Workforce development is the top priority of our Manufacturers Council for the 2015-16 season. We have broken the topic down into three main “buckets” – developing baseline skill sets, ensuring upskilling opportunities, and growing the workforce pipeline.
But what is the real cost of the lack of a qualified workforce? Our friends at the Manufacturing Institute have an interesting tool on their website called the ROI Calculator. This calculator allows you to compute exactly how many dollars each new hire costs your business, from advertising and job posting, to training and turnover.
The ROI Calculator factors in many different categories, and the results can be alarmingly expensive. They do offer some tips for how to save money and lower your hiring costs, all of which are addressed by the work of our Manufacturers Council.
One tip is to hire from a better candidate pool. Sounds easy, but the candidate pool has to exist. That is why our Council is proactively growing the pool of qualified candidates through the Dream It, Do It program. We are leveraging the expertise of our Council members to expose young people to the opportunities that manufacturing careers can provide in Western New York.
Another tip for saving on employee costs is reducing turnover. Later this season, our Council will be sharing workforce best practices with our Council members. We will be discussing how to create a positive company culture so that employees want to stay on board for the long haul.
Finally, the calculator suggests utilizing your local community colleges as a recruitment tool. As part of our mission to create baseline skill sets for new hires, we will be working with Partnership members ECC, NCCC, and others to ensure their curricula take our members’ needs into account.
The Manufacturers Council is focused on addressing the skills gap and growing manufacturing employment in WNY. Take a look at the ROI Calculator for new hires – if you are unsure about joining our Council, ask yourself, can you afford not to?