Connect with us

Deloitte and The Manufacturing Institute: Big Gains in Perceptions of US Manufacturing as Innovative, Critical and High Tech

Deloitte and The Manufacturing Institute: Big Gains in Perceptions of US Manufacturing as Innovative, Critical and High Tech
PR Newswire
NEW YORK, March 30, 2022

 -Advanced technology and the pandemic may further improve the industry’s image-Manufa…

Published

2 years ago

on

Deloitte and The Manufacturing Institute: Big Gains in Perceptions of US Manufacturing as Innovative, Critical and High Tech

PR Newswire

NEW YORK, March 30, 2022

 -Advanced technology and the pandemic may further improve the industry's image
-Manufacturers are at an inflection point and can use increased public awareness to emphasize career opportunities and benefits

NEW YORK, March 30, 2022 /PRNewswire/ -- Key takeaways from the surveys:

  • Sixty-four percent of consumers surveyed view manufacturing as innovative, up from 39% of respondents five years ago.
  • Big gains in technology advances in manufacturing, but public awareness lags.
  • Attracting and retaining a quality workforce is a top focus for 83% of manufacturers surveyed.
  • Almost 45% of manufacturing executives surveyed have turned down business opportunities due to lack of workers.
  • Majority of workers still prefer jobs in other sectors, such as retail, services, and technology.

Why this matters

U.S. manufacturing is at an inflection point according to study findings by Deloitte and The Manufacturing Institute.

U.S. manufacturing is at an inflection point: The sector is increasingly viewed as crucial to economic and pandemic recovery, yet outdated public perceptions could be impacting recruitment of vital new workers, according to study findings by Deloitte and The Manufacturing Institute based on two recent surveys of executives and consumers. Full report available here.

A persistent shortfall of workers and a skills mismatch for smart manufacturing could slow down economic growth and manufacturing competitiveness. The study found perceptions are starting to change, especially due to the manufacturing industry's response to the pandemic, but there are areas that need attention.

Disconnect between perception and reality
According to the surveys, perceptions do not reflect the current level of technological advances, benefits and salary levels in the industry. But the manufacturing sector should bring public perceptions in line with the current reality of the industry to attract the stable, skilled workforce needed for economic growth and global competitiveness.

Perceptions

  • Competition with other sectors: The surveys showed manufacturing companies are increasingly competing with other sectors for skilled labor. Manufacturing ranks behind technology, health care, communications, energy and financial services as preferred career options.
  • Technology: Two-thirds of consumer respondents see manufacturing jobs as innovative and problem-solving oriented. Manufacturers should reiterate that technology is expected to enhance, rather than replace, jobs. For instance, digitalization, robotics and artificial intelligence can make jobs safer and enable employees to do more productive work.
  • COVID-19 impact: The public's understanding of how crucial manufacturing is for the U.S. economy has increased as a result of the COVID-19 pandemic response, especially given the industry's designation as essential in producing ventilators and PPE and keeping supply chains rolling.

Key quote

"The pandemic has raised awareness of the essential role of manufacturing in our lives. We are now at a watershed moment when a new wave of workers is needed to further advance our use of technology and maintain U.S. economic competitiveness. This industry is critical to bolstering our economy long term."

— Paul Wellener, vice chair and U.S. industrial products and construction leader, Deloitte LLP

Attracting and retaining talent

Although 84% of manufacturing jobs lost during 2020 were added back to payrolls, turnover remains high. To retain them, manufacturers should involve existing employees, and evolve the work and workplace.

  • Fifty-eight percent of surveyed respondents feel manufacturing jobs have limited career prospects, but 80% might be interested in roles with enhanced training and clear career paths.
  • Manufacturing executives recognized that more diversity and balanced gender representation are likely to expand the available talent pool. While 84% of the surveyed manufacturing executives felt that their company is effective in fostering an equitable and inclusive. environment for new hires, they also acknowledged that more work needs to be done.
  • The ability to attract entry-level recruits is very difficult; strong brands in local markets pose challenges.

Key quote
"Manufacturers are working hard to fill open jobs and connect more Americans with rewarding careers, including through efforts like Creators Wanted, the industry's largest campaign to build the workforce of tomorrow. As an industry we are focused on continuing to improve perceptions — so that students, parents, educators and more understand the great opportunities available in modern manufacturing. With new or strengthened initiatives, companies can engage new employees, keep existing employees and bolster their reputations of providing sought-after careers in their communities."

— Carolyn Lee, president, The Manufacturing Institute

Connect with us on Twitter at @DeloitteMFG; @TheMfgInstitute; @pwellener; @cleeNAM or on LinkedIn @PaulWellener.

About The Manufacturing Institute
The MI grows and supports the manufacturing industry's skilled workers for the advancement of modern manufacturing. The MI's diverse initiatives support all workers in America, including women, veterans and students, through skills training programs, community building and the advancement of their career in manufacturing. As the workforce development and education partner of the NAM, the MI is a trusted adviser to manufacturers, equipping them with resources necessary to solve the industry's toughest challenges. For more information on the MI, please visit www.themanufacturinginstitute.org.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today's marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's more than 345,000 people worldwide connect for impact at www.deloitte.com.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

View original content to download multimedia:https://www.prnewswire.com/news-releases/deloitte-and-the-manufacturing-institute-big-gains-in-perceptions-of-us-manufacturing-as-innovative-critical-and-high-tech-301513374.html

SOURCE Deloitte

Read More

Related Topics:
Continue Reading

Uncategorized

NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

One month after the inflation outlook tracked…

Published

30 mins ago

on

March 11, 2024

By

NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

One month after the inflation outlook tracked by the NY Fed Consumer Survey extended their late 2023 slide, with 3Y inflation expectations in January sliding to a record low 2.4% (from 2.6% in December), even as 1 and 5Y inflation forecasts remained flat, moments ago the NY Fed reported that in February there was a sharp rebound in longer-term inflation expectations, rising to 2.7% from 2.4% at the three-year ahead horizon, and jumping to 2.9% from 2.5% at the five-year ahead horizon, while the 1Y inflation outlook was flat for the 3rd month in a row, stuck at 3.0%. 

The increases in both the three-year ahead and five-year ahead measures were most pronounced for respondents with at most high school degrees (in other words, the "really smart folks" are expecting deflation soon). The survey’s measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) decreased at all horizons, while the median inflation uncertainty—or the uncertainty expressed regarding future inflation outcomes—declined at the one- and three-year ahead horizons and remained unchanged at the five-year ahead horizon.

Going down the survey, we find that the median year-ahead expected price changes increased by 0.1 percentage point to 4.3% for gas; decreased by 1.8 percentage points to 6.8% for the cost of medical care (its lowest reading since September 2020); decreased by 0.1 percentage point to 5.8% for the cost of a college education; and surprisingly decreased by 0.3 percentage point for rent to 6.1% (its lowest reading since December 2020), and remained flat for food at 4.9%.

We find the rent expectations surprising because it is happening just asking rents are rising across the country.

At the same time as consumers erroneously saw sharply lower rents, median home price growth expectations remained unchanged for the fifth consecutive month at 3.0%.

Turning to the labor market, the survey found that the average perceived likelihood of voluntary and involuntary job separations increased, while the perceived likelihood of finding a job (in the event of a job loss) declined. "The mean probability of leaving one’s job voluntarily in the next 12 months also increased, by 1.8 percentage points to 19.5%."

Mean unemployment expectations - or the mean probability that the U.S. unemployment rate will be higher one year from now - decreased by 1.1 percentage points to 36.1%, the lowest reading since February 2022. Additionally, the median one-year-ahead expected earnings growth was unchanged at 2.8%, remaining slightly below its 12-month trailing average of 2.9%.

Turning to household finance, we find the following:

  • The median expected growth in household income remained unchanged at 3.1%. The series has been moving within a narrow range of 2.9% to 3.3% since January 2023, and remains above the February 2020 pre-pandemic level of 2.7%.
  • Median household spending growth expectations increased by 0.2 percentage point to 5.2%. The increase was driven by respondents with a high school degree or less.
  • Median year-ahead expected growth in government debt increased to 9.3% from 8.9%.
  • The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months increased by 0.6 percentage point to 26.1%, remaining below its 12-month trailing average of 30%.
  • Perceptions about households’ current financial situations deteriorated somewhat with fewer respondents reporting being better off than a year ago. Year-ahead expectations also deteriorated marginally with a smaller share of respondents expecting to be better off and a slightly larger share of respondents expecting to be worse off a year from now.
  • The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 1.4 percentage point to 38.9%.
  • At the same time, perceptions and expectations about credit access turned less optimistic: "Perceptions of credit access compared to a year ago deteriorated with a larger share of respondents reporting tighter conditions and a smaller share reporting looser conditions compared to a year ago."

Also, a smaller percentage of consumers, 11.45% vs 12.14% in prior month, expect to not be able to make minimum debt payment over the next three months

Last, and perhaps most humorous, is the now traditional cognitive dissonance one observes with these polls, because at a time when long-term inflation expectations jumped, which clearly suggests that financial conditions will need to be tightened, the number of respondents expecting higher stock prices one year from today jumped to the highest since November 2021... which incidentally is just when the market topped out during the last cycle before suffering a painful bear market.

Tyler Durden Mon, 03/11/2024 - 12:40

Read More

Continue Reading

Spread & Containment

A major cruise line is testing a monthly subscription service

The Cruise Scarlet Summer Season Pass was designed with remote workers in mind.

Published

32 mins ago

on

March 11, 2024

By

While going on a cruise once meant disconnecting from the world when between ports because any WiFi available aboard was glitchy and expensive, advances in technology over the last decade have enabled millions to not only stay in touch with home but even work remotely.

With such remote workers and digital nomads in mind, Virgin Voyages has designed a monthly pass that gives those who want to work from the seas a WFH setup on its Scarlet Lady ship — while the latter acronym usually means "work from home," the cruise line is advertising as "work from the helm.”

Related: Royal Caribbean shares a warning with passengers

"Inspired by Richard Branson's belief and track record that brilliant work is best paired with a hearty dose of fun, we're welcoming Sailors on board Scarlet Lady for a full month to help them achieve that perfect work-life balance," Virgin Voyages said in announcing its new promotion. "Take a vacation away from your monotonous work-from-home set up (sorry, but…not sorry) and start taking calls from your private balcony overlooking the Mediterranean sea."

A man looks through his phone while sitting in a hot tub on a cruise ship.

Shutterstock

This is how much it'll cost you to work from a cruise ship for a month

While the single most important feature for successful work at sea — WiFi — is already available for free on Virgin cruises, the new Scarlet Summer Season Pass includes a faster connection, a $10 daily coffee credit, access to a private rooftop, and other member-only areas as well as wash and fold laundry service that Virgin advertises as a perk that will allow one to concentrate on work

More Travel:

The pass starts at $9,990 for a two-guest cabin and is available for four monthlong cruises departing in June, July, August, and September — each departs from ports such as Barcelona, Marseille, and Palma de Mallorca and spends four weeks touring around the Mediterranean.

Longer cruises are becoming more common, here's why

The new pass is essentially a version of an upgraded cruise package with additional perks but is specifically tailored to those who plan on working from the ship as an opportunity to market to them.

"Stay connected to your work with the fastest at-sea internet in the biz when you want and log-off to let the exquisite landscape of the Mediterranean inspire you when you need," reads the promotional material for the pass.

Amid the rise of remote work post-pandemic, cruise lines have been seeing growing interest in longer journeys in which many of the passengers not just vacation in the traditional sense but work from a mobile office.

In 2023, Turkish cruise line operator Miray even started selling cabins on a three-year tour around the world but the endeavor hit the rocks after one of the engineers declared the MV Gemini ship the company planned to use for the journey "unseaworthy" and the cruise ship line dealt with a PR scandal that ultimately sank the project before it could take off.

While three years at sea would have set a record as the longest cruise journey on the market, companies such as Royal Caribbean  (RCL) (both with its namesake brand and its Celebrity Cruises line) have been offering increasingly long cruises that serve as many people’s temporary homes and cross through multiple continents.

Read More

Continue Reading

International

This is the biggest money mistake you’re making during travel

A retail expert talks of some common money mistakes travelers make on their trips.

Published

32 mins ago

on

March 11, 2024

By

Travel is expensive. Despite the explosion of travel demand in the two years since the world opened up from the pandemic, survey after survey shows that financial reasons are the biggest factor keeping some from taking their desired trips.

Airfare, accommodation as well as food and entertainment during the trip have all outpaced inflation over the last four years.

Related: This is why we're still spending an insane amount of money on travel

But while there are multiple tricks and “travel hacks” for finding cheaper plane tickets and accommodation, the biggest financial mistake that leads to blown travel budgets is much smaller and more insidious.

A traveler watches a plane takeoff at an airport gate.

Jeshoots on Unsplash

This is what you should (and shouldn’t) spend your money on while abroad

“When it comes to traveling, it's hard to resist buying items so you can have a piece of that memory at home,” Kristen Gall, a retail expert who heads the financial planning section at points-back platform Rakuten, told Travel + Leisure in an interview. “However, it's important to remember that you don't need every souvenir that catches your eye.”

More Travel:

According to Gall, souvenirs not only have a tendency to add up in price but also weight which can in turn require one to pay for extra weight or even another suitcase at the airport — over the last two months, airlines like Delta  (DAL) , American Airlines  (AAL)  and JetBlue Airways  (JBLU)  have all followed each other in increasing baggage prices to in some cases as much as $60 for a first bag and $100 for a second one.

While such extras may not seem like a lot compared to the thousands one might have spent on the hotel and ticket, they all have what is sometimes known as a “coffee” or “takeout effect” in which small expenses can lead one to overspend by a large amount.

‘Save up for one special thing rather than a bunch of trinkets…’

“When traveling abroad, I recommend only purchasing items that you can't get back at home, or that are small enough to not impact your luggage weight,” Gall said. “If you’re set on bringing home a souvenir, save up for one special thing, rather than wasting your money on a bunch of trinkets you may not think twice about once you return home.”

Along with the immediate costs, there is also the risk of purchasing things that go to waste when returning home from an international vacation. Alcohol is subject to airlines’ liquid rules while certain types of foods, particularly meat and other animal products, can be confiscated by customs. 

While one incident of losing an expensive bottle of liquor or cheese brought back from a country like France will often make travelers forever careful, those who travel internationally less frequently will often be unaware of specific rules and be forced to part with something they spent money on at the airport.

“It's important to keep in mind that you're going to have to travel back with everything you purchased,” Gall continued. “[…] Be careful when buying food or wine, as it may not make it through customs. Foods like chocolate are typically fine, but items like meat and produce are likely prohibited to come back into the country.

Related: Veteran fund manager picks favorite stocks for 2024

Read More

Continue Reading

Trending