According to a recent research report, the global metal fabrication market was valued at US$16.35 billion in 2015 and is anticipated to reach US$21.38 billion by 2024.
Investments in global infrastructure projects have been increasing rapidly over the past decade, and this presents a growing opportunity for the metal fabrication industry to grow considerably in the coming years. This acts as a key factor driving the demand for metal fabrication companies, especially in developed regions such as North America. The global metal fabrication industry is also fueled by continued investments in metals processing and electric furnaces, the growing aluminum consumption, recovery in non-residential investments, the re-shoring of manufacturing practices in the automotive industry, and growing aerospace demand.
Although the metal fabrication industry is growing steadily over the past few years, several factors are expected to hamper the growth prospects. A few factors include:
- Inferior quality of products: The weak infrastructure, capital inputs, and other facilities eventually lead to a metal fabrication process which is more time-taking, expensive and produces an inferior variety of products.
- Colossal demand: Even after low per capita consumption rate of metals, the demand for iron and steel is increasing every day and huge chunks of iron and steel are imported to different countries to meet the international demand. To save valuable foreign exchange, productivity needs to be increased.
Several such factors are urging metal fabrication manufacturers to leverage the use of employee engagement strategies. Employee engagement strategies help firms better understand the demands of their employees and improve workforce efficiency. These solutions also help companies implement effective plans to boost their overall workforce efficiency across platforms.
The Business Challenge
- The client: A leading metal fabrication company
The client, a leading metal fabrication manufacturer with manufacturing units spread across geographies, was facing predicaments in optimizing their workforce efficiency and providing better employee satisfaction to the employees. The client also wanted to understand their major pain points better; thereby, increasing the overall efficiency of their workforce. They also wanted to identify the key drivers of engagement and plan activities to bolster employee satisfaction.
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The employee engagement strategy experts at Infiniti carried out extensive qualitative and quantitative studies and conducted discussions and interviews with prominent stakeholders in the metal fabrication space to help the client address challenges pertaining to their workforce efficiency and employee engagement. The experts also compiled from a wide array of secondary sources such as company presentations, industry journals, paid industry databases, and industry forums and communities to help the client benchmark their performance.
The Solution and the Business Impact
With the help of Infiniti’s employee engagement study, the metal fabrication industry client identified the key metrics to improve the overall efficiency of their workforce. Additionally, the client was able to improve their employee retention rate and implement strategic plans to boost their employee satisfaction. The engagement also helped them attract young talent and leverage advanced technologies to make their work environment more engaging.
As technology evolves with the time, computers have started gaining prominence for most operations. For this reason, as the demand grows, there’s likely to be an increase in the number of metal fabrication companies to make more technologically advanced computer systems and robotic production equipment. This would enable companies to cut costs and increase output.