Deloitte projections for 2023 anticipate 2.5% growth in manufacturing GDP. The industry is experiencing concerns related to inflation and economic uncertainty as talent challenges continue to limit the manufacturing industry’s growth momentum.

There are five trends manufacturers might consider in the year ahead:

1. Investing in advanced technologies to help mitigate risk

  • Maintain momentum
  • Protect long-term profitability
  • Broaden advanced manufacturing capabilities

2. Implementing a broad range of talent management strategies to reduce voluntary exits

  • Pay increases
  • Upskilling and reskilling
  • Diversity, equity, and inclusion (DEI) strategy
  • Flexible work arrangements

3. Relying on time-tested mitigation strategies with enhanced tactics to achieve supply assurance

  • Relationship management and supply chain illumination
  • Building redundancy in the supply chain
  • Boosting local capacity
  • Implementing digital technologies

4. Taking a holistic approach to smart factory initiatives to unlock new horizons

5. Focusing on corporate social responsibility

  • Managing waste
  • Increasing supplier diversity
  • Elevating smart buildings
  • Electrifying fleets