Adecco talks: Corporate burnout, manufacturing trends, and open jobs that stay open

Impact of US legislation on manufacturing growth

In 2023, the manufacturing industry in the US saw a significant boost. That’s partly due to the passing of three laws in 2021 and 2022:

• Infrastructure Investment and Jobs Act (IIJA)
• Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act
• Inflation Reduction Act (IRA)

This batch of laws is intended to rebuild infrastructure, advance clean energy initiatives, and build out the semiconductor industry in the US. They’ve also brought an infusion of funds and tax incentives into various sectors, leading to record-setting private sector investment (especially in semiconductors), clean energy components, electric vehicles, batteries, and the parts and raw materials of these products.

Despite this, the manufacturing industry continued to experience labor market tightness in 2023 and it’s expected for 2024 as well.

In turn, manufacturers need to be proactive about improving employee attraction and retention by focusing on flexibility and pay. Other strategies to consider include:

• Using market analysis for enhanced location awareness for new and existing sites
• Developing alumni programs for retired employees
• Leveraging digital solutions from a staffing partner
• Building and upskilling the talent pipeline

 

Corporate burnout and recharging employees’ batteries

In 2023, only 33% of employees (approximately 1.6 million) were engaged in the workplace, which marks a crucial challenge for companies.

There is an increasing number of disengaged employees who are expressing their dissatisfaction more openly, which is commonly known as “loud quitting.”

Reasons for employee burnout:

• Employee disconnect
• Manager burnout
• Uncertain role
• Restructuring challenges

The US economy lost nearly $2 trillion in productivity due to burnout in 2023, so creating personalized solutions to prevent it is vital. Fortunately for managers, these efforts also improve employee satisfaction and enhance overall workplace performance.

Learn more from Adecco on how managers can help prevent burnout.

 

Unfilled jobs: America’s looming crisis

Most states are facing an unusual challenge: The number of job openings are surpassing even pre-pandemic levels, while labor force participation remains stubbornly below what it once was.

The severity can be seen through the number of available workers compared to open job positions. Ranging from least severe to most severe, ratios range from 0 to more than 1.

For example, North Carolina has a ratio of 0.55 which means there are 55 available workers for every 100 open jobs.

The demographic drought

America’s labor force has shrunk due to a number of reasons, but the declining birthrates, low immigration, and growing retiree population are exacerbating the worker shortage.

Learn more from Adecco on how baby boomer retirement plans and returns-to-work are impacting hiring strategies.

 

2024 is off and running

Now is the time to finalize your plans and goals for the year, but if you’re not sure what’s next, we can help. Our staffing experts are pros at handling the unexpected to find great talent to meet your needs.

Reach out to today to see how we support your 2024 goals.