A good benefits package could be key to a manufacturing recovery
It’s been a tough time for all industries across the globe, with Brexit and high inflation in the UK, the great resignation and high inflation in the US, and instability caused by the war in Ukraine. Meanwhile, the Covid-19 pandemic, which although looks to be waning in some countries, is still a problem for others.
All of the above have caused problems for all industries, but in particular the manufacturing industry, which has had problem coping with its workforce. Many industry experts point to solutions about how the industry can best keep employees happy, ranging from offering them hybrid work, better benefits, or just showing them recognition. A recent article published by Industry Today says the manufacturing industry has found it hard to implement systems such as Lean and Six Sigma that are supposed to keep track of employees’ wellbeing and performance.
What benefits the manufacturing industry consider?
A study in 2021 by the International Journal of Creative Thoughts suggests that medical insurance, overtime pay, annual leave, and custom benefits that are monetary and non-monetary are the keys to HR benefits. It also says 55% of its small number of respondents (160) said benefits influence their performance and 70% said they agreed or strongly agreed that they creates “sound industrial relationships”.
Other studies, mentioned by Industry Today, also say that prosocial benefits are the key and that there was a 13% productivity rise when workers received these types of benefits.
But is there a one size fits all solution?
With so many different manufacturing businesses, what works for one might not work for another. But the common thread through experts and employees within the manufacturing industry is that employees need to be connected through technology. It’s recommended that employers consider a cloud-based solution with a mobile first, digital platform that has a first-class communication engine to drive specific benefits to their employees. Under current conditions and situations, there’s never been a greater need for employers and employees to communicate quickly and efficiently.
To add to this, not all benefits need to be monetary based. If the aforementioned study and expert opinions are anything to go by, a simple recognition of how well an employee does their job could be a step in the right direction. Monetary benefits will, of course, always be appreciated by employees, but the manufacturing industry must make sure that the benefits they roll out are bespoke and relevant.
Keeping track of employee well-being and performance is easier with technology
With some manufacturing experts saying remuneration is not as important as feeling valued, it’s even more important for a company to invest in a total rewards and benefits platform. In times of uncertainty and instability, employers need to make sure their employees are looked after. Once an HR platform is rolled out across an organisation, an employer will generally find they will have more time to focus on urgent issues than they did completing dated HR administration.
A win-win for the manufacturing industry
Not only will employees feel more appreciated, employers will feel they are supporting them every step of the way as they complete their work tasks. With advances in HR technology, it doesn’t even matter if some employees work hybrid, remote, or in different countries across the globe. If the HR rewards and benefits system is top notch, employees will feel connected, appreciated and wanted.
View the original article: The manufacturing industry and HR benefits: The recovery starts here
In partnership with Benify
Benify offers the market's leading global benefits and total reward platform.
