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Retired Boomers Could Create a Shortage for Manufacturers

Posted 4:41 PM by

A recent article from AccountingWeb reported concerning results from a recent survey commissioned by Advanced Technology Services, Inc. (ATS) and was conducted by The Nielsen Company. The survey confirmed the concerns of many in the manufacturing industry of the shortage in skilled workers that will be created as Baby Boomers retire. The article notes that the top three findings from the survey were as follows:

  • Manufactures with revenues of $1 Billion or more will be hit the hardest by the Baby Boomer retirement at an estimated cost of $100 Million or more over the next five years
  • 45% of respondents said that they are trying to encourage their older workers to stay on the job (seems to be a short-term fix, not a long-term solution)
  • 50% of the respondents stated that their company has 11 more openings for skilled workers, with 31% having over 20 slots.

Jeff Owens, president of ATS, stated, "This is an essential time to be in manufacturing considering other sectors are seeing hiring slow downs. Many young people overlook the opportunity and high wages that careers in manufacturing afford. As you can see form the rebound and the shortage of skills that manufacturing is experiencing, opportunities for profession growth and excellent wages are plentiful for people with technical skills required."

About the Author
Justin Hayes is a director in Katz, Sapper & Miller’s Audit and Assurance Services Group. Justin works with clients to help ensure accurate financial reporting, keeping an eye on their bottom line, and helping them avoid risk and maximize efficiencies. Connect with him on LinkedIn.

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