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HAILEY LYNNE MCKEEFRY

Cost-Cutting Tip: Retain Great Supply Chain Employees

Hiring the right employees is expensive, and hiring the wrong people is even more expensive. The key to success, especially in the supply chain where talent is particularly tight, is to find and keep the right people.

Nearly half of companies say attracting and retaining employees is their top challenge in 2018, according to the annual Business Pulse Survey by SunTrust Banks. Small and mid-sized businesses cite employee morale (59%), a shortage of skilled labor (54%) and higher than average turnover (53%) as factors that could impact their businesses'  financial performance this year.

"With domestic unemployment continuing to hover just above four percent, one of the lowest levels in a decade, many companies feel they are at a critical point competing for talent," said Jason Cagle, head of Commercial Banking at SunTrust. "Businesses are looking at all opportunities to attract and retain employees from offering new benefits to sharing tax reform proceeds. Less obvious is the role M&A can play to help secure a skilled workforce. This has become increasingly important as we advise our clients."

The image below highlights other survey findings.

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MarkSindone
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Successful team successful business
MarkSindone   12/3/2018 11:30:24 PM
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Supply chain is the most important department of every business that comes before customer service. Without a successful supply chain department, order fulfillment cannot take place and this directly affects business progress. To ensure a competent supply chain team is put in place and retained for good is to ensure that business operations can run smoothly and this particular team can see through it.
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EBN Dialogue enables you to participate in live chats with notable leaders and luminaries. Open to the entire EBN community of electronics supply chain experts, these conversations see ideas shared, comments made, and questions asked and answered in real time. Listed below are upcoming and archived chats. Stay tuned and join in!
Archived Dialogues
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Increasingly chief procurement officers (CPOs) are re-shaping their organizational role to focus on creating results far beyond cost controls. A new IBM survey explores how.
Live Chat 11/12: Examining the Cyberthreat to Supply Chains
The number of cyberattacks is on the rise and hackers are targeting the supply chain. Drew Smith, founder and CEO of InfoArmor, will be on hand to discuss the reality of today's threat landscape and what to do about it.