As covered previously, our being awarded a Top Shop designation by Plastics Technology, comes with a report of the metrics assessed. The Opportunities for improvement feedback is great to help refine or even correct some operational/business/finance areas. The feedback on our strengths as compared to other shops and especially top shops is also invaluable as we forge a path forward through these difficult times.Key in this year’s Strengths, are areas around our staff, our equipment and how we use it.
The most stellar number we received back was a labor turnover number. PlastiCert was in the 100th percentile or, the highest of any reporting molder. Indeed, we have virtually no turnover and is the result of a lot of work to make PlastiCert an employer of choice.
Machine age was another Strength. With our current group of presses, we measured in the 89th percentile, meaning our capital improvement plan I have been blogging about is keeping us ahead of the pack. The best part is that we have two more presses scheduled for delivery. More on that in a subsequent blog.
In conjunction with that machine age, our Return on Assets measurement puts PlastiCert in the 84th percentile. ROA is a measurement of profit against the assets used to generate that profit. Evidence that our selection of new equipment and our use of all of our equipment, is well matched against our customers’ needs.
Becoming a Top Shop requires having a healthy appreciation of who you are, and where you need to go. PlastiCert feels it has spent the last 10 years since its new ownership, in assessing and then implementing the plans to get us to this place.
Are you using a Top Shop to help you accomplish your goals? If not, give us a call!