While many product development companies will continue to hire in 2013, they will prioritize tech investments over expanding their workforce, according to a new report.
The MFGWatch survey, based on responses from 8,840 North American sourcing professionals, indicates sourcing patterns and manufacturing industry trends. It revealed that in 2012, 38 percent of companies increased payrolls, up from 25 percent in 2011. While hiring will remain stable this year, more North American product development companies plan to invest in tech.
This year, 36.1 percent of sourcing professionals say they will invest in new technology without expanding their workforce, compared to 27.5 percent in 2012. Meanwhile, 29.5 percent say that they are neither hiring nor investing in new technology, down from 35.3 last year, while 9.8 percent will be hiring without investing in new tech, compared to 11.6 in 2012.
Overall, there was a slight decline in the percentage of companies who plan to invest in new tech and expand their workforce simultaneously, at 24.6 percent, compared to 25.6 percent last year.