Manufacturing Industry Outperforms Amidst Purchasing Managers Index Decline, highlighting industry strength: Great Place To Work Report

 1st February 2024 – Great Place To Work®, India’s renowned workplace assessment and recognition organization, has unveiled “Insights from India’s Best Workplaces™ in Manufacturing 2024”, with information gathered from 4.9L+ employees across 270+ organizations in India. Some of India’s best workplaces in Manufacturing 2024 (alphabetic order) include Bajaj Electricals Limited, HAVELLS INDIA LIMITED, HIL Limited – A CK Birla Group Company, Forbes Marshall Private Limited, Hindalco Industries Limited, Kohler India, Reliance Industries Ltd., Sula Vineyards Limited, TVS Motor Company Limited. List of Top 50 workplaces can be accessed at < Link>

This year’s assessment reflects that the manufacturing sector continues to appeal as a Great Place To Work experiencing 86% employee satisfaction. This has been linked to efforts made by the leaders to increase people’s involvement in decision-making, promoting work-life balance and ensuring transparency in communication across levels.

Notably, despite performing strongly in key pillars of Pride (86%), Credibility (83%), Camaraderie (82%) and Respect (82%) of Trust Index, the industry scores low on Fairness (79%). There exists a trough of disillusionment among mid-level management comprising of employees at Supervisory and Managerial level that impacts their perception of fairness in their workplace. This could potentially be a precursor or a contributing factor for employee attrition in these grades. It is also noted that blue-collar employees (89%) remain generally more satisfied than their white-collar (85%) counterparts.

Yeshasvini Ramaswamy, CEO, Great Place To Work® India, stated that, “I extend my heartiest congratulations to all the exceptional winners of India’s Best Workplaces in Manufacturing list for 2024. Your remarkable achievements not only set new standards for excellence but also embody the resilience and innovation that define our dynamic manufacturing sector.

As we delve into the heart of this report, we are reminded of the pivotal role the manufacturing industry plays in shaping the economic landscape of our nation. Contributing a substantial 17% to India’s GDP, this sector stands as a driving force behind our nation’s progress.

The ‘Driving a Culture of Trust – The New Manufacturing Blueprint’ report stands as a powerful testament to the collective strength of 4.9 Lakh+ employee voices. Each employee has played an integral role in shaping the narrative of the manufacturing industry, contributing not only to their organizational success but also to the broader canvas of India’s economic dialogue and measures the industry must take to develop its talent pool.

In the face of challenges reflected in the dip of the Purchasing Managers Index (PMI), your unwavering dedication and commitment to continue to invest in long-term sustainable projects have paved the way for a positive outlook. The expansion in sectoral activity, coupled with the steadfast support from the government through initiatives like Production Linked Incentive, National Manufacturing Policy, Make In India 2.0, Digital India, and Startup India, positions the manufacturing industry for sustained growth.

Best Workplaces have consistently maintained an impressive 7% gap in the Grand Mean Trust Index over other organizations in the manufacturing sector. As we celebrate the positive shift of 1% in employees’ perception of employer being a Great Place To Work, we also collectively acknowledge that there is more work to be done. The current levels, although commendable, remain below those observed in 2022, urging us to self-reflect and continue to look at culture scores more as a journey than a destination.

To ensure employee retention and a motivated workforce, manufacturing organizations need to ensure that their leaders deliver on their promises, practice authentic leadership, role model honesty and integrity, and walk the talk.

Best Workplaces continue to leverage their workplace culture as a sustainable competitive advantage that directly impacts business performance.

To all the winners, your achievement as the Best Workplaces in the Manufacturing Industry for 2024 is a testament to your commitment to excellence. Congratulations again.”

Manufacturing

The report also tries to draw direct inference of becoming a Great Place To Work on Business. With higher employee satisfaction and morale, employees at Best Workplaces are more motivated (88%) go the extra mile (89%) and stay with their employers for longer (90%). It is seen that the process of onboarding and engaging employees has played a vital role in helping some of the top winners of the report.

While challenges exist, the manufacturing sector showcases resilience and growth potential. Government support, rising exports, and positive employee perceptions position the industry for continued success in the evolving economic landscape.

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