Hope for the future
Given the declining percentages, one question on metals leaders’ minds is, “How can I increase production while maintaining my workforce?”
Many companies have turned to technology for answers.
One speaker at the conference shared how technology investments at his company have helped produce 5,000 tons of steel per employee per year – a 456% increase – compared to the industry average of 900 tons. Unlike this company, which began using technology from day one, adding technology into existing operations can still be an effective way to increase productivity.
Reaching a higher output rate per employee is possible, even in a labor shortage.
In 2024, metals leaders must be willing to explore and familiarize themselves with new technologies. When made in short sprints, strategic investments in metals technology can complement an existing workforce, increase productivity, and lead to higher output rates. Communicating commitment to future growth through these investments can also boost employee retention and broaden the available market for new talent.