As we look forward into 2019, we also want to reflect on 2018 and measure our own expectations of the previous year with the outcomes. We opened 2018 with an article addressing the future of cutting tool talent. The value of our prognostication is only as strong as the relevancy of our past predictions, so before we speak to the coming year in the cutting tool industry, we want to look at our forecast of 2018 versus how things played out.
Looking Back at 2018
Projecting from the outlooks offered by economic experts, including leading economists Gregory Daco and William Strauss, we saw the ingredients for tremendous growth propelled by the momentum that had been gathering steam in 2017. While a number of volatile factors kept the global economy on its toes, the cutting tools industry continued to show signs of year-over-year growth, with an exceptionally strong first half.
One of our strongest recommendations for organizations was to establish themselves early among top talent. The shortage of qualified professionals proved to be one of the greatest hindrances in 2018. One thing is clear: the scarcity of the industry’s best talent has not lessened and continues to threaten the possibility of success going forward.
Manufacturing Is on the Rise in 2019
The looming threat of a U.S.-China trade war has certainly cast a shadow over the greater global economy, but it has also created an environment that could energize domestic manufacturing. The need to create highly scalable manufacturing platforms creates greater opportunities for companies to establish themselves in the United States and incorporating these new platforms. This evolution of manufacturing could instigate an even greater demand for the already diminished pool of talent across all industries involved in manufacturing, including cutting tools.
The Skills Gap Will Only Widen
Growth will continue to drive demand, and rising demand will continue to exacerbate the need for qualified manufacturing professionals. As manufacturing as a whole, and the cutting tools industry specifically, continues to evolve, so does the required skills for positions within the industry. Job creation is an incredible thing, but it is estimated that over the next decade 2.4 million (or nearly half) of newly created manufacturing roles will go empty because of a lack of skilled professionals. The influx of automation will not necessarily diminish cutting tool jobs, but it will alter the hiring landscape, making the pool of talented candidates dry up sooner rather than later.
If explosive growth was the message for 2018, an exponentially declining talent pool will be what defines the cutting tools industry in 2019. It is highly recommended that organizations not only address their current hiring needs immediately, but it is strongly suggested that they also begin to gauge their anticipated hiring needs and make the necessary moves to locate and place the talent that will carry them into the future. 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. Contact our cutting tools recruiters today to begin building and strengthening your team today.
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