Manufacturers are the backbone of our society. They invent, produce, and distribute products worldwide. That means, manufacturers are more prone to cost pressures, extreme competition, and are constantly under pressure to create the best products while keeping costs low. As if that isn’t challenging enough, it’s also essential to keep production quality and employee retention high. Here are five survival tips to help manufacturers face the many challenges ahead.
#1: Improve quality. Improving the quality of your output will increase your competitive advantage. Countless products get sent out with defects or are different than what was advertised, which can hurt your business’s reputation and lead to loss of revenue. Improving product quality by creating a strategy quality assurance program will help prevent the problems before they occur, protecting your reputation and revenue. This will also reduce the amount of waste produced on defective or improperly created products. Lastly, a quality assurance program increases productivity, leading to reduced production costs and labor hours.
#2: Invest in your employees. Businesses that pay attention to their employees’ wants, needs, and concerns, and act accordingly on them, have a higher employee retention rate. Their employees tend to be happier and work harder. Additionally, employees who are paid a fair wage and receive proper training have a stronger competitive advantage in their role, leading to higher investment in the success of your company. They have 11% fewer sales losses than businesses that do not provide adequate training or pay fair wages (Morgan 2011).
#3: Train employees on productive maintenance. Many machine operators in warehouses are unsure of how to perform simple maintenance or fix issues on the machinery they operate. Training your employees on simple fixes and day-to-day maintenance of equipment can expedite troubleshooting and get your employees back to work more quickly. If employees know more about the machinery they operate, there are fewer injuries – reducing downtime and production costs.
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Worthy Insurance is a niche broker with a focus on providing insurance placement and risk management services to the Healthcare, Manufacturing, Social Service, and Main Street business communities. Here at Worthy Insurance, we love to provide you with exciting and fun articles to learn more about insurance and how it impacts your life. Visit our other blogs to find more information.
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