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.
Annual Salary Survey
After almost a decade of uncertainty, the confidence of plant floor managers is soaring. Even with a number of challenges and while implementing new technologies, there is a renewed sense of optimism among plant managers about their business and their future.
The respondents to the 2014 Plant Engineering Salary Survey come from throughout the U.S. and serve a variety of industries, but they are uniform in their optimism about manufacturing. This year’s survey found 79% consider manufacturing a secure career. That’s up from 75% in 2013 and significantly higher than the 63% figure when Plant Engineering first started asking that question a decade ago.