The Manufacturing Institute introduces ROI calculator.
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Press Release Summary:
The Manufacturing Institute released a Return on Investment Calculator for manufacturers at CostofAHire.com. Web-based tool offers employers a structure to identify the cost of an open position and offers several ways to reduce costs. Produced in partnership with the National Aviation Consortium, led by Wichita Area Technical College, product helps manufacturers identify expenses across human resources, training, recruiting, and operations.
Original Press Release:
The Manufacturing Institute Introduces Return On Investment Calculator
CostofAHire.com allows employers to calculate hiring costs and possible savings
WASHINGTONÂ — Today, The Manufacturing Institute released a Return on Investment Calculator for manufacturers at CostofAHire.com. This free, web-based tool offers employers a structure to identify the cost of an open position and offers several ways to reduce costs. Key indicators include on-the-job training, turnover, and productivity loss.
More than 80 percent of executives agree there is a talent shortage in U.S. manufacturing. Finding quality workers takes time and money, and hiring the right employee for the job is a daunting task. The Return on Investment Calculator helps manufacturers identify expenses across human resources, training, recruiting, and operations—and therefore to reduce costs and improve their business operations.
“Manufacturers are data-driven, and that has made the industry lean and globally competitive,” said Brent Weil, Senior Vice President at The Manufacturing Institute. “The ROI calculator is powerful because it helps companies to quantify the skills gap in dollars and cents.” He added that companies using the ROI calculator have decided to invest in solutions, such as partnering with community colleges.
The ROI calculator was produced in partnership with the National Aviation Consortium, led by Wichita Area Technical College. The consortium consists of five community colleges that were awarded a U.S. Department of Labor grant under the Trade Adjustment Assistance Community College and Career Training (TAACCCT) program. The Joyce Foundation provided funding to develop the ROI calculator with the input of several organizations and companies in the Great Lakes region.
“The ROI calculator is a business-based tool produced collaboratively with education and industry to assist in identifying the value and importance of a skilled and well trained workforce as it relates to their bottom line,” said Sheree Utash, Interim President of Wichita Area Technical College. “The investment in training and education is highly recognizable when businesses engages the use of this new tool.”
To get started with this tool, visit www.costofahire.com.Â
About The Manufacturing Institute
The Manufacturing Institute (the Institute) is the 501(c)(3) affiliate of the National Association of Manufacturers. As a non-partisan organization, the Institute is committed to delivering leading-edge information and services to the nation's manufacturers. The Institute is the authority on the attraction, qualification and development of world-class manufacturing talent. For more information, please visit www.themanufacturinginstitute.org.
About the National Aviation Consortium
The mission of the National Aviation Consortium (NAC) is to create a world class aviation workforce utilizing industry standards, accelerated training, and best–in-class technology-enabled curriculum. On September 19, 2012 the US Department of Labor announced the awardees of the Trade Adjustment Assistance Community College and Career Training (TAACCCT) round two grants. The National Aviation Consortium was launched with an award of 14.9 million dollars over four years to focus on cutting edge online curriculum in the aviation manufacturing industry. For more information, please visit: www.naccareers.com.
