In February 2024, The Women In Manufacturing Association and Xometry collectively released the 4th Annual Survey on Career Advancement and Women in the Manufacturing Sector.
As the leader of the firm’s SD Focus on Women group and as a member of the Schneider Downs Manufacturing Industry Group, a number of findings and trends hit home with me. I have spent the last 20 years in my public accounting career serving clients in the manufacturing space and have borne witness to the progress that has been made in this area, but I am by no means content with where we are today or the pace of change.
The survey, which was completed by approximately 1,000 respondents during the course of January 2023, covered individuals across the United States who were predominantly female (approximately 83%), employed by businesses spanning less than $1 million to more than $1 billion in revenue, and with anywhere from 1 to 15,000 employees.
Some key insights from the survey were the following:
- Approximately 90% of women believe that diversity improves business outcomes
- 71% of women enter the manufacturing industry unintentionally, compared to 56% of men
- 83% of respondents report labor shortages, especially at entry-level positions
- 81% of women surveyed recommend a career in manufacturing
- At 23%, the percentage of female business leaders has not moved significantly since 2021
- Approximately 30% of employees in manufacturing are women
So, what can companies do with those statistics? The first step is continuing to invest in how they recruit women to the business, looking to engage with women earlier and more often in school and then secondly, looking for ways to engage and retain those women once they join the company. Are women getting opportunities for career development, mentorship and coaching, access to leaders, and networking? Are their co-workers making them feel included in the workplace? Is your company offering benefits that appeal to younger women? Dedicating time, energy and cost towards this focus will help build the future pipeline of women in the manufacturing industry—to help address the widely known labor shortages and ultimately help improve business outcomes.
About Schneider Downs Manufacturing Services
Schneider Downs understands the manufacturing industry from a regional, national and international perspective. Our experience in engineering-based cost segregation studies, state and local tax services, including nexus studies, as well as research and development tax credits, provides manufacturers the expertise needed to run their businesses more effectively.
To learn more, visit our Manufacturing Industry Group page.
