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Press Release
13th November 2017

AGMA FOUNDATION SETS A NEW COURSE

2017 Strategic Planning Process Results in New Initiatives to Meet Industry Needs

 

Alexandria, VA—The AGMA Foundation, a 501(c)(3) non-profit founded and funded by AGMA members, is in the final stages of a strategic planning and road-mapping process.  The Foundation, recognizing the rapid pace of manufacturing evolution and change, periodically assesses whether its programs are aligned with industry needs. The strategic process included an industry-wide survey, conducted in July and August 2017, on industry challenges and opportunities.

The survey was received with nearly 500 respondents from all sectors of the industry. Survey results identified workforce acquisition, training and retention, and keeping up with emerging technology as the most critical issues facing the gear industry today. The Foundation is responding to feedback by developing a three-year (2018-2020) road map with new programs to meet these needs.

“The most recent AGMA Foundation strategic planning process took place in 2011,” explained Scott Moss, of Comer Industries and Chair of the AGMA Foundation Board of Trustees. “It was time for the Foundation to reassess its core programs to ensure that it was fulfilling its mission to advance the power transmission industry.”

The Foundation, working with AGMA staff, will be developing several new ideas that came out of the planning process, including developing industry communications to attract a new workforce, benchmarking retention programs to keep talent in the industry, and researching potential resources for the support of workforce development.  One Foundation legacy program, scholarships for engineering students, will continue and be part of the new strategic plan.

“The Foundation Board decided to continue support for students who aspire to a career in our industry,” said Moss. “Scholarships will continue for interested students at the technical/associate, undergraduate and graduate levels.”

Moving forward, existing foundation reserves will be leveraged, and the Foundation will discontinue fundraising, aside from the annual meeting golf tournament.  The feedback and suggestions provided in the industry survey have led to the opportunity for the foundation to align with the strategic plan that AGMA has already implemented.

 “The foundation has been very successful in providing members with opportunities to learn and grow in the industry and this discovery process will aid in that mission,” said Cindy Bennett, Executive Director of the AGMA Foundation. “The Foundation is grateful to all its donors, past and present, whose generous gifts are providing our industry with the necessary tools and information to thrive in the future.”

The Foundation Board of Trustees will finalize the 2018-2020 roadmap, with the new program initiatives, at its annual meeting In Naples, Florida in April 2018.

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