During the global financial crisis, Industrial Manufacturers were forced to make tough decisions regarding their people and resourcing models. As industry begins to recover, the situation is stabilising as the rate of redundancies falls, and recruitment shows signs of growth.
The biggest issue facing the industry is a war for talent, both against direct competitors, and other industries often seen as offering more attractive career prospects. A company’s people have a direct impact on how well it can respond to the changing economic times. Recruiting and retaining the best people is essential, but the competition is fierce, with many employees feeling less loyal to their employers after the difficulties of the recession. As recruiters try to take advantage of dissatisfaction stemming from pay freezes, benefit cuts and increased workloads, companies must take steps to ensure that their key people are engaged and do not leave in search of better opportunities.
Management needs to ensure their people have the tools and motivation to perform as required, developing the leaders of tomorrow to ensure sustainable success. The importance of effective change management continues, as companies revisit business models and strategies in the wake of the downturn. It’s an ongoing process, and winning firms will continually review and develop the quality and skills of their workforce, enabling them to adapt as the marketplace changes.
How PwC can help you
Getting the best from people at every level when there is constant change is the key to sustainable competitive advantage. Solid strategies, processes and technology alone do not deliver results. It takes people to accept, adopt, drive, and sustain the change to realise tangible impact. Success in business hinges on strategic agility and the ability to execute. Our industrial manufacturing sector experts work with a network of 6,000 HR professionals to help you: