Manufacturers to spend $26.2 billion on ‘upskilling’ in 2020 to attract and keep workers – CNBC
- A skills gap is plaguing the manufacturing industry in a historically tight labor market.
- Companies are spending big to “upskill” their current workforce and ensure a pipeline of talent moving forward.
- Manufacturers are set to spend $26.2 billion on internal and external training initiatives for new and existing employees in 2020 to combat the shortage of available workers, the Manufacturing Institute says.
With a skills gap plaguing manufacturing in a historically tight labor market, companies are spending big to “upskill” their current workforce and ensure a pipeline of talent.
Manufacturers are set to spend $26.2 billion on internal and external training initiatives for new and existing employees in 2020 to combat the shortage of available workers, according to the Manufacturing Institute.
Nearly 70% of manufacturers said they are creating or expanding training programs for their workforce. Three-quarters of respondents said upskilling workers helped to improve productivity, promotion opportunities and morale.
“In manufacturing, you are constantly learning and growing, and the technological change is enormous,” said Carolyn Lee, the institute’s executive director. “What you are going to be able to continue to do as you layer new skills, on top of those fundamental skills, will make for a very interesting and dynamic career.”