As the economy attempts to rally after the devasting effects of COVID-19 in Q2 and Q3 of 2020, several industries across the country are experiencing high levels of layoffs, furloughs, and overall unemployment. One industry that is racing to fill open positions is the manufacturing sector. While the national unemployment rate hovers around 7.9-8.3% (depending on classification), the unemployment rate in the durable goods manufacturing sector is a much tighter 5.7%.
The challenge for several business owners, financial executives, and HR professionals in the manufacturing sector is how to attract, train, and retain talent for these open positions. Another major hurdle is hiring top talent efficiently and effectively. One answer is raising wages, and while that appears to be a trend, employers can take some creative measures to fill gaps in their workforce without bleeding cash.