2020/2021 Mold Building Wage and Salary Report Indicates Positive Trends
Compensation study on the U.S. mold building industry reports 70% of 2020 job functions experienced wage increases, and a 3% jump in employee hires.
Photo Credit: AMBA
On Nov. 24, the American Mold Builders Association (AMBA, Indianapolis, Ind., U.S.) announced the release of its annual AMBA Wage and Salary Report. The report is the largest compensation study focused on the U.S. mold building industry. Now in its tenth year, this report contains comprehensive analyses on more than 50 job classifications from mold manufacturing-related firms. These manufacturers serve a variety of end-use markets.
According to AMBA, the 2020-2021 report allows mold building executives the ability to benchmark beginning and average wages for individual positions specific to the mold building industry by both company size, as well as U.S. region. The report also includes a host of operational policies and trends, and key demographics that represent the mold manufacturing industry.
Participants in this year’s study included more than 95 U.S. 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 7% increase in wage and salary was indicated. The positions reporting the most significant rises in compensation include inspectors, purchasing agents/buyers, press operators and quality managers. AMBA acknowledges that this data is promising as 2021 approaches; however, given that 17% of survey respondents indicated that they are currently on a salary freeze due to 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), while just over 10% indicated no intent to hire. The age of workers inside mold building facilities also continues to increase. In 2006% of employees were under 50. Today, only 57% of workers are under 50 — a new industry low since the commencement of this survey. This data highlights the acute need to continue efforts to attract younger generations in the workforce.
For more information on the current mold building industry wage and benefits data, including purchasing the full report, visit AMBA.org.