NEI Global Relocation’s latest whitepaper, “2024 Relocation Trends | Manufacturing,” provides a compelling look into how innovative relocation strategies are crucial for the manufacturing sector’s talent acquisition and retention efforts. This comes at a time when the industry is facing the dual challenges of modernizing the workplace and addressing a skills deficits in key roles.
The sector, accounting for a significant portion of the U.S. GDP and workforce, is at a critical juncture with hundreds of thousands of positions unfilled due to misconceptions about manufacturing jobs and a retiring skilled worker base. The study by Deloitte and The Manufacturing Institute anticipates a possible 2.1 million job vacancies by 2030, underscoring the urgency of attracting a new wave of talent.
Key findings from NEI Global Relocation’s 2023 All Benefits Study reveal a golden opportunity for manufacturing firms to get ahead of competition by enhancing their relocation benefits:
- Partial Lump Sum Programs: Preferred by a significant portion of manufacturing companies, these programs offer customizable support for various relocation expenses, providing a unique advantage in attracting talent
- Steady Economic Policies: Unlike other sectors, manufacturing has maintained consistent policies on cost of living adjustments and lease cancellations, demonstrating stability in a fluctuating economic landscape
- Home Sale Benefits: Manufacturing companies tend to favor Buyer Value Options (BVO) over Guaranteed Buyouts (GBO)
In summary, manufacturing companies lean towards more conservative relocation policies, such as favoring Partial Lump Sum programs and maintaining steady course on COLA, MIDA, or Lease Cancellation policies despite economic shifts. This approach is distinct from broader industry trends, where companies are revising policies to adapt to market changes.
A company within the manufacturing sector that adopts a more robust and forward-thinking relocation policy not only differentiates itself but also has a golden opportunity to secure and retain the industry’s best talent. As the landscape evolves, those willing to enhance their benefits in thoughtful ways could obtain a sizable competitive advantage.
For a deeper dive into how these trends will shape the future of manufacturing talent mobility, the full whitepaper is available at neirelo.com.
Note: For informational purposes only. Consult with professional advisors before making any decisions.
