New Manufacturing Compensation Report Released

SME, in partnership with Arconic Foundation and the SME Education Foundation, recently released the 2018 Manufacturing Compensation Report. The report, released to coincide with the observance of Manufacturing Day, offers a comprehensive look at salaries, bonuses and other compensation for both hourly and salaried manufacturing employees.

Manufacturing is still riding a resurgent wave, with strong demand for top performers and potentially millions of jobs to fill in the next decade. Manufacturers interested in gaining a competitive edge are building compensation packages that attract and retain the very best.

SME surveyed nearly 700 manufacturing workers — both hourly and salary employees — taking a comprehensive look at salaries, bonuses and other compensation across multiple sectors, gender, education and regions. The report also looks at job satisfaction and upcoming hiring plans.

Among the findings:
  • HOURLY COMPENSATION: Averaged more than $64,000 per year (base pay, bonus/commission and dividends/stock options/profit sharing).
  • SALARIED COMPENSATION: Averaged nearly $112,000 per year.
  • EMPLOYEE RAISES: 68 percent of hourly workers and 73 percent of salary workers reported a wage increase in the last year.
  • JOB SATISFACTION: 67 percent are satisfied or very satisfied with their current employment.
  • STRONG HIRING: Nearly three-quarters of respondents report that their company is likely or very likely to hire additional employees.
The report also points out that a competitive starting pay wage can help attract more women to manufacturing, helping to address the overall manufacturing skills gap; currently, women in manufacturing are paid 12 percent less than men. Across all sectors of the country’s economy, according to one organizational consulting firm, women are paid 17.6 percent less than men.

Click the button below to download your copy of the report.

Posted by Dianna Helka on Oct 10, 2018 9:49 AM America/New_York