The manufacturing sector is one of the leading industries for employee benefits satisfaction. According to a Glassdoor survey, manufacturing ranked third with a score of 3.64 out of 5. Recently, the economy has experienced an uptick in manufacturing job openings.
Unfortunately, the manufacturing sector also has one of the highest turnover rates with 22 percent of workers changing jobs compared to 18 percent in other sectors, according to Randstad Interim Inc. To retain talent and maintain growth, businesses must develop incentivized employee benefits strategies.
Offer a Competitive Salary
Manufacturing employees earn an average of $44,720 in wages and salaries, according to the U.S. Bureau of Labor Statistics. This equates to approximately $21.50 per hour for a standard 40-hour workweek. Employees want to know that they are receiving a fair wage for their work and many are willing to leave their job for higher pay elsewhere. Offering a competitive salary, in combination with an impressive benefits package, can attract top talent and encourage current employees to stay.
Guarantee Job Security
Many employees in the manufacturing industry rely heavily on their wages to support themselves and their families. Job security is highly appealing to many candidates, especially full-time hours or fixed shifts that do not change from week to week. Job candidates often seek long-term or permanent positions rather than temporary roles. Be aware of what workers are looking for in a position.
Build an Attractive Benefits Package
Employee benefits are what make some businesses in the manufacturing industry stand out from other employers. Some top employee benefits sought by job candidates include:
- Health and Wellness – Health insurance is one of the most important employee benefits. Some companies also may offer a flexible spending account (FSA), health savings account (HSA), as well as vision, dental, life, disability, and accidental death and dismemberment insurance.
- Family and Parenting – Benefits pertaining to family and parenting also may be attractive perks for job candidates. Examples include maternity and paternity leave, adoption assistance, dependent care, military leave, family medical leave and flexible hours.
- Retirement and Finances – When it comes to accepting a job position, retirement and financial options play a role. Businesses can motivate individuals to accept and stay on the job by offering the right financial benefits. Retirement plans, pensions, stock options, performance bonuses, charitable gift matching and similar benefits are excellent options.
- Vacation and Time Off – Everyone needs a break, especially hardworking employees in the manufacturing industry. Vacation and paid time off are a must-have in any employee benefits package. Also, consider including paid holidays, sick days and bereavement leave.
- Education/Skills Development – The ability to develop a person’s education or skills can be a valuable opportunity. Many modern employers now offer these types of benefits, including educational assistance, job training or professional programs aimed at skill development.
- Work-Life Balance – Many employees value a proper work-life balance. It is no surprise that benefits like grocery delivery, childcare and legal services catch the attention of job candidates. Look at allowing employees the opportunity to work remotely. According to Unifize, non-production staff in the manufacturing sector account for between 25 and 50 percent of the total headcount. Allowing non-production staff to work from home either part-time or full-time can lessen commute stress, cut down on office expenses and allow for a more flexible schedule.
- Other Employee Perks – There also are other perks that can be added to an employee benefits package, such as free lunches, gym memberships, employee discounts, mobile phone discounts, travel concierge, company social events, company cars or pet-friendly workspaces.
Create a Positive Work Culture
A toxic work environment is one of the most common reasons that people leave their place of employment. Employees spend a lot of hours at work each week and want to feel accepted and comfortable by those around them, including their coworkers and management.
Creating a positive work culture can encourage employees to not only stay, but also to work harder. Evaluate whether managers offer supportive leadership and if the work environment is relaxed.
Provide Opportunities for Advancement
Only 29 percent of employees are “very satisfied” with the current career advancement opportunities available, according to an Employee Job Satisfaction and Engagement Report by SHRM. Employees that continue to thrive and enhance their knowledge and skills often seek advancement opportunities into senior or supervisory roles. Offering these opportunities is not only beneficial for employees, but also for the company as businesses can continue to build a team of experienced, dedicated talent.
Speak with New City About Manufacturing Employee Benefits Strategies
Although there is no secret formula for recruiting and retaining a productive manufacturing workforce, businesses can take certain steps to attract top talent and keep current employees satisfied. For more employee benefits strategies in the manufacturing industry or to speak with an experienced employee benefits and HR consulting firm, reach out to the professionals at New City Insurance.