The much-anticipated results of the 2024 Manufacturing Labor Wage Survey for the Charlotte Region shed light on the dynamics of the regional labor market. Conducted between February and April with more than 130 participating companies, the survey serves as a valuable benchmarking tool for manufacturers to plan their human resource strategies and company management. It provides insights into wage and compensation competitiveness, enabling companies to assess their standing relative to the marketplace. The data empowers manufacturers to make informed decisions to attract and retain talent in a competitive labor market.
Some notable key takeaways:
- Continued Demand for Skilled Labor: One of the key findings of the survey is the sustained demand for skilled and hourly positions in the region to meet production needs and replace the retiring workforce. With 85% of respondents having added employees within the past year, it is evident that manufacturers are actively seeking to expand their workforce.
- Talent Shortages Persist: However, despite this demand, talent shortages remain a pressing issue for the region’s manufacturers. A staggering 63% of respondents cited the lack of qualified candidates as the biggest challenge in hiring and recruiting, a figure unchanged since the last survey in 2022.
- Addressing the Skills Gap: In response to the skills shortage, manufacturers are taking proactive measures. Fifty-seven percent of respondents have created or expanded internal training programs, while 44% have utilized temporary staffing agencies.
- Wage Trends: The survey also provides valuable insights into wage trends within the manufacturing sector. Overall, there has been an increase in wages since 2022. On average, respondents expect wages for production jobs to increase by 9% over the next two years.
- Aging Workforce and Retirement Trends: Respondents anticipate that more than half of their workforce will retire in 10+ years, reflecting a 77% increase since 2022. With most of the region’s manufacturing labor currently aged between 45 and 54, succession planning becomes imperative for companies to ensure continuity.
The 2024 Manufacturing Labor Wage Survey for the Charlotte Region provides a comprehensive snapshot of the regional manufacturing labor market. While the sector continues to face challenges such as talent shortages and an aging workforce, manufacturers are actively implementing strategies to address these issues. By leveraging the insights from the survey, companies can adapt their HR strategies to navigate the evolving landscape and maintain competitiveness. For those interested in participating in future surveys, please reach out to your county’s local economic development organization.
