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An article from


HOW MANUFACTURERS CAN NAVIGATE A SLOWING ECONOMY

Big brands are laying off workers amid lagging demand. But experts say there are
more strategies that can help keep teams nimble for an economic turnaround.

Published April 18, 2023
By Rebecca Heilweil
 * 
 * 
 * 
 * 
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A Peloton stationary bike. The company is among the many manufacturers who have
cut labor and closed facilities in recent months amid a slowing economy.
Courtesy of Peloton

As the economy stagnates and global factory activity remains slow, some
manufacturers have taken drastic steps to quickly cut down on costs by laying
off workers and closing facilities.  

Stationary bike maker Peloton’s manufacturing subsidiary Precor announced in
March that it would close its factory in North Carolina and lay off more than
100 employees.

U.S. EV manufacturer Lucid said it would lay off about 18% of its overall
workforce last month, and Solo Cup manufacturer Dart Container Corp. laid off 84
workers. The tools-maker Stanley Black & Decker said it would close two
facilities in Texas and South Carolina, too.

Manufacturers are making these decisions as consumer spending — which surged
during the pandemic — returns to past norms and demand slows.




Still, headlines about layoffs and factory closures may not fully reflect the
current state of U.S. manufacturers, said Chad Moutray, the chief economist at
the National Association of Manufacturers. Despite concerns about a potential
recession, Moutray argued that manufacturers are coming off a remarkably
successful few years and that the current surge in layoffs isn’t particularly
centralized in the manufacturing sector. 

“We also have just shy of 13 million workers in manufacturing today. It’s a
threshold that I didn’t think we would ever get back to,” Moutray said. “To the
extent that things are starting to cool off a little bit, we are building off of
a really strong base.” 

Some companies are still dealing with challenges that were exacerbated during
the pandemic, such as labor issues and supply chain disruptions. The labor
shortage has continued to hit some manufacturing sectors especially hard,
including aerospace and defense suppliers, according to Kevin Krot, head of
mobility and industrial products at SGS Maine Pointe. 

In fact, the shortage of skilled workers may be a reason to avoid layoffs and
hold on to as many permanent employees as possible, said Lisa Anderson, founder
and president of the supply chain and manufacturing consulting firm LMA
Consulting Group. While manufacturers are understandably nervous about the
impact of declining orders on their bottom line, there are also other strategies
to prepare for a slower economy, she explained.

One strategy is to invest in a sales and operations planning process, which
could involve understanding which manufacturers are reshoring or which are
moving production to other locations, as well as working directly with customers
to better understand where demand is coming from. 

Companies might find themselves incentivized to shift production away from
building inventory to focus on manufacturing other products, Anderson added. 



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In particular, manufacturers can weigh whether their facilities and workforces
can be applied to industries they don’t normally prioritize. For example,
there’s a considerable ramp-up in production for companies building products
that are focused on combating the climate crisis or cutting down on emissions,
and those companies are now on the hunt for new suppliers, explained Krot. 

“There are a lot of industries right now that have high demand,” Krot said. “If
you’re focused on one industry that’s being impacted, really understand: what
[are] your core capabilities? Where can you leverage that elsewhere?” 

While operations are slower, manufacturers can also use this time to set
themselves up for future growth, said Patrick Penfield, a supply chain practice
professor at Syracuse University. That might involve looking for ways to reduce
the cost of particular materials or cutting overhead costs, such as by
implementing more efficient LED lighting. 

“The key is asking for help and trying to reduce costs and then looking for
low-cost alternatives, right? Low-cost suppliers in different parts of the
world,” Penfield said. “Another area that you look at is your processes, right?
So we take a look, say: ‘Hey, do we really need to do this internally?’”

If a manufacturer absolutely has to reduce labor costs, Anderson suggested
investing in automation and focusing on cutting workers who require less
training. Of course, the best strategy of all is planning ahead and anticipating
that things could turn around, possibly sooner than manufacturers might expect. 

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READ MORE IN OPERATIONS


Apr 19, 2023
A Google Cloud tech exec on AI and manufacturing
Apr 19, 2023
Maine sues manufacturers for ‘forever chemicals’ contamination
Apr 18, 2023
Hershey buys 2 popcorn plants to fuel growth of its SkinnyPop brand
Apr 18, 2023
Eli Lilly commits another $1.6B to Indiana plants
Apr 17, 2023
HB Fuller shutters 2 facilities as it restructures manufacturing network
Apr 17, 2023
EPA proposes new rules to cut chemical plants’ toxic emissions
Apr 17, 2023
Precision Optics hires first COO
Apr 14, 2023
Toyota teams with Alabama utility on $49M solar project
Want to see more stories in Operations?
Read More ➔

“It’s really kind of important that you don’t overreact, and just start cutting
inventory because you realize you’re going to run out of cash,” Anderson added.
“If you can get ahead of things you’re going to be in better shape.”


RECOMMENDED READING

 * How manufacturers can tackle supply chain costs in 2023 Supply Chain Dive

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EDITORS’ PICKS

 * Courtesy of GM Defense.
   
   
   4 MANUFACTURERS WIN PROTOTYPE CONTRACTS TO MODERNIZE US ARMY TACTICAL TRUCKS
   
   The military branch is seeking to update its tactical vehicle fleet so it can
   incorporate modern technology.
   
   By Sara Samora • Feb. 9, 2023
 * Chip Somodevilla via Getty Images
   
   
   BY THE NUMBERS: BIDEN’S BUDGET PRIORITIES FOR MANUFACTURING
   
   The president’s proposal includes tackling “forever chemicals” and boosting
   CHIPS Act funding.
   
   By Sara Samora • April 5, 2023


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MOST POPULAR

 1. Why EV companies are flocking to South Carolina
 2. Eli Lilly commits another $1.6B to Indiana plants
 3. HB Fuller shutters 2 facilities as it restructures manufacturing network
 4. How manufacturers can navigate a slowing economy


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COMPANY ANNOUNCEMENTS

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   Manufacturing Plant, … From CS Wind
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   Performance and Power Smar… From Snowflake
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   Melbourne Office From Burns & McDonnell

View all | Post a press release


WHAT WE’RE READING

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EVENTS

 * 03 MAY
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INDUSTRY INTEL

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COMPANY ANNOUNCEMENTS

View all | Post a press release
CS Wind Breaks Ground on Expansion at World’s Largest Wind Turbine Tower
Manufacturing Plant, …
From CS Wind
April 04, 2023
Snowflake Launches Manufacturing Data Cloud to Improve Supply Chain Performance
and Power Smar…
From Snowflake
April 13, 2023
Burns & McDonnell Celebrates Rapid Growth and New Job Opportunities at Its
Melbourne Office
From Burns & McDonnell
April 07, 2023
Editors’ picks

 * Courtesy of GM Defense.
   
   
   4 MANUFACTURERS WIN PROTOTYPE CONTRACTS TO MODERNIZE US ARMY TACTICAL TRUCKS
   
   The military branch is seeking to update its tactical vehicle fleet so it can
   incorporate modern technology.
   
   By Sara Samora • Feb. 9, 2023
 * Chip Somodevilla via Getty Images
   
   
   BY THE NUMBERS: BIDEN’S BUDGET PRIORITIES FOR MANUFACTURING
   
   The president’s proposal includes tackling “forever chemicals” and boosting
   CHIPS Act funding.
   
   By Sara Samora • April 5, 2023

Latest in Operations
 * A Google Cloud tech exec on AI and manufacturing
   By Kate Magill
 * Maine sues manufacturers for ‘forever chemicals’ contamination
   By Sara Samora
 * Hershey buys 2 popcorn plants to fuel growth of its SkinnyPop brand
   By Christopher Doering
 * Eli Lilly commits another $1.6B to Indiana plants
   By Sara Samora

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