12th Annual International Conference on Industrial Engineering and Operations Management

Effect of Rising Cost and Worker Shortage on Industry

Sheikh Ferdous, M. Affan Badar & Yuetong Lin
Publisher: IEOM Society International
0 Paper Citations
Track: Production Engineering

COVID-19 pandemic has affected technology, manufacturing, healthcare, education, tourism, and other service industry globally as well as in the US. The pandemic has caused supply chain disruption, chip shortage, worker shortage, etc. Nowadays chips aren’t used in computers and smartphones only, but in automotive and various other products. In response to the pandemic, the US government has issued stimulus packages to help workers, employers, and economy. All this has resulted in an increase in inflation and cost. Workers are retiring or changing jobs for higher wages which has created another issue, i.e. workers with tribal knowledge are leaving the industry they used to work with. Now industry not only needs to hire replacements but also train them for right qualifications in order to keep up with productivity. On the positive side, the US government is investing in chip manufacturing in the US which goes in line with the Made in America effort, making policies to help global supply chain to reduce backlogs, and pushing for vaccine mandate. As a result, manufacturing, tourism, and service industries are returning gradually to the pre-pandemic level.

Published in: 12th Annual International Conference on Industrial Engineering and Operations Management, Istanbul, Turkey

Publisher: IEOM Society International
Date of Conference: March 7-10, 2022

ISBN: 978-1-7923-6131-9
ISSN/E-ISSN: 2169-8767