Investing In Labor Pays Off With Productivity

Mon, 09/10/2012

by Mike Schmidt, Associate Editor, Manufacturing Business Technology 

 

Keeping labor costs down has long been a preferred method for manufacturers around the globe to achieve sustained success and profitability. However, lately it seems manufacturers have found investing in efforts to raise workforce productivity to be a reasonable and desirable alternative.
At least that’s according to a recent study conducted by IDC Manufacturing Insights, a provider of market research, analysis, and consulting services. The study, which surveyed 550 individuals across 11 manufacturing companies, found labor productivity was rated as the highest factor for achieving success in manufacturing among all countries, ahead of modern infrastructure, government support, and foreign direct investment. It also was revealed that 70 percent of respondents identified manufacturing as either the single most important industry or the most critical to their country’s economic health.

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