As seen on the February 2024 Tire Business Publication

Annually, our Industry Employee Survey seeks to provide hiring teams in the industry with valuable insights into employee preferences. While preparing this year’s survey questions, we identified trends that may impact the tire and rubber sector. These trends carry significant implications for workforce management, hiring strategies, and the overall competitiveness of the industry. Let’s address some of them.

Technology, Talent, and Sustainable Strategies for the Next Generation 

The tech game is on the rise, and you don’t want to miss out. Integrating AI-driven solutions not only improves operational efficiency but also appeals to candidates with innovative skills, underlining a commitment to data-driven success. Make sure your team is on board with the data trends. Emphasizing data literacy as a critical skill set for employees is crucial. Therefore, companies should consider robust training programs that stress the significance of security and privacy.

And guess what’s trending? Reskilling and upskilling! Invest in your people, and they’ll thank you with impact and career growth. Collaborating with educational institutions and trade schools is vital for attracting and nurturing talent, fostering increased productivity and innovation. 

Now, if you want to attract the top Gen Z talent in the tire world, you need to go beyond the usual job perks. Think innovative offerings like flexible work arrangements, professional development opportunities, and wellness programs can contribute to a positive employer brand, positioning the company as an employer of choice. Basically, stuff that screams “best place to work.”

But hold on, we’re not done. The supply chain game is throwing curveballs, and you need to be ready. Local hiring, quick market moves, and transportation costs for sustained growth are among the strategic options. Align your hiring moves with global trends, build that robust employer brand, and show the world you’re ready for whatever the supply chain throws at you. 

There is also a need for alignment with ESG (Environmental, Social, & Governance) factors. Show you care about the environment and society, and watch top Gen Z candidates come to you. Demonstrating this commitment fosters a positive company culture and improves the employer brand.

The results from our Tire Talet Industry Employee Survey are on the horizon, promising more insights and strategies to keep our industry on the winning track. Stay tuned for upcoming articles where we will share findings and even propose actionable strategies for industry players to thrive. 

January 2024 Jobs Report: Insights and Challenges

In the meantime, we offer a brief overview of the January 2024 employment report released this month by the U.S. Bureau of Labor Statistics (BLS) that may be of interest to the tire and rubber industry. The report shows that the total nonfarm payroll employment witnessed a substantial increase, growing by 353,000, while the unemployment rate held steady at 3.7 percent. The report spotlights key sectors such as professional and business services, health care, retail trade, and social assistance, which contributed significantly to the positive momentum in the overall job market.

However, amid the positive trend, challenges emerged in specific industries. The mining, quarrying, and oil and gas extraction sector experienced a decline, prompting concerns about the sustainability of growth within that domain. Revisions in the report shed light on the job market in 2023, revising total nonfarm employment growth upward from 2.7 million to 3.1 million. These revisions, while positive on the whole, revealed challenges in sectors like transportation and warehousing and professional and business services. For industries like tire and rubber, already contending with a downward employment trend, these revisions emphasize the importance of understanding broader economic forces and conducting  a careful analysis of the data.

While the unemployment rate remained stable at 3.7 percent in January, the report highlights persistent challenges in sustaining a robust labor force, with certain demographic groups experiencing elevated unemployment rates. Notably, wage growth is a crucial metric, with average hourly earnings registering a 4.5 percent year-over-year increase in January. This, combined with revisions, introduces considerations for entities like the tire and rubber industry, emphasizing the need for close monitoring of these trends for effective talent management.