The manufacturing industry is involved in just about every product we use in our daily lives — from cars and clothing to furniture and plastic. But the industry is running into retention trouble, potentially costing the U.S. economy a trillion dollars by the end of the decade.
According to consulting firm Deloitte, 77% of manufacturers expect ongoing difficulties when it comes to attracting and retaining talent. The Association for Manufacturing Excellence estimates an absenteeism and employee turnover rate of approximately 37%, compared to the national voluntary turnover rate of 25% in 2020. And with the impending retirement wave of baby boomers in the next decade, manufacturers have even more cause for concern.
