Out of inventory: skills shortage threatens growth for US manufacturing

A new Accenture manufacturing and skills study, completed in collaboration with The Manufacturing Institute, looks at the skills shortage in the US manufacturing industry and what actions manufacturing companies can take to address this impediment to growth. This study includes survey responses from more than 300 executives from a diverse range of US manufacturing companies. It confirms that the current period is favorable for the US manufacturing industry, which has exhibited steady growth in recent years. The study shows that more than 50 per cent of companies surveyed plan to increase US-based production by at least five per cent in the next five years. However, the study also reveals major challenges that could dampen future growth prospects - shortages in the skilled talent required to perform essential tasks today and innovate for tomorrow. The US manufacturers may lose up to 11 per cent of earnings annually as a result of increased production costs driven by a shortage of skilled workers. The study identifies several strategies for how manufacturers can stem the skills shortage by investing in their 'talent supply chain' and how leading manufacturing companies are addressing this issue.

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