Smarter compensation solutions for manufacturing companies

Today’s business environments – with rapidly changing employee behavior, unprecedented resignations and evolving socio-economic conditions – have rendered traditional recruiting and retention methods ineffective.

Many companies are competing for the same pool of candidates, leading to increased competition and difficulty securing workers - especially for industries like manufacturing which often require skilled labor.

It’s time for an innovative approach to recruiting, engagement, and retention.

Upskilling Need

The rapid advancement of technology and automation in manufacturing requires workers to continually update their skills.

A Deloitte report highlighted that 2.7 million manufacturing workers will require significant upskilling by 2028.

Aging Workforce

The manufacturing industry is grappling with an aging workforce, with many experienced employees nearing retirement age.

NAM's report indicated that approximately 2.69 million manufacturing workers would retire or leave the workforce between 2018 and 2028.

Keep-Financial-Healthcare-Lost-Productivity

Labor Shortage

According to a report by Deloitte and The Manufacturing Institute, an estimated 2.4 million manufacturing jobs may go unfilled in the United States by 2028 due to the skills gap.

Nearly 82% of manufacturers expressed concern about their ability to find and retain skilled talent - National Association of Manufacturers (NAM)

Collections

Clawbacks are expensive to enforce and many end up unenforceable.

Tax Complexities

Paying taxes up front leads to countless hours wasted on preventable W2 corrections.

Manual Tracking

Many track sign-on and retention bonuses manually, making automation and scalable edits difficult.

Automate compensation

A fully automated system to deliver upfront compensation tied to time-based and performance-based vesting

Track milestones

Enable employees and employers to track & celebrate milestones

Improve finances

Improve your staff's credit and help remove their financial roadblocks

Flexible and modifiable

Include flexible components like performance challenges, easily modify arrangements

Optimize cash flow

Optimize cash flow & AR management, defer taxes & automate collections

Reduce manual effort

Save time and money by automating manual tasks like bonus tracking, clawbacks, W2 corrections, and more.

Turn-key product and no IT support required

Bonus dashboard with employer and employee views

Employee self-service portal to view milestones and withdraw bonus

Governance and compliance built-in

Finance-friendly, with robust auditing and reconciliation features

Manufacturing

Stay ahead of the talent curve - motivate and retain your skilled labor with smarter compensation.

The challenge

Traditional compensation is no longer attracting and retaining talent

Upskilling Need

Aging Workforce

Labor Shortage

Traditional retention-based compensation creates administrative headaches and unnecessary expense

Collections

Tax Complexities

Manual Tracking

82% of manufacturers expressed concern about their ability to find and retain skilled talent.

The solution

Custom, scalable sign-on and retention bonuses

Automate compensation

Track milestones

Improve finances

Flexible and modifiable

Optimize cash flow

Reduce manual effort

Keep Financial features

“Keep has been an important tool in our employee retention program at Bestow, and we’re eager to utilize Keep Performing to better align performance objectives with significant compensation events.”

Claire Martin | CFO at Bestow Inc.

See Keep in action.