As manufacturing leaders prepare for year-end, results from the third volume of Sikich’s M&D Industry Pulse survey can be a helpful benchmarking tool. In September, manufacturers and distributors weighed in to uncover industry trends and challenges. Optimism seemed to wain with continued workforce and supply chain headaches. Though, the industry’s resilience still shines through. Here are some high points:
Over half of the respondents said they purchased or are interested in purchasing bots to use in robotic process automation (RPA). As leaders work to combat the labor shortage, automation is a strategic solution for manufacturing businesses. We will continue to see innovation in the industry to achieve efficiencies and reduce manual, tedious tasks.
Speaking of the labor shortage, it will come as good news that only 9% of respondents experienced greater than 30% turnover in 2021. Competitive wages and benefits are critical during a tight labor market and can make a significant difference in employee retention.
We also collected data on supply chain interruptions, the vaccine and more. To learn more about this data and related insights, continue reading the Sikich Industry Pulse results.
Jerry Murphy, CPA, CMA, CGMA, Partner-in-Charge
Manufacturing & Distribution Services
Volume 3 Results
When considering their business prospects over the next six months, only 71% of manufacturing and distribution executives rated their optimism a seven or higher on a scale of one to 10, compared to more than 80% in June.
Around half of economists surveyed by the Wall Street Journal in October cited “supply-chain bottlenecks as the biggest threat to growth in the next 12 to 18 months, while nearly one-fifth pointed to labor shortages.”
project lead time
84% of businesses experienced plant floor employee turnover in 2021
of manufacturers reported their office staff does not work remotely at all
OSHA Emergency Temporary Standard
According to UiPath, “Robotic process automation (RPA) is a software technology that makes it easy to build, deploy, and manage software robots that emulate humans actions interacting with digital systems and software.”
Over half of respondents said they purchased or are interested in purchasing bots to use in robotic process automation (RPA).
In June, 25% of Pulse respondents said they were considering purchasing a competitor in the next twelve months. And that’s only a portion of the buyer pool looking to invest in the industry.
– Cheryl aschenbrener, Transaction Advisory Services NAtional Leader
in the news
Jerry Murphy’s article, “Finding answers to today’s worker shortage,” which includes results from Sikich’s M&D Pulse survey, was featured in Chicago’s Daily Herald. The article discusses the manufacturing industry’s labor
The 2022 Volume 2 M&D Industry Pulse results were featured in several media publications, highlighting the findings Sikich collected from over 100 manufacturing and distribution executives. Click below to read
Manufacturers’ Optimism Declines Amid Rising Inflation and Continued Supply Chain Challenges, Report Finds
CHICAGO — Aug. 22, 2022 — As material costs increase and supply chain challenges continue to delay production, manufacturers’ optimism has declined, according to a new industry report. The latest Sikich
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