In researching human capital management — a strategy of “engaged people/human-capital acquisition, development and retention,” the Next Generation Manufacturing study revealed that industries with the largest percentage of companies operating at or near world-class status include electrical equipment and transportation equipment manufacturers (38 percent and 37 percent, respectively) — both of which typically involve complex assembly processes and rely on employees skilled in specialized roles. But other industries with a high percentage of participants at or near world-class status are paper manufacturing (35 percent) and non-metallic mineral products (37 percent) — the latter accounting for a range of goods, from sophisticated refractories and advanced ceramics to bricks and concrete. What does it mean?
Some industries rely on specialized skills that are less transferable than others and that can encourage stable employment — therefore suppressing efforts and investments in practices aimed at recruiting, hiring, and retention. For example, furniture manufacturers (18 percent), printers (19 percent), and wood products manufacturers (23 percent) had the lowest percentage of respondents at or near world-class status. These “old-time” industries typically have more traditional, command-and-control management structures and older employees with long tenure.
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