1、RETHINKING HOW WORK GETS DONE IN THE NEW LABOR MARKET REALITYAre You Prepared for a Vanishing Manufacturing Workforce?2|ARE YOU PREPARED FOR A VANISHING MANUFACTURING WORKFORCE?Table of ContentsCOPYRIGHT 20 2 5 L I G H T C A S TManufacturing Workforce Risk OutlookLocal Workforce Development:The Long
2、 Road AheadImmigration:Historically Reliable but a Risky FutureGlobalization:Here?There?Where?AI and Automation:Retooling a Future-Ready WorkforceSo What Should Organizations Do Now?56 111417203The manufacturing industry is the fourth largest contributor to the US GDP at 10%of$29.72 trillion and is
3、a leader in productivity and innovation,contributing$2.64 to the economy for every dollar spent and 53%of all private-sector research and development.Yet it faces a widening workforce gap that threatens long-term sustainability.A combination of retiring Baby Boomers,training bottlenecks,and both a d
4、eclining population and interest among younger workers are leaving manufacturing jobs unfilled by the thousands each month.Further,increasing global competition,uncertainty in the future of immigration,and the rising demand for technologically advanced manufacturing capabilities increase operational
5、 risk,leaving organizations asking,“How will work get done?Will we be able to staff,and how much will that cost?”|ARE YOU PREPARED FOR A VANISHING MANUFACTURING WORKFORCE?4At its core,there are only four ways to address labor shortages:Build and train a domestic workforce.Rely on foreign-born worker
6、s to fill gaps.Globalize,moving operations to where the labor is.Replace or augment human labor through AI or automation.While each of these strategies come with their own constraints,navigating both the limitations and possibilities of each can help CEOs,COOs,CFOs,and CHROs work in concert to respo
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