As the number of open manufacturing jobs in the United States reaches all-time highs, IndustryWeek delves into a new study that finds Gen Z more encouraged to seek manufacturing as a career option compared to their Millennial counterparts. We also have news on Philippines-based Jollibee Food’s plans to acquire the Coffee Bean and Tea Leaf, what it takes to actually implement the recently House-passed Raise the Wage Act, and four ways to reduce employee turnover. Plus, checkout how faster payments can help hourly and gig workers. Happy reading!
🏭 Can Gen Z Save Manufacturing from the ‘Silver Tsunami’?
☕ Jollibee Foods to Buy the Coffee Bean & Tea Leaf for $350M
💵 The House just voted to give 33 million workers a raise—here’s what has to happen to make it a reality
🙋 Here are 4 ways to reduce employee turnover
📊 Why faster payments could be a boon for hourly workers
🚚 Mastercard Offers Real-Time Payments To Support Gig Workers
🏭 Can Gen Z Save Manufacturing from the ‘Silver Tsunami’? | Via IndustryWeek
IndustryWeek explores findings from the 2019 L2L Manufacturing Index, a new study examining the American public’s perceptions of U.S. manufacturing.
- One-third (32%) of Generation Z has had manufacturing suggested to them as a career option, as compared to only 18% of Millennials and 13% of the general population.
- According to the latest government data, there are now 522,000 open manufacturing jobs in the United States (an all-time high), and a recent report from Deloitte and The Manufacturing Institute (the National Association of Manufacturer’s social-impact arm) projects that 2.4 million manufacturing jobs will go unfilled over the next decade.
☕ Jollibee Foods to Buy the Coffee Bean & Tea Leaf for $350M | Via Restaurant Business
Restaurant Business’ Jonathan Maze shares details on Philippines-based fast-food company Jollibee Foods’ new deal to deal to buy Los Angeles-based coffee chain the Coffee Bean & Tea Leaf for $350 million.
- Jollibee, which already owns the fast-casual burger chain Smashburger, will acquire the chain through a Singapore-based holding company.
- It’s the biggest acquisition yet for Jollibee, an international fast-food company that has been making a number of deals of late. That includes the investment in Chicago-based Tortas Frontera in addition to its purchase of Smashburger.
💵 The House just voted to give 33 million workers a raise—here’s what has to happen to make it a reality | Via CNBC
CNBC’s Megan Leonhardt reports on the House vote to pass legislation that would raise the federal minimum wage from $7.25 to $15 over the next six years. The Raise the Wage Act, introduced Rep. Bobby Scott (D-Va.) in January, would effectively raise wages for 33 million workers, according to an analysis by the Economic Policy Institute.
- Nine in 10 of those workers potentially affected by the wage hike are over the age of 20 and 58% of them are women.
- While the House passed the legislation, its implementation is far from a sure thing as the legislation would have to pass the Senate and then be signed into law by President Trump.
🙋 Here are 4 ways to reduce employee turnover | Via USA Today
Motley Fool’s Maurie Backman discusses ways to reduce employee turnover in today's competitive job market, including competitive compensation and benefits, along with greater flexibility and career development.
- High worker turnover can quickly become a problem for your company, whether it’s high costs for hiring and onboarding or decreasing employee morale.
- Backman recommends surveying your workers and asking them what benefits they're looking for, because if you're going to invest in them, you might as well put your money where it counts the most.
📊 Why faster payments could be a boon for hourly workers | PaymentsSource
PaymentsSource’s Michael Moeser interviews Branch CEO Atif Siddiqi about the Branch Report findings and why faster payments can help hourly workers.
- Often overlooked as prospects by financial services institutions who have increasingly focused on the wealthy, hourly workers represent a massive pool of underserved consumers with distinct financial needs.
- The ability to gain early access to wages has become an important service for hourly workers who live paycheck-to-paycheck.
🚘 Mastercard Offers Real-Time Payments To Support Gig Workers | Forbes
Forbes’ Tom Groenfeldt highlights Mastercard’s announcement helping people in the gig economy who have to tie together income from a variety of jobs, contracts and part-time gigs with early wage access in partnership with Evolve Trust & Bank and companies like Branch.
- With Mastercard Send, Branch can push funds in near real time to U.S. debit cards.
- Mastercard’s announcement said that one-third of total US gig workers received approximately $236 billion through pay advances in 2018, in contrast to short-term loans that come with unclear terms and fees.