Manufacturing’s Back Is to the Wall on the Skilled Labor Shortage

Multinational corporations are today faced with a changing world economy. Cracks have formed in their outsourcing model, and they are being forced to re-examine their supply chains. The total cost of manufacturing overseas has risen because of: Increased foreign labor costs Increased transportation costs Intellectual property theft Long lead times Problems with joint partnerships The loss of technologies through forced technology transfer agreements Trump’s tariffs The distance from consumer markets Product quality and customer satisfaction problems Shortages of critical materials to manufacture semiconductors, pharmaceuticals, electric batteries, etc.