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November 19, 2018

Manufacturing Skills Gap Is Growing—Here’s What It Will Cost

Last week, the National Association of Manufacturers’ Manufacturing Institute released an updated skills gap study, conducted by Deloitte, that found the manufacturing skills gap is expected to grow from about 488,000 jobs today to as many as 2.4 million manufacturing jobs between this year and 2028. An earlier study found the gap would amount to approximately two million unfilled jobs between 2015 and 2025. Deloitte concluded the gap could result in $454 billion in lost manufacturing growth by 2028 and more than $2.5 trillion in lost growth over the next decade.

The report also outlined suggestions for alleviating the jobs gap. Recommendations include:

  • Adopting learning and development programs;
  • Increasing flexibility in the hiring process;
  • Tapping retiring, experienced workforce
  • Turning to automated technologies and embracing; and
  • Increasing wages and offering signing bonuses.

Click here to read the full report and recommendations.