CEO Survey Provides Glimpse Into How COVID-19 is Reshaping Manufacturing

According to IndustryWeek, a new nationwide survey of manufacturing CEOs shows how business leaders’ perspectives have been shaped by COVID-19. The survey, conducted by the Manufacturers Alliance for Productivity and Innovation (MAPI), focused on global industrial manufacturing firms. Among the findings were the following:

• About 8 out of 10 CEOs do not envision a full recovery by next summer.
• Roughly 75% believe the U.S.’ accelerated “de-coupling” from China will affect their operations globally.
• A significant majority, 85%, believe a large proportion of their production for regional markets around the world will be located in-country to help mitigate future supply chain disruptions.
• Two-thirds say their domestic automation capabilities will play a large role in their decision-making process.
• Roughly eight out of 10 CEOs forecast that dramatic design changes will be permanently incorporated into their shop floors for worker health and safety.
• And 85% say their annualized investment in smart-factory initiatives will be rising, as the pandemic has pushed up the timetable for digitalization and virtualization.

On the issue of hiring, two-thirds of CEOs expected to hire or promote at least 20% more underrepresented employees than before. 7/21/2020