While manufacturing is frequently perceived as “dirty work”, it is an essential component of any economy. As an Operations Consultant and part-time adjunct College Professor, I’ve personally witnessed decades of decline in the interest in manufacturing jobs.
As the US continues to ramp up investments in the manufacturing sector, Baby Boomers continue to reach the age of retirement eligibility in unprecedented numbers while MacBook-toting social media addicts set their minds on career paths far away from “dirty work”. Just ask my daughters.
Contributions in job creation, economic growth and several other positive benefits are critical to our national and local communities. Here are a few reasons why manufacturing jobs are worth another look:
JOB CREATION | Manufacturing is a significant employer. It creates jobs both directly and indirectly. In addition to providing employment opportunities to factory workers, it also supports jobs in logistics, transportation, marketing, and other related industries. According to a report by the National Association of Manufacturers, every manufacturing job in the United States creates an additional 2.79 jobs in other sectors, including service jobs. This means that for every 1 million manufacturing jobs, an additional 2.79 million jobs are created in other sectors. That is a massive ROI that is often intangible therefore overlooked.
ECONOMIC GROWTH | Manufacturing can contribute to economic growth by increasing productivity and driving innovation. The manufacturing sector creates products that are in demand, is much easier to scale than most service jobs, and generates revenue for companies. Retained earning can then be reinvested into the business, creating further growth opportunities.
EXPORT EARNINGS | Manufacturing products can also be exported, bringing in foreign currency and contributing to the balance of trade. This helps to boost the economy and create a more stable financial environment.
INFRASTRUCTURE DEVELOPMENT | Manufacturing requires a significant amount of investment in infrastructure, which in turn creates opportunities for other industries, such as construction and engineering. Most infrastructure investments for manufacturing is capex (capital expenditure) “heavy” therefore coming with a long-term plan for being present in the community it selects to break ground in.
TECHNOLOGY ADVANCEMENT | Manufacturing is a key driver of technological innovation, as companies invest in new technologies and processes to improve efficiency, reduce costs, and increase productivity. This can lead to new products and services, creating new markets and driving economic growth.
According to Tiffany Moustakas, Editor at LinkedIn News, companies have committed more than $200 billion in new projects over the past 8 months. Read more here.
Take a moment to assess the educational and professional skills goals within your organization as well as your own household. Are you positioned to take advantage of the waves that investments in manufacturing will bring in the next 10 years and beyond?