Overcoming the challenge of filling high quality jobs in the Titanium EconomyTweet
The United States has been experiencing a rather unfortunate decline in manufacturing jobs for the past few decades. This downturn took a large number of good, middle-class jobs down the chute too. The sector of industrial technology might have been overlooked when reporting news of the decline. This sector alone is filled with high-quality jobs that bring along good pay and fair benefits to workers.
No matter how many jobs are created in the industrial tech sector, a considerable portion of them goes unfilled. In the last decade alone, 2.4 million industrial jobs went unfilled in the US. Some experts estimate the loss of this to be around $2.5 trillion. Due to this, seven in ten companies had to fall behind on their production schedules.
The industrial tech sector is known as Titanium Economy. Businesses in the Titanium Economy are prepared to conquer the challenge of filling these vacancies. These jobs are always viable and experience-based, often not requiring a traditional four-year degree to qualify for. The average pay is almost double the wages of those in the service sector, and 13% higher than comparable non-degree jobs in the private sector.
Also, these businesses make sure to let their employees be comfortable at work, providing well-lit facilities and cutting-edge technologies. These contribute to increased worker morale, productivity, and workplace safety. In addition, the Titanium Economy also provides education and career opportunities. These can pay dividends for workers and their communities, companies, and shareholders.
How can businesses in the Titanium Economy address the labor shortage?
Partner with local trade schools and community colleges
Graco, a fluid handling business, has created educational institutions in five states. The company provides capital equipment and offers scholarships. The funding surpassed $1.3 million in 2021.
Give employees clear pathways to advancement and offer training for upskilling
Casella, a waste management company, has produced a great program to give employees chances to move upward in their careers. This allows Casella to keep their workforce younger, and more energized because of the high attraction among candidates.
Make employees owners
CSW Industrials, a diversified industrial company, created an employee stock ownership plan funded through profit sharing. This made them more attractive in the eyes of candidates. Employees now own around 5% of the business.
Such initiatives can be backed up by policies at the federal, state, and local levels to make changes even more widespread.