Page 16 - Fall 2023 EDM Today

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the mold beat

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Driving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulseving the industry pulsevin
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EDM Today Magazine EDM Today Magazine EDM Today Magazine
As the end of 2023 draws near and planning for 2024 begins, U.S. mold manufacturers have any number
of challenges to consider. Rising infl ati on, batt ered supply chains, shrinking profi tability and more are all
top considerati ons for today’s industry executi ves - but when asked to identi fy the number one challenge
that conti nues to aff ect the U.S. mold building industry, the resounding answer conti nues to be access to
a limited labor pool and the broader challenge of workforce development.
BY THE NUMBERS
In 2022, AMBA surveyed the industry in its annual Wage and Salary Survey, which, in additi on to
gathering data related to low, high and average rates of pay across over 50 job classifi cati ons in U.S. mold
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manufacturing, gathers informati on related to employee demographics. For the fi rst ti me in over fi ve
years, AMBA noted a signifi cant shift : the percentage of individuals ages 50 and over employed by U.S.
mold builders had fallen, while employees under 50 had risen.
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Seem remarkable? Maybe not. But this data is signifi cant in that it has provided the industry with its
fi rst workforce-related opportunity in over a decade. For years, the pool of 50 and under employees
has conti nued to shrink, putti ng year-over-year pressure on industry leaders to intensify workforce
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development eff orts and build the succession plans necessary for their businesses to thrive. For many
executi ves, however, even this opportunity may feel daunti ng. Once those employees have been hired,
the challenge of retaining them amidst rising infl ati on, wage wars and other factors becomes an even
bigger obstacle to overcome.
TAKING A PRACTICAL APPROACH
Certainly, there’s no single soluti on to the varied challenges of employee att racti on and retenti on, but
that doesn’t mean employers don’t have an opportunity to build a successful strategy. By gaining an
understanding of what next-generati on employees desire and expect, industry leaders can take the
necessary steps that will help them build a reliable, sustainable workforce.
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EDM Today Magazine EDM Today Magazine EDM Today, Fall 2023 Issue
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