It has been a tough year in a number of ways for our industry, both in training and also manufacturing generally. It is fair to say that a number of well established businesses with lots of history and value have fell victim of the spiralling costs brought about from the World pressures upon us all.
We have survived this year making small scale cuts and diversifying our business like so many others, we have even managed to stand fast on our charges and hold the prices down from 2019 levels, this has meant some real challenges and like many other businesses has hit the company’s bottom line value, in the hope that things can only get better.
With 2023 upon us it is time to truly reflect on our achievements and drive our strategy forward into the New Year with ambition, focus, determination and above all, the focus on individuals and businesses growing through training.
Manufacturing is still suffering from supply chain issues and added complexities brought about from sitting outside the EU. This alongside the increase in raw material, energy and wages have brought many businesses to the brink. What some of us are feeling within the sector, is that this is masking a severe shortage of qualified engineering staff, and when we get back to a full capacity of work, wages will start to spiral when a number of talented people seek the best offer for them. Coupled with this, will be the inevitable swelling of the contract workforce now armed with an individual power over IR35 ruling.
The main challenge for all manufacturing businesses is to identify the talent within their ranks, develop them into skilled roles and hopefully with it comes an element of loyalty from these people. Training during a recession is always the aspect of a business that is not easily approved for finance, this is a short term vision and hopefully businesses will see instead, the long term benefits of training.
Invest in people, make the investment now, recoup the savings in excessive wages and recruitment costs longer term.
Here is hoping for a prosperous 2023 and hopefully we train ourselves out of recession.