Assembling the Facts on Technical Training
From plant productivity to workforce retention and annual spend, the lack of trained technical talent leaves a lasting impact on your manufacturing business. The consequences of inadequate training can have a material effect on your bottom line, with 70% — 80% of equipment shutdowns across industries caused by human error as a direct result of rushed, incomplete or nonexistent training.
As equipment downtime increases, so does repair time costs as well as overall production time costs, resulting in an estimated 11% potential loss of net yearly earnings. This number also can be directly attributed to a lack of training for employees.
The training gap is real, with 60% of manufacturing facilities recognizing that their companies do not make an adequate investment in employee training. Some of the reasons for this are:
Training costs — Midsized companies spent on average $1.7 million on training costs in 2019, a significant investment for many companies. Often, this number covers only a minimum of training, with more robust and complete training programs costing even more.
High turnover — Nearly half of manufacturers — 43% — see an average turnover of one in five workers every year. This high rate of turnover would require new employees to be trained on an almost constant basis, which typically doesn’t occur. Although manufacturers may try to standardize training and onboarding schedules, the reality is that workers frequently enter into roles for which they haven’t yet received training.
Adequate training takes time and money, with the potential return on investment seen over several years. To reap the benefits of a fully trained, experienced maintenance workforce while saving on your overhead costs for onboarding and training, contact ATS today. We are a full-service external maintenance solution partner with the ability to provide an integrated, complete maintenance solution or a la carte services per your immediate needs.
For more statistics, see our infographic below. How does your training program and production ROI compare?Assembling-the-Facts-on-Technical-Training