You May Need to Rethink Your Employee Incentive Program
In the metalcasting industry, foundries need strong employee incentives if they want to attract and retain talent. As with most heavy manufacturing sectors, it has become increasingly difficult for companies in metalcasting to appeal to younger professionals. Here are some signs you need to rethink your employee incentive program.
Metalcasting can be hot, physical work. Pair that with any other job-related stress and you have a recipe for potential burnout. Because of the nature of metalcasting, you can expect employees to be tired after a long day of work, but if your team is constantly exhausted, frequently call in sick, and express frustration with management, you are going to have difficulty keeping them focused and motivated. It’s critical to evaluate your employee incentive program especially if you see burnout happening on your team. They need to feel supported, encouraged, and they need to experience incentives for reaching their goals.
Low morale is another sign you may need a new employee incentive program. In metalcasting, employees usually need regular positive reinforcement to keep their spirits up. A foundry succeeds because of the demanding work performed by employees, but when morale is low, performance and productivity suffer, and the whole team suffers as a consequence. Low morale also negatively affects confidence in management, which, in turn, will increase turnover.
Loss of High Performers
If you keep losing high performers, you definitely need to rethink your employee incentive program. High performers are the hardest to replace, and you are going to end up spending time, money, and energy trying to find candidates who have the ability to perform at an equal level. More importantly, this problem won’t fix itself. Your top performers can get jobs at any foundry of their choice, so without the right incentives, you will just continue to lose high performers.
Difficulty Attracting Younger Talent
If you struggle to attract a younger generation of talent, your employee incentive program may be the issue. There simply aren’t as many young professionals looking for careers in metalcasting and other labor-intensive industries. Because of this labor shortage, you need to set yourself apart from other foundries by having a strong incentive program. A well thought out employee incentive program will improve your reputation and your marketability, making it easier for you attract applicants.
In the competitive metalcasting market, foundries need a generous employee incentive program to attract and retain quality talent. If your employees experience high levels of burnout, team morale is consistently low, you lose high performers, or struggle to attract talent, it’s time to reevaluate your incentive program.
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