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• <br /> Trends <br /> When asked about the most significant trends facing their industries in the next five <br /> years, the majority of respondents cited market demands as their primary concern. <br /> Issues such as improved customer service, changes in market focus, increased production <br /> efficiency, and diversification of capabilities topped the list. <br /> Advancements in technology were also cited as important trends that local businesses <br /> will face in the near future. For example, the ability to machine pieces with increasingly <br /> tighter tolerances with new technologies will require more capital investments by <br /> machine shops. As another example, plastics are being used in increasingly broader <br /> applications, subsequently expanding the markets for plastic molders and mold makers. <br /> Finally, economic factors, such as increased mergers, more international competition, and <br /> an economic downturn were trends businesses owners expected to see in the next five <br /> years. <br /> II. LABOR MARKET <br /> Employment in Elk River <br /> ➢ Elk River industrial firms employ 40 people on average, with a range of 3 to 220 <br /> employees. <br /> • ➢ The average hourly wage of an Elk River industrial employee is $11.54. Nearly all <br /> such employees are provided a health insurance and retirement package. Tuition <br /> reimbursement for work related training is also common. <br /> ➢ Employment levels have generally remained stable over the past twelve months. <br /> Employee Recruitment and Retention <br /> As expected, finding good employees is a difficult task for most business owners and <br /> managers. Locating unskilled workers is the most difficult, followed closely by skilled <br /> workers, such as draftsman and technicians (see figure 1). Many companies are willing to <br /> train workers but finding trainable people is the primary challenge. It was not <br /> uncommon for employers to hire five or even ten people to find one trainable employee. <br /> Employee Recruitment: Figure 1 <br /> 20 <br /> 15 0 Easy <br /> 10 i — •Mod. <br /> 5 ❑Difficult <br /> 0 <br /> Prof Sales Skilled Unskilled <br /> Salespersons were relatively easy to find and not usually a concern to most business <br /> owners. Professionals, such as engineers, however, were more difficult to find. <br /> 5 <br />