A little perspective on 2017 reveals a year that was very positive for the cutting tool industry and manufacturing in general. According to several economists and experts, the momentum of 2017 appears as though it should continue throughout 2018. There were several factors that merged to cultivate an environment that was favorable for improvement and progress, and it appears that these factors will continue to promote development during the new year. As organizations enjoy this growth, the question of how to best capitalize comes to mind, and many experts agree that now is the time to invest in talent.
What the Experts are Saying
According to Gregory Daco, chief U.S. economist at Oxford Economics Ltd., Oxford, U.K., global growth and domestic strength have allowed for a period almost unparalleled success with world economies exhibiting more combined momentum than in over a half a century. This coincides with the opinion of Charles Chesbrough, senior economist and senior director of industry insights at Cox Automotive Inc., who believes robust job creation and consumer confidence are key ingredients to this economic boon. Chesbrough also states that there appears to be no looming economic bubbles, which bodes well for the annual manufacturing forecast.
Making the Most It
Senior economist and economic adviser at the Federal Reserve Bank of Chicago William Strauss believes the United States will see an investment cycle rebound in 2018. He goes further with his prognostication to recommend that the least risky investment for firms to make is in hiring. While some camps may suggest an investment in automation, there are a couple of reasons this might not be the most fiscally responsible avenue. Machinery is an investment that provides little flexibility to businesses when economic climates and technologies change. Additionally, a growing problem with automation is the need for heightened cybersecurity to prevent hackers from disrupting automated processes.
Staying Ahead of the Competition
As proactive companies continue to take advantage of the economic climate and seek out the best cutting tool talent, the ever-shallow pool of top-tier professionals will only become more scarce. It is important that companies be aware of the reality this creates regarding candidate expectations. It is all but certain that the vast majority of leading cutting tool talent is already employed, and as more companies seek out these individuals, it is going to take exceptional offers to attract them.
Companies that are anxious to grow and prosper will be those that are the best equipped to access and attract the best cutting tool talent. When partnering with Davalyn Corporation, you immediately prepare yourself to compete in a challenging talent market. Our access to passive talent that cannot be reached through traditional means allows your organization the opportunity to secure key talent at key times. As with any time of opportunity, there is no measure to how long the window will remain open and those who are best poised to capitalize are those that do not stall but instead move forward with a partner that has the experience and the reputation to deliver the cutting tool talent they need most.
Related industries: Cutting Tools & Tungsten Carbide