OMAHA,
Neb., March 29, 2024 /PRNewswire/ -- NEI Global
Relocation's latest whitepaper, "2024 Relocation Trends |
Manufacturing," provides a compelling look into how innovative
relocation strategies are crucial for the manufacturing sector's
talent acquisition and retention efforts. This comes at a time when
the industry is facing the dual challenges of modernizing the
workplace and addressing a skills deficits in key roles.
The sector, accounting for a significant portion of the U.S. GDP
and workforce, is at a critical juncture with hundreds of thousands
of positions unfilled due to misconceptions about manufacturing
jobs and a retiring skilled worker base. The study by Deloitte and
The Manufacturing Institute anticipates a possible 2.1 million job
vacancies by 2030, underscoring the urgency of attracting a new
wave of talent.
Key findings from NEI Global Relocation's 2023 All Benefits
Study reveal a golden opportunity for manufacturing firms to get
ahead of competition by enhancing their relocation benefits:
- Partial Lump Sum Programs: Preferred by a significant
portion of manufacturing companies, these programs offer
customizable support for various relocation expenses, providing a
unique advantage in attracting talent
- Steady Economic Policies: Unlike other sectors,
manufacturing has maintained consistent policies on cost of living
adjustments and lease cancellations, demonstrating stability in a
fluctuating economic landscape
- Home Sale Benefits: Manufacturing companies tend to
favor Buyer Value Options (BVO) over Guaranteed Buyouts (GBO)
In summary, manufacturing companies lean towards more
conservative relocation policies, such as favoring Partial Lump Sum
programs and maintaining steady course on COLA, MIDA, or Lease
Cancellation policies despite economic shifts. This approach is
distinct from broader industry trends, where companies are revising
policies to adapt to market changes.
A company within the manufacturing sector that adopts a more
robust and forward-thinking relocation policy not only
differentiates itself but also has a golden opportunity to secure
and retain the industry's best talent. As the landscape evolves,
those willing to enhance their benefits in thoughtful ways could
obtain a sizable competitive advantage.
For a deeper dive into how these trends will shape the future of
manufacturing talent mobility, the full whitepaper is available at
neirelo.com.
Note: For informational purposes only. Consult with professional
advisors before making any decisions.
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SOURCE NEI Global Relocation