The manufacturing sector continues to outperform forecasts from previous years despite supply constraints, a labour shortage, and an unstable economic climate. Leaders should take advantage of digital technologies, adopt strategies for the future of work, and promote supply chain resilience in order to sustain this growth. Investments in the sector has also been on the rise, with government initiatives such as Production Linked Incentive Schemes, and Make in India.

Speedy recovery of the sector

Manufacturing has shown continued strength in 2022, building on the momentum gained following the pandemic and exceeding expectations from the previous two years. Indeed, India has set the target of manufacturing to grow up to 25% of GDP to $500 billion in a few years time, up from its current level of 17% of GDP.

Inflation and economic uncertainty are currently causing concern in the industry. Furthermore, manufacturers are still dealing with talent issues, which may limit the industry's growth momentum. A few standout manufacturing organisations have shown the way forward on this count, and were recognised as having a Most Preferred Workplace 2022-23 in a gala ceremony organised by Team Marksmen. These companies have been role models when it comes to growth, innovation, and resolving challenges that the sector faces.

The brands recognised for their achievements included:

• AFC Furniture Solutions
• Amway India Enterprises Pvt. Ltd.
• Bajaj Energy Limited
• BASF India Limited
• Belrise Industries Ltd
• Bharat Heavy Electricals Limited
• Biocon Group
• Blue Star Limited
• CEAT Limited
• D'LIFE HOME INTERIORS
• Ghodawat Consumer Ltd.
• HINDALCO INDUSTRIES LTD.
• Hindustan Unilever Limited
• Hirschvogel Components India Pvt. Ltd.
• Indore Composite Pvt. Ltd.
• Lohia Corp Ltd
• NRB Bearings Limited
• Nuvoco Vistas Corp. Ltd.
• Piaggio Vehicles Pvt. Ltd
• Pidilite Industries Limited
• Schindler India Pvt. Ltd.
• Tata Chemicals

This research-driven industry initiative saw a host of eminent speakers grace the occasion, and offer food for thought on diverse topics such as weaving DEI culture into organisational strategy, looking beyond the conventional workforce strategies to attain manufacturing excellence, and managing an inclusive, diverse, and multi-generational workforce. Some of the eminent speakers to grace the occasion included Shiv Shivakumar, Group Executive President - Corporate Strategy & Business Development, Aditya Birla Group; Shailesh Vilankar, Sr. Vice President Human Resources, Schindler India; Pooja Bansal, Chief Human Resources Officer, Piaggio Vehicles; Dinesh Aggarwal, CEO, RR Kabel; Chetan Deshpande, Group CHRO, Sanjay Ghodawat Group; C.S. Krishnakumar, Senior Vice President & CHRO, Essar Power; Mohit Kumar, President HR - Head of Learning, Talent, OE and HO - HR, Hindalco Industries; Sahil Jain, CEO, Hirschvogel Components India and Vice President, Hirschvogel Group; and Mohit Saxena, Head Human Resources, Bajaj Energy.

Offering his thoughts, Rajesh Khubchandani, Co-Founder and CEO, Team Marksmen Network, said, “While evolution is the natural order of business for society and industry, what will always remain unchanged is the importance of people. They are what matter more than anything else, and the companies we recognised as having a Most Preferred Workplace have charted a trajectory of organisational excellence by creating an environment where people can realise their full potential, aligned with organisational objectives. It is an example others would do well to follow.”

Industry and manufacturing success is dependent on combining intelligent risk management and operational efficiency with innovation and automation. Offering both strategic advice and operational know-how, keeping in mind requirements such as compliance and safety, as well as empowering your people to be productive, ensuring uninterrupted production at most stressful levels. Those comprising the universe of Most Preferred Workplace exemplify this wave of change, reshaping how businesses compete, access talent, and shape the communities in which they operate.

Source : Press Release