Manufacturers Are Offering Better Benefits To Fill Job Vacancies
Today, manufacturers have 500,000 unfilled jobs at a time when the unemployment rate is at a historic low. As a result, companies are now in need of workers and understand that in order to fill those vacancies they have to seek talent across the country.
Increased benefits include increasing compensation and paying for relocation costs. However, as manufacturers are looking for people willing to relocate the number of individuals in the country moving around is at a 70-year low.
Postings on online job sites also demonstrate the growing trend to beef up job offers and benefits. On ZipRecruiter, the number of job listings that explicitly say that relocation costs are covered has increased from 1%, in 2017, to 1.6% today.
“We’ve had to get very aggressive with talent acquisition,” said Michael Winn, chief executive of Columbus Hydraulics Co.
However, despite the large number vacancies, the manufacturing industry is also contracting. It lost 12,000 jobs in December. The decrease in the number of jobs is due to lower levels of global trade. Efforts to acquire talent are still strong with wages being increase 3% in December, when compared to a year earlier.