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Manufacturing Assembly

Manufacturing

Supply chain, labor shortages continue to create challenges

The rise of remote work, demand for higher salaries, and labor mobility have created unprecedented challenges for manufacturers to find and retain qualified talent. 

Industrial Worker

Compensation Evolved

A better way to attract talent has arrived.

Benefi allows companies  to acquire and retain the best talent on the market, all while reducing churn costs.

 

We do so by issuing and managing a new kind of signing and retention bonus, putting more money in the hands of employees, and de-risking the investment for employers.

With candidates gravitating toward higher-paying jobs,  the challenge for the industry is to first retain, and then continue to upskill and challenge workers.

"Today’s workforce is increasingly digitally aware, eager to make an impact,  and willing to upskill to advance their careers.”

Of manufacturers are finding it hard to hard to find employees

Average percentage of given annual salary costs required to hire a replacement employee 

By the numbers:

15%

Percentage of manufacturers considering moving production offshore because of labor challenges

65%

Of blue-collar employees consider a higher salary the core motivator for changing jobs

Hungry for more manufacturing labor data?  

20%

of employees that quit in the first week

Period of employment at highest risk of turnover

You might already be issuing signing bonuses.

Here's why you need Benefi: 

You might already be issuing signing/retention bonuses. 

Track signing and retention bonuses better than ever befo

It's a pain to administer your bonuses on an excel sheet.  It's time consuming for your admin staff, and if they're being honest, it's easy to forget if someone has left the organization. 

 

This means hundreds of thousands of dollars of unearned bonuses walks out the door every year. 

Focus on the strategic side of your business; not the administration

If your team is honest, they'd rather not spend valuable time managing, tracking, and trying to collect on outstanding debts owed by ex-employees.  There's a lot of other time-sensitive tasks they'd rather focus on

Great fiscal responsibility

Even in situations where your team remembers to ask for a signing bonus back if an employee leaves early, you have no recourse if the ex-employee decides not to repay the obligation. 

It's generally not worth it to pursue these debts in small claims court individually - but collectively, these losses can be substantial. 

Ensure compliance with labor laws

If you want to be able to deduct signing bonuses from other wages owing to the departing employee, you will need to document the bonus as forgivable “loan” to comply with Employment Standards restrictions on deductions from wages.

 

Chances are you aren't doing this, due to the complexities of managing this process. 

Want to calculate the cost of employee turnover? 

The costs related to employee churn are not always clear;   we've got a handy (and free!) calculator to help you determine the impact on the bottom line. 

Ready to hear how Benefi can help your manufacturing business? 

CONTACT
US

Tel: +1 437-783-5121

Info@benefi.com

200 King St. West, Suite 200, 

Toronto, ON

M5H 1J9

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