MSCI Tools Can Help Address Labor And Skills Shortages

According to a new report by Canadian Manufacturers and Exporters (CME), Canada’s economy lost almost $13 billion over the past year due to a nationwide labor and skill shortage in the manufacturing sector.

CME surveyed 563 manufacturers in 17 industries and also found nearly two thirds of manufacturers have lost or turned down contracts and experienced production delays because of a lack of workers. Penalties and lost sales from those contracts totaled $7.2 billion.

CME also determined 43 percent of companies have postponed or cancelled capital projects because of the shortages, resulting in an additional $5.4 billion in lost investment. The good news is that MSCI has many tools that could help industrial metals companies address worker and skills shortages.

If your company is struggling to find or train workers, we urge you to take advantage of:

• Online Manufacturing Training, which helps workers learn the knowledge and skills necessary to feel confident when they are on their own.
• MetalLearn®,a training system that makes product training simple and is a great addition to your onboarding process.
• A free webinar on December 6, 2022 that will explore how to identify and onboard new talent.
• This article from Dr. Jia Wang, professor in the Department of Educational Administration and Human Resource Development at Texas A&M University, that explores how to use the interview process to find the talent your company needs.