January 2022 Manufacturing Roundtable Takeaways

January 2022 Manufacturing Virtual Roundtable KEY TAKEAWAYS

First American kicked off the year with 2022 ’ s first Virtual Executive Roundtable . Executives discussed new obstacles within the hiring process , as well as on-going challenges with supply chain delays .
COMMON THEMES
P Manufacturers are deciding whether to revert to their previous culture or , modify and adjust to a more hybrid approach , creating a new norm for the future
P Competition is fierce amongst new hires and retaining current staff is becoming increasingly difficult to maintain
P COVID outbreaks are still a concern , causing unforeseen shutdowns which lead to increased delays
Want to get in on the discussion ? If you would like to participate in the next quarterly Executive Roundtable , please email us at manufacturing @ faef . com .
CHALLENGE : WHERE ARE ALL THE PEOPLE ?
We ’ ve heard it ’ s hard to compete with new hire demands such as work flexibility , higher compensation , and multiple offers ; but where have all the people gone ? A more recent challenge attendees are facing is the sheer volume of people they can attract to even have conversations has depleted drastically over the last two years ; adding another layer of complexity to the process .
CHALLENGE : FATIGUE IN THE SUPPLY CHAIN
Whether the delays are coming from your supplier directly or your supplier ’ s supplier , longer lead times are inevitable . The challenge is knowing how long the delays will be , and then having staff members effectively communicate the delays to the client .
SOLUTION : AUTOMATE & BE PROACTIVE
Attendees discussed the potential to automate where they can however , understanding that approach takes time , and may not always be an option . Trying to break the stigma and perception of what it means to work in manufacturing , is also a proactive approach to create future candidates to help fill the labor shortage .
SOLUTION : STOCK UP & OUTSOURCE
Attendees suggested ordering extra inventory to have on stock and using multiple sources to help combat future supply issues . In addition , looking for noticeable trends and effectively communicating any anticipated delays with the client as soon as possible , helps to maintain the relationship during these challenging times .