Washington, DC, -  Today, The Manufacturing Institute, in partnership with Accenture, released a new report, "Out of Inventory: Skills Shortage Threatens Growth for U.S. Manufacturing,” detailing the cost of the skills gap to U.S. manufacturers.

According to the report, U.S. manufacturers may be losing up to 11 percent annually* of their earnings as a result of increased production costs stemming from a shortage of skilled workers.

More than 39 percent of U.S. manufacturing executives surveyed described the shortage of qualified, skilled applicants as “severe,” and 79 percent said it has been difficult to hire the skilled people they need. In addition, more than 50 percent of respondents said they plan to increase their production by at least five percent in the next five years.

To mitigate the skills shortage, manufacturers tend to spend more on average for training new hires as opposed to existing employees, with 55 percent spending at least $1000 per new hire as compared to 42 percent who said they spend at a similar level on training for existing employees. 

View the Report Webpage

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