How to Build Job Security Into Your Business Model

Lincoln Electric faced a problem sparking across the manufacturing world: not enough skilled welders to meet booming demand. Instead of succumbing to this talent drought, the century-old welding equipment maker took matters into its own hands by opening classrooms and unleashing robots to ensure the flames of industry kept burning. 

That’s how many welders Lincoln Electric has trained at its own welding school since it opened in 1917. By building talent in-house for over a century, the company helped close the skills gap while creating loyal employees and customers.

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By the mid-2010s, the welding industry faced a talent crisis that had been building for decades. The American Welding Society projected the U.S. would need 330,000 new welding professionals by 2028, roughly 80,000 positions to fill annually. Welding touches over half of all manufactured products, from cars and bridges to pipelines and ships. Without welders, production slows, costs climb, and projects get turned down.

The root causes ran deep. While recruitment efforts had lowered the average welder age to around 40, more than 157,000 professionals, over 20% of the workforce, were approaching retirement. Schools and parents had spent decades steering kids toward four-year degrees instead of skilled trades. Most manufacturers suddenly realized they had no pipeline.

Lincoln Electric faced the same problem. The company, founded in 1895, operated 71 manufacturing facilities across 21 countries that needed skilled welders. It also sold welding equipment to customers who were running out of welders themselves. CEO Chris Mapes called the skilled labor shortage "a long-term strategic challenge" that companies couldn't outsource or wait out.

But Lincoln had one advantage: it had been preparing for this exact problem since 1917.

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Lincoln Electric opened the first U.S. welding school in 1917 at the request of the U.S. Army, which needed to train troops heading into World War I. The school never closed. Over the next 107 years, Lincoln trained more than 150,000 people in welding techniques and safety practices.

As the labor shortage intensified, Lincoln made a major investment. In 2018, the company built a $30 million Welding Technology and Training Center at its Cleveland headquarters. The 130,000-square-foot facility hosts approximately 7,000 students, educators, and industry partners annually. Lincoln also created ready-made course materials, online modules, and aptitude tests that schools and companies could use to train welders themselves. The company partnered with the American Welding Society to sponsor traveling welding trailers that visit high schools and career fairs.

The strategy had two payoffs. First, Lincoln staffed its own factories with skilled workers who understood the company's systems. Second, many graduates went to work for Lincoln's customers or opened their own shops, then bought Lincoln equipment. The training programs became a customer acquisition engine.

Lincoln hedged its bets with automation. In 2015, the company acquired Wolf Robotics, a maker of robotic welding systems. Robots handled heavy or repetitive tasks while humans focused on precision work. Lincoln also deployed collaborative robots that could work safely alongside people and required minimal programming. The combination meant Lincoln could scale production even when human welders were scarce.

Lincoln Electric's century-long investment paid off in ways competitors couldn't match. The company hasn't had a single layoff since 1948, 77 consecutive years of guaranteed employment. During the 2020 pandemic, when most manufacturers furloughed workers, Lincoln reduced hours and cross-trained employees to different departments. Total headcount dropped less than 3% through voluntary attrition. When demand surged in 2021, Lincoln scaled back up immediately while competitors scrambled for workers.

The no-layoff streak wasn't charity. It was enabled by the talent pipeline and reinforced by Lincoln's incentive system. Since 1934, the company has paid annual merit bonuses averaging 77% of base earnings. Employees who complete Lincoln's training programs stay because the deal works. National Association of Manufacturers President Jay Timmons observed: "From the management that has built state-of-the-art training facilities to the employees who have used that training to build a rewarding career, this is an example of a team that is more than the sum of its parts."

Lincoln grew from $3.76 billion in revenue in 2022 to a record $4.19 billion in 2023, maintaining its position as the world leader in arc welding products and robotic systems across 160+ countries. The company that started with a $200 investment in 1895 now dominates because it solved a problem in 1917 that most competitors didn't recognize until 2015.

The welder shortage still exists. Lincoln just doesn't have one.

Here are the takeaways you can apply…

160+ – Countries within Lincoln Electric’s sales and distribution network today. 

70+ – Years without ever doing a layoff

$347M – The amount returned to shareholders through dividends and share repurchases in 2023

150,000 – Number of people trained by Lincoln Electric’s welding school

$30 million – Investment in Lincoln Electric’s new Welding Technology & Training Center in Cleveland, opened in 2018 to provide state-of-the-art education for future welders.

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