MiMfg Magazine featured Vincent Mastrovito in its February 2019 edition talking about the intersection of manufacturing and employment.
“Manufacturing has kept Michigan from economic collapse during the toughest times and elevated it to a global leader during good times, but the relationship between a business and a community remains delicate. One facility closure can result in long-lasting trauma to a town where dozens, hundreds, or even thousands of people and their families depend on it for a paycheck.”
In the past three decades Michigan workers have seen the exodus of many of the jobs. The state is beginning to recover some of its manufacturing workforce after the Great Recession, but there is still a great demand for skilled labor. Without the right skilled labor, companies cannot grow or even continue to function.
“Talent is hard to find and so difficult to replace. When you begin the transition process, you want to be sure the people who were loyal to you are protected. If your business disappeared tomorrow, the men and women who work for you wouldn’t necessarily find new jobs. It would take time; they might have to relocate. That type of displacement can be avoided by developing an exit planning strategy before its needed.”
This is why any business owner, but especially an owner of a manufacturing company, needs to beginning planning for the next stage well in advance – whether that stage is retirement, a transition to a family member or another change in management. The larger the business, the more impact it has on the community and the local economy. In Michigan we’ve seen how the loss of auto jobs lead to the loss of jobs across sectors. A business owner cannot control the economy or global shifts of labor, but he can make his exit from his business as positive an outcome as possible for both himself and his workers.
We would like to thank MiMfg Magazine for their article and invite you to read all of the other interesting content in February’s issue.