Manufacturing is a critical sector in the Australian economy, contributing around $100 billion to GDP and employing about 900,000 people. Perhaps what’s more exciting is that manufacturing businesses contribute over 25% of total research & development expenditure.
As the industry continues to evolve and advance, a career in manufacturing is both desirable and rewarding for university graduates, apprentices and workers. This, combined with the competition for top talent that’s impacting many industries, means it's essential for manufacturing companies to have a strategy in place to attract and retain the best employees.
In this article, we share how manufacturing businesses can attract and retain quality staff by implementing sweat equity strategies, such as employee share schemes and employee stock option plans. We also explore how skilled migration can solve staffing woes, and give our workplace culture tips to make your business a better place to work.
Implementing Employee Share Schemes for Manufacturing Businesses
Employee share option plans (ESOPs) and employee share schemes (ESS) can provide manufacturing workers with a sense of ownership and investment in the company, which can lead to increased engagement and motivation. While there are some key differences between an ESOP and an ESS , both can help to attract top talent by demonstrating that the company values its employees and is committed to their success.
Among the top benefits of employee share schemes , the most relevant to manufacturing businesses includes retaining top talent. In manufacturing, training workers on complex processes and important safety issues is an investment. You want those people with knowledge of your operations to stick around for the long term. Another benefit is enabling the business to be competitive on salary, without draining the bank account and eating into profit margins.
Understand How Skilled Migration Can Solve Manufacturing Staff Shortages
Skilled migration can help manufacturing businesses in Australia find and retain talent by providing access to a global pool of highly skilled and experienced workers. This can be done through skilled worker visa programs, such as the Temporary Skill Shortage (TSS) visa, which allows companies to sponsor qualified workers from overseas to fill specific skilled positions that cannot be filled by local workers. Permanent residency for skilled workers can also help ensure their retention in the long-term. Remember that companies must follow the country's labour laws and regulations, including fair working conditions, pay and benefits, and ensuring compliance with the immigration laws.
Provide Employees With A Pathway To Career Growth
Another strategy for attracting and retaining talent in manufacturing is to provide employees with opportunities for professional development and career growth. This can include offering training and education programs, mentoring, and leadership development opportunities. Providing employees with the tools and resources they need to grow and advance in their careers can help to keep them engaged and motivated.
Improve Workplace Culture and Team Dynamics
Creating a positive and inclusive culture is also crucial in attracting and retaining talent. As a certified Great Place To Work® full of happy and high-performing people, BlueRock knows great workplace culture. We’re talking about promoting diversity and inclusion, providing employees with a healthy work-life balance and fostering a sense of community and collaboration among team members.
One way to create a workplace culture you can be proud of, retain great people and motivate high-performing teams is with HBDI and DiSC workshops . There are so many benefits, some more tangible and some with more long term rewards. HBDI and DiSC workshops will benefit your people individually, your teams and your business.
BENEFITS FOR YOUR PEOPLE
- Identify opportunities for self and team development
- Understand different communication and behavioural styles to minimise tension
- Be self-aware and understanding how their behaviour affects the team
BENEFITS FOR YOUR BUSINESS
- Evaluate team effectiveness and optimise performance and productivity
- Build loyalty and engagement among teams
- Understand your team’s stages of team development
- Recognise how effort, performance and outcome drive team motivation.
Talk To Our Manufacturing Business Advisors About Attracting And Retaining Talent
Attracting and retaining top talent in the manufacturing sector is crucial for the success of any business in Australia. By implementing employee share option plans and employee share schemes, providing opportunities for professional development, fostering a positive culture, offering competitive compensation and benefits, and providing employees with a sense of purpose, manufacturing companies can attract and retain employees as well as any sector in our economy. Get in touch with our business advisors if you need help with your manufacturing business.
