Manufacturing News – Late May 2024
Estimated reading time 3 minutes
A new analysis of shift premia and benefits carried out by Make UK reveals that retention of good people has become easier for manufacturers in the last 12 months.
But this change has been largely because of a willingness from companies to invest in their workforce to keep people on the payroll. Manufacturers are rewarding their staff for different shift patterns, extra responsibilities and additional hours, as well as giving more to support new parents and those suffering from ill-health.
Two thirds of companies that offer overtime, pay time and a half for extra hours and staff who work Bank Holidays, while 33% offer bonuses or incentives for meeting production targets or other goals. Some 31% ensure employees can benefit from professional development opportunities and nearly a quarter (22%) give health and wellness benefits such as gym membership.
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The UK manufacturing industry slipped back into a decline in April, with output and new orders both contracting, according to the latest S&P Global UK Manufacturing PMI®.
April 2024 UK Manufacturing PMI key findings:
· Manufacturing PMI at 49.1 in April
· Input price inflation at 14-month high
· Business optimism remains positive
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The World Economic Forum, in collaboration with global consultancy Kearney, has released a new White Paper exploring the actions manufacturing leaders are taking to redesign their global value chains along key trends that are reshaping those and transforming manufacturing systems.
“From Disruption to Opportunity: Strategies for Rewiring Global Value Chains,” is based on a survey of 300 global operations executives as well as 30 consultations, revealing a playbook of proven strategies enacted by leading manufacturers to redesign and future-proof their value chains in response to global challenges. However, the results also indicate a significant gap between strategic intent and operational delivery.
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UK manufacturers have demonstrated amazing adaptability during a period of unprecedented major disruption, according to a new report published by Protolabs and the Institute of Mechanical Engineers (IMechE).
The report, How Five Years Shaped the Future of UK Manufacturing is based on annual surveys of more than 700 UK manufacturing executives and IMechE members over five years covering the years before, during and after the global pandemic and Brexit.
It shows that, despite the challenges, confidence has greatly increased among businesses, particularly around their readiness to adopt Industry 4.0 practices and the digital processes needed to remain globally competitive.
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