing manufacturers invest about 8% of payroll in safety programs and between 0.5% – 3% of that is allocated towards recognition.
Our platform allows you to structure your programs to emphasize non-monetary recognition – and it works very well across our manufacturing clients.
Over the 40+ years of delivering smart recognition solutions, we’ve assembled an impressive array of strategies and tactics to maximize your investment. Upon review of your business goals, we’ll put metrics in place to help you keep track of your execution strategy.
We pay special attention to tax compliance and ensure you get every available tax benefit with your program.
Reporting and Invoicing
We don’t drive with our eyes closed and we don’t run a recognition platform without key reporting ingredients! Exportable reports and key metrics are available to you through our platform – ready for analysis at any time. Our Data Team will work with you to surface what you want to see and help you interpret what the numbers are telling you.
Invoicing is also a big part of our solution – we’ve won many of our current clients over with our flexibility on how invoices are compiled and presented. Other platforms are often too rigid to meet the more complex invoicing requirements. Our Discovery Team is a goldmine of practical information on this subject.