by Ashley Turrell, industry benchmarking manager
American Mold Builders Association
Moldmakers are increasingly spending more on labor, according to the most recent Wage and Benefits Report published by the American Mold Builders Association (AMBA). AMBA’s 2017 Wage and Benefits Report represents the largest compensation study focused on the United States moldmaking industry. Now in its seventh year, AMBA’s Wage and Benefits Report contains comprehensive analyses on 50 job classifications from mold manufacturing-related firms. These manufacturers serve a variety of end-use markets.
The 2017 Wage and Benefits Report includes inputs from more than 100 different mold building operations located across 26 states. Over half, 61 percent, of the survey respondents were from companies with sales revenue of less than $5.0M, while companies with sales levels ranging from $5.0M to $10.0M composed 19 percent of the population, and companies in excess of $10.0M represented 21 percent. The job classifications detailed within this report represent 4,350 US hourly and salaried employees in the moldmaking industry.
According to the study data, the average cost of running a staff level team today is just shy of $710,000 annually. This represents a 9.4 percent increase in salaries since 2011. A staff level team consists of a general manager, engineering manager, human resources manager, information systems manager, plant manager, purchasing manager, quality manager and a sales manager.
The employment forecast for 2017 appears positive, as 65 percent of respondents indicated intent to hire new employees over the next 12 months. Only six percent of moldmakers identified no plans for hiring new employees in 2017.
The continued need to find skilled people to fill technical positions outweighs the need to fill administrative and leadership positions. Of moldmakers indicating plans to hire new employees, 85 percent of the jobs to be filled are technical positions. Administrative positions and leadership positions each make up 7.5 percent of jobs needing to be filled this year.
For the first time in this survey’s history, a slight growth is shown in workers under the age of 50 in US mold shops. This year’s study revealed a two percent uptick in the number of workers between the ages of 18 and 50. While the majority, 82 percent, of workers are over the age of 30, initiatives to attract youth into the moldmaking sector may be gaining traction going into 2017.
This year’s study also analyzed benefits offered by moldmakers. Ninety-six percent of mold manufacturing companies now offer health insurance to employees, up from 94 percent in 2015 and 74 percent in 2014.
Not surprisingly, the percentage of full-time employees participating in company health insurance also has increased significantly. According to this year’s study, 95 percent of all full-time employees are participating in health insurance programs offered by their employers, a 13 percent jump from the previous year.
To receive more information or to purchase this report, visit www.amba.org.
