The American Mold Builders Association (AMBA) released its annual Wage and Salary Report last week, indicating an overall positive trend in wages and employment. AMBA’s report represents the largest compensation study focused on the US mold-building industry.
Now in its 10th year, the report contains comprehensive analyses on more than 50 job classifications from mold manufacturing–related firms. These manufacturers serve a variety of end-use markets.
Participants in this year’s study included more than 95 US mold builders who reported wage and salary information on employees in current positions. When compared to 2019, more than 70% of job functions experienced a wage increase in 2020. Across all 50 job functions analyzed in this year’s study, a seven percent increase in wages and salary is seen. The positions reporting the most significant rises in compensation include inspectors, purchasing agents/buyers, press operators, and quality managers. This data is promising as 2021 approaches; however, given that 17% of survey respondents indicated that they are currently on a salary freeze because of the current economic environment, this trend may falter in the coming months.
Overall outlook for employment also shows a positive trend. Sixty-seven percent of executives responded that their company was planning to hire new employees during 2020, a 3% increase over last year. Just over 10% indicated no intent to hire.
The age of workers inside mold-building facilities also continues to increase. In 2006, 70% of employees were under 50. Today, only 57% of workers are under 50, a new industry low since AMBA has been conducting the survey. The data highlight the acute need to continue efforts to attract younger generations to the workforce.
The full report can be purchased at the AMBA website.