Human Resources Industry Benchmark Report: Manufacturing

The 2024 ELMO Human Resources Industry Benchmark Report reveals critical insights into the manufacturing industry’s HR landscape, emphasising the importance of strategic workforce management in navigating economic uncertainty. Based on a survey of 700 HR professionals in Australia, the report highlights key trends and challenges to the manufacturing sector.

Cost control and hiring strategies

With economic pressures looming, 33% of manufacturing respondents are turning to hiring freezes or prioritising critical roles to manage costs. This reflects a cautious approach to workforce expansion, with companies focusing on retaining existing talent and optimising productivity.

Time to productivity and retention

The report identifies a significant challenge in onboarding new employees within the manufacturing and utilities industry. New hires take an average of 41 days to reach full productivity, exceeding the cross-industry average by 6 days. This extended onboarding period underscores the importance of effective training programs and emphasises the need to retain experienced employees to maintain operational efficiency.

Key HR statistics and insights

The infographic accompanying the report provides a visual representation of key HR statistics within the manufacturing industry. These statistics likely cover areas such as:

• Employee turnover rates: Highlighting the frequency of employees leaving the organisation, indicating potential issues with retention.
• Average hiring costs: Illustrating the financial investment required to recruit and onboard new employees.
• Employee engagement levels: Measuring employee satisfaction and commitment, impacting productivity and retention.
• Learning and development initiatives: Showcasing the prevalence of training programs aimed at upskilling the workforce.

Implications for manufacturing and utilities organisations

The findings of the 2024 ELMO HR Benchmark Report offer valuable guidance for manufacturing organisations. By understanding the trends and challenges specific to their sector, companies can:

• Develop targeted recruitment and retention strategies: Addressing the extended time to productivity and the need to retain skilled workers.
• Optimise onboarding processes: Improving training programs to accelerate new hire integration and reduce time to full productivity.
• Prioritise employee engagement: Creating a positive work environment to foster employee satisfaction and commitment.
• Invest in learning and development: Equipping employees with the necessary skills to adapt to evolving industry demands.

By leveraging these insights, manufacturing organisations can proactively manage their workforce, enhance productivity, and navigate economic uncertainty successfully.