McGladrey: ‘Cautious confidence’ requires a global view
McGladrey's Fall Monotor Report states that manufacturing is growing slowly. They recommend further growth will come from a global strategy that meets the demands of a growing customer base.
McGladrey’s national manufacturing practice’s Fall Monitor report reveals manufacturers are seeing slow growth, and it recommends ways for that growth to accelerate.
“Despite a number of challenges in rising prices and falling sentiment, 43% of Fall Monitor participants say their businesses are thriving and growing,” the report stated. “This cautious confidence is corroborated by the latest National Association of Manufacturers/IndustryWeek survey that found that 65%t of NAM members were either somewhat or very positive about the current business outlook.”
Overcoming the global barriers to growth will require a global strategy. “The most common mechanism for middle market manufacturers and distributors to export appears to be a basic one: customer and/or key client demand. The next most common reason for a company to export is a more internal, strategic driver, long-term market growth, which plays a part in the decision as well for more than half of the survey participants,” the study stated.
Another challenge is the long-stated issue of finding skilled workers. “Finding qualified workers to fill open positions continues to be one of the most critical and difficult issues to address for manufacturers and distributors throughout the U.S.,” said Karen L. Kurek, national manufacturing and distribution practice leader for McGladrey’s manufacturing practice. “It is reaching a level where this skill gap is having an impact on the ability of some companies to compete.”
Download the full Manufacturing and Distribution Monitor Fall 2011 Report here.
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Annual Salary Survey
In a year when manufacturing continued to lead the economic rebound, it makes sense that plant manager bonuses rebounded. Plant Engineering’s annual Salary Survey shows both wages and bonuses rose in 2012 after a retreat the year before.
Average salary across all job titles for plant floor management rose 3.5% to $95,446, and bonus compensation jumped to $15,162, a 4.2% increase from the 2010 level and double the 2011 total, which showed a sharp drop in bonus.