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2019 Magnet Survey Overview

Growth With the prospect of growth comes a myriad of new risk that can put new profits at jeopardy. The environment has become more competitive where manufactures are pushing the expectations of their products higher as well as offering consulting services in conjunction with the manufacturing of products. When expectations are… Cyber & Technology Adoption of technology brings with it increased exposure of cyber attacks. Cost of losses can easily hit the 7 figure amount. As machines are becoming more tethered to the internet, a sophisticated cyber attack can lead to an operational shut down costing a manufacturer loss profit and…   Healthcare Costs Healthcare is the 2-3 largest expense to any employer and can be used as a tool to attract and retain employees during increasingly competitive job market. Consumer driven health plans such as HSA’s are continually growing in popularity as responsibility is placed on the employee to identify…   Political Uncertainty Political and regulatory issues have been identified as real impacts that threaten profitability for manufactures. The sourcing of raw material must be evaluated and secured in wake of unfavorable government regulations and trade skirmishes. With a further impending increase of imported materials, uncertainty of bottom and topline implications make way…   Workforce Shortage & Growth Top 3 Challenges faced when hiring new employees (50% indicated it was ‘somewhat difficult’ to hire quality candidates) Work ethic (55%) Lack of skills (68%) Lack of applicants (55%) The impact of growth as well as a shortage of qualified workers jointly compresses the strain for manufacturers to achieve the best outcome possible for every new hire. There is a renewed focus on opportunity to grow talent pools through early education involvement and training. It is becoming vital for…

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