Manufacturers urged to attract younger directors
The manufacturing industry has the lowest percentage of young directors of any major sector, a study suggests.
The manufacturing industry in the UK has the lowest percentage of young directors of any major sector, research suggests.
Fewer than 8% of directors in manufacturing companies were born after 1980, according to a study by New Street Consulting Group.
The average percentage of so-called millennial directors across all major sectors in the UK is 11.8%, rising to 16.7% in utilities and 14.7% in retail, said the report.
If manufacturing companies don’t rethink their recruitment process and the way they’re perceived by millennials, they are at risk of getting left behind in the race for talent
New Street Consulting Group said without younger talent on boards, manufacturers may lack proper diversity at the top and could be slow to adopt new technology.
Many graduates and younger people do not find the manufacturing sector as attractive as financial services and technology, said the report.
Laurence Frantzis, director at New Street Consulting Group, said: “Manufacturing lacks young talent at senior levels compared to almost every other sector. That is a problem that will only get worse if the industry doesn’t take steps to attract younger people.
“If manufacturing companies don’t rethink their recruitment process and the way they’re perceived by millennials, they are at risk of getting left behind in the race for talent.”