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Value Creation In The Manufacturing Segment

The Manufacturing Industry plays a prominent role in the functioning of the economy across the globe and is a key contributor to the GDP after agriculture in large nations. This sector’s success is based on the skills, productivity and attitude of their large workforce. Managing talent in this industry comes with a unique set of challenges, right from staffing to managing employee turnover. It is therefore of immense importance to nurture the talent in this industry, which would be fruitful for both the organisation as well as the employees. Optimising talent management in this sector could be achieved by focusing on these professional and personal traits.

Professional

  • Job Allocation
  • The right tasks must be allocated to the individuals with the right skill set. It is imperative to match the requirement of the job to the ability of the person. Technology has taken over a wide array of tasks in the manufacturing sector, making it essential to find the right employee fit for the job. These jobs do not revolve around unskilled labor alone, and hence it is important to assign the right task to the right person, with the right skill set.

  • Upskilling
  • The workforce in this sector needs to be empowered with continuous training and development opportunities to help them upskill themselves. When they learn new skills that provide them the confidence to survive in the ever-dynamic market, they are more committed to their role, which in turn enhances employer loyalty.

  • Enhanced Process Efficiencies
  • Technology has opened a plethora of new opportunities to increase process efficiencies, that are still untapped by many SMBs in the market. Leveraging technology could increase efficiency and help take away some laborious or monotonous tasks off the employees. Equipping employees with the right technology tools would enable them to manage complex tasks with ease.

  • Charting a Growth Path
  • Any talented and sought-after employee would stick to the organisation when there is a long-term growth path envisioned for them. Apart from the regular salary revisions, what keeps them loyal to the organisation are things like in-house training sessions, external training opportunities, succession plan, delegation opportunities etc., which will help them understand their dynamic role in value creation for the organisation.

Personal

  • Employee well-being at the workplace
  • Placing importance on employee well-being is one of the keys to nurturing great talent. The well-being of the employee can be managed by provision of healthy and energetic work environments, and being alert and responsive to their requirements. Every employee must be allowed to voice their opinion and the bottlenecks they face in their work, which must be addressed and streamlined with the help of adequate training.

  • Provision for Self and Family Well-Being
  • Employees must be provided the access to basic necessities like healthcare, PF, ESI, Family Insurance and education loans for their children, which leaves a lasting impression not only during their tenure, but has a lasting impact on their family ecosystem. A classic example of such a benefit is from Tata Steel formerly known as TISCO and Tata Iron and Steel Company Limited, which provides free medical services to all employees and their families that extends even after retirement. They also provide monetary incentives to employees who pursue higher education in a related field along with study leave, scholarships etc. This has contributed to making them the world’s seventh largest steel company.

  • Being Empathetic
  • One of the most important factors in the manufacturing segment is for the management to be empathetic towards their employees. They must value their employee’s individuality and be compassionate towards them. When the employee’s needs are met and they feel wanted, valued and respected, they are highly satisfied in their job, which increases their likelihood to remain with the organisation. The right combination of these Personal and Professional traits in the requisite percentages is what makes employees stick with an organisation.

When added to their lives in the right proportions at the right times, it enables the employees to discover their strengths at work and balance their personal life. This in turn encourages them to learn, discover, innovate and grow as an individual and also create everlasting value for the organisation.

To know more about managing various industry verticals and talent retention, write to us at info@ceobottomline.com


Satish is the Integrator at Creative Factor Group. As a co-founder and business operational expert, he has been helping organisations collaborate, find purpose and break functional roadblocks to thrive in the opportunities in the developing business markets. Connect with him satish@creativefactor.in


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