2024 Manufacturing Outlook
Randy Wolken, President & CEO

What will 2024 look like for manufacturers? This is a key question MACNY members are asking as we enter the new year. A good place to look for some insight is the recently released Deloitte 2024 Manufacturing Industry Outlook. The report outlined the following trends:

• Navigating persistent talent obstacles
• Smart factory and the journey toward the industrial metaverse
• Supply chain digitalization for enhancing performance and resilience
• Aftermarket services as a potential differentiator
• Product electrification and decarbonization

I do hear about all of these trends within our membership. However, the one that gets the most discussion is how to find, develop, and retain talent. This persistent need is why we will invest considerable staff time this coming year helping members address this challenge.

Deloitte recommends three strategies that enhance workforce efforts. They are employing digital tools, tapping into the knowledge of long-time employees and retirees, and building an upskilling approach and pipeline. These time-tested approaches can improve outcomes regarding securing and keeping key talent, which is critical to success.

I do not see the challenges concerning talent subsiding anytime soon. With the many upcoming growth investments being made by manufacturers, and Micron beginning its Chip Fab construction this year, talent shortages will only grow. This is why we work diligently to help companies upskill and train existing talent, utilize our Career & Talent platform to help companies find new talent, and advise companies on their talent development plans. Increasingly, MACNY member companies are initiating and maintaining Registered Apprenticeship Programs as a way to leverage growth, close the skillsgap, and secure their present and future workforce. Companies with dedicated talent efforts will successfully find, grow, and retain staff in the years ahead.

If you aren’t already working with our team, please reach out to us to get engaged at [email protected].

I am looking forward to a successful 2024 for the manufacturing community in Central and Upstate New York.