Page 37 - Plastics News December 2022

FEATURE

Skills shortage sends costs skywards

between 21% and 60% of their oper-
ations are being held back from being
updated with new technologies due
to continued cost pressures, present-
ing a blocker to digital transforma-
tion strategies. This challenge arises
at a time where customer expecta-
tions are also escalating, with almost
two-thirds (60%) acknowledging this
trend.

“Manufacturers are fighting the threat
of cost rises from all sides, not least
due to the shortage of skilled work-
ers. To ease the financial strain, or-
ganisations need to focus on how they
lmost half (47 per cent) of manu- of the workforce have departed the can help their talented people thrive
Afacturing decision makers say that business since July 2021, in addition to and ensure retention and attraction
their costs have risen by more than 20 normal levels of staff turnover. These of key individuals. Technology such as
per cent due to greater investment in resignation waves are leaving sizable simulation software can support hu-
people, according to research find- gaps in the workforce that manufac- mans in the business with an intuitive
ings by Visual Components, polling turers are struggling to fill. and easy-to-use interface, allowing
respondents in the UK, US, Germany With costs mounting due to talent them to bring efficiencies to the wider
and France. shortages, pressure on manufacturers organisation,” said Mikko Urho, CEO
These figures are reflective of a wide- is also being applied from elsewhere. at Visual Components.
spread skills shortage in the market Almost eight-in-ten (79%) state that Currently, only 21% of organisations
and the wider technology sector. Or- the rise in energy costs has had at use simulation software to under-
ganisations are needing to pay more least a moderate impact in their op- stand the financial impact on OEE,
to bring in premium talent and invest erations. Additionally, 5% of organisa- cycle times and/or production costs,
in training to upskill current workers. tions are also incurring over half a mil- highlighting its potential in helping
The scale of the problem has been lion (£/$/€) in costs due to a mistake in manufacturers to reduce costs during
evidenced by over a quarter (27%) the manufacturing process. turbulent economic periods.
stating that between 21% and 60% 44% of decision makers also say that

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December 2022 PLASTICS NEWS 37