TMG-Talent

Of late, we have noticed manufacturing companies holding off hiring, especially salespeople, due to the big compensation packages now being offered by competitors. Many companies are just not doing it but are suddenly getting hit with big attrition, potentially hurting their long-term business and profitability. Here is a good article in SHRM titled “An HR Leader’s Guide to Surviving Wage Inflation”. The text discusses ongoing wage inflation amidst broader economic moderation in the U.S. It highlights concerns from HR executives about the impact of inflation on organizational costs, with significant increases in wages observed post-pandemic. Factors driving wage inflation include overall economic inflation and high demand for skilled labor due to low unemployment. While higher wages ease financial strain for workers, they pose challenges for employers, such as increased labor costs and retention difficulties. Strategies to mitigate wage inflation include improving retention rates, enhancing employee recognition, optimizing the employee experience, upskilling workers, restructuring operations, outsourcing selectively, adjusting total compensation packages, and leveraging automation. Each strategy carries benefits and risks, emphasizing the need for tailored approaches to maintain competitiveness and manage long-term business health. For the full article: https://lnkd.in/g4emEfkv

Following is a summary of a great article by Kate Magill, Manufacturing Lead Editor for MANUFACTURINGDRIVE overviewing the manufacturing costs to watch during the second half of 2024. Manufacturers are cautious amid economic uncertainty, tightening budgets due to volatile logistics and supply costs. Hopes for a market turnaround this year have stalled, with no expected interest rate cuts from the Federal Reserve. Many are now focused on cost management, delaying major spending including production and labor investments until market uncertainty eases. Political factors, including the upcoming presidential election and global conflicts, are exacerbating supply chain costs. Geopolitical risks may drive up raw material prices, especially for metals like gold, silver, and copper. Election uncertainty could weaken the U.S. dollar, further impacting procurement costs. Disruptions in the Red Sea are also pushing up ocean freight rates, expected to persist through peak shipping seasons. Labor costs remain a critical issue, with wages rising and labor shortages persisting despite potential inflation reductions. Companies are increasingly turning to automation to address recruitment challenges. Despite these pressures, some relief may come as labor market challenges slightly ease, though retaining talent remains a long-term concern. Key statistics reflect these challenges: labor costs rose by 4.1% year-over-year in Q1, and the production index in June was 48.5%, indicating economic contraction as manufacturers hesitate to expand capacity. Looking ahead, raw material prices are anticipated to increase by 2.4% over the next year. Manufacturers are reassessing budget allocations, particularly in labor and headcount investments, amidst ongoing economic uncertainties and higher interest rates. Link to the full article: https://lnkd.in/ec456P_X

The #CarbonCapture and storage market is expected to grow significantly between 2024 and 2032 thanks to the increasing demand for enhanced oil recovery (EOR), industrial, agricultural, and other factors. Direct air capture will grow quickly, as seen already this year, with legislation like the IRA and the BIL opening up the industry significantly. Massive demand for new carbon solutions is coming from countries like South Korea and Japan, as well as from countries like Denmark, which have set very high climate expectations for themselves. Renewable energy is welcoming regulatory boosts. Historically high levels of investment in renewables like solar and storage deployments are streaking ahead. Clean hydrogen is becoming a reality, and offshore wind is coming along, though it is facing difficulties. Re-training a workforce with the right skills for improving trends is a necessary task, though a challenging one, given the speed of industry growth and current reliance on AI. Geothermal and renewable natural gas may still enhance renewable portfolios in 2024. To manage these trends and drive them forward to real results, the best #talent in the industry needs to be connected with the right #placement. Helping companies and employees find their perfect match in this sector is not only changing lives in terms of employment compatibility but also shaping the fight against #ClimateChange. TMG can help. Read more: https://lnkd.in/gMTjB3i6

Renewable energy and carbon capture are two of the most vital processes in the fight against global warming. Locating and placing talented individuals who operate within those sectors is our mission, because, without talent and leadership, we can not win. TMG-Talent specializes in filling Operations and Technical Leadership positions which can be used to affect genuine change and improvement in the fight against climate change. Read more industry trends in our latest blog post: https://lnkd.in/gMTjB3i6

APPRECIATION is key in business. How you say it and do it is important. Below is a good article published in HRDRIVE, titled “The dos and don’ts of appreciation: How companies can foster a people-focused workplace”. To address the pervasive burnout and stress in American workplaces, business leaders need to reimagine their approach to employee wellbeing. A Gallup poll found that 75% of employees who felt unappreciated considered leaving their jobs. Ensuring employees feel content, productive, and valued hinges on appreciation. Research indicates that appreciated employees are more likely to feel a sense of belonging, be more productive, and perform better overall. Cultivating a culture of appreciation results in a highly engaged workforce, which strongly correlates with business success. HR can promote appreciation through several strategies: 1) Implement Emotional Intelligence (EQ) Assessments: These assessments help leaders develop self-awareness and lead with empathy, fostering a trusting and authentic work environment. 2) Revise Benefit Offerings: Tailor benefits to align with employees' actual needs and desires to enhance their satisfaction and retention. 3) Integrate Appreciation into Leadership: Secure leadership's support for the appreciation strategy by appointing a Chief Appreciation Officer. HR should avoid: 1) Confusing Appreciation with Recognition: Appreciation values employees for who they are, beyond just their achievements. 2) Ignoring Employees’ Comprehensive Needs: Address all levels of Maslow’s Hierarchy of Needs to make employees feel genuinely valued. 3) Being Reactive: Shift to proactive strategies to create a genuine, people-first work environment. Ultimately, employees must genuinely feel appreciated, a responsibility that begins with leadership and involves a strategic role for HR. For the full article: https://lnkd.in/grPXawsZ

Good article by Mikaela Cohen regarding the growing appeal of a four-day workweek among employees, especially Gen Z, who prioritize flexibility. Many workers are willing to extend their daily hours in exchange for a three-day weekend, and some are even considering changing jobs to achieve this goal. Employers are also intrigued by potential benefits like increased productivity and higher employee satisfaction, as observed in European companies. However, implementing a shortened workweek varies in effectiveness across organizations and teams. Companies such as Safeguard Global and Codeword have experimented with different approaches, such as offering full Fridays off or implementing 'soft Fridays' with no meetings, to suit their workforce's needs and operational demands. Ultimately, successfully adopting a four-day workweek requires a tailored approach that considers each organization's unique dynamics and objectives. For the full article: https://lnkd.in/gBYnUkEZ

Renewable energy and carbon capture are two of the most vital processes in the fight against global warming. Locating and placing talented individuals who operate within those sectors is our mission, because, without talent and leadership, we can not win. TMG-Talent specializes in filling Operations and Technical Leadership positions which can be used to affect genuine change and improvement in the fight against climate change. Read more about the latest carbon capture and renewable energy trends: https://lnkd.in/gMTjB3i6 #CarbonCapture #RenewableEnergy #Recruiting

A good article by Matthew Hart in SCB about why Manufacturing Leaders should reconsider the hiring of the Gen Z generation The article discusses the entry of Gen Z into the workforce and employers' hesitancy in hiring them due to perceived attributes such as poor work ethic and entitlement. However, it highlights that Gen Z brings unique strengths, including tech-savviness and a strong emphasis on values and principles. Gen Z's affinity for digital skills aligns with the increasing demand for such skills in industries like manufacturing. Despite concerns, Gen Z's values-driven approach and risk awareness could benefit workplace culture and safety. To attract and retain Gen Z workers, companies must embrace technological innovation, prioritize values, and offer a respectful and safe work environment. Ultimately, Gen Z has the potential to drive positive transformation and innovation in the workplace. For the full article: https://lnkd.in/gsAK5nxE

Here is a great clip in Human Resource Executive. If the stat is 50% correct it is fabulous. The article, featuring Stacey Hoin, touts that 90% of her firm's employees can recite the company values. Stacey Hoin, the Chief Human Resources Officer (CHRO) at Guardian Life Insurance Company of America (Guardian), joined the company in 2021, attracted by its purpose-driven culture and leadership vision. Guardian, a 160-year-old company, emphasizes tradition alongside innovation, investing in AI tools to enhance employee experience and business objectives. Hoin oversees talent strategies for Guardian's global workforce and highlights the company's focus on customer impact and employee well-being, demonstrated through initiatives like AI coaching and mental wellness benefits. Guardian's commitment to its purpose and values ensures its relevance and evolution in a changing landscape, according to Hoin. For full article: https://lnkd.in/g6UieqvG

Here is a great video on the importance of linking a healthy culture to successful performance for a business. Kevin Oakes, CEO of i4cp, walks through a series of questions and presents factual data on why this is so important. This is a quick watch but very powerful: https://lnkd.in/gc5wvcH8