Recession’s Effect on Manufacturers Varies With Size
Larger companies (those with 1,000 or more workers) reported the least impact due to the recession, whereas medium-sized organizations reported seeing the greatest impact, saying that the economy has resulted in layoffs of full-time workers.
Additionally, many manufacturers are wondering what effect the recession will have on the skilled labor shortage. Survey respondents reported the lack of skilled labor is expected to cost their organizations on average $11 million over the next five years. The cost reported is highest for larger companies and is estimated at $17 million. The majority of respondents indicated they would fill positions with full-time workers when the economy recovers, however, close to a third said they would also fill positions through outsourcing with contract/flexible workforce.
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