Die Casting Industry Productivity Rises in 2010
Wheeling IL – February 14, 2011 – The results of the 2010 Wage & Benefit Survey have been published. This survey is available for immediate download!
The 2010 NADCA Annual Wage and Fringe Benefit Survey is specifically designed for the die casting industry. This survey represents 52 companies in the die casting industry nationwide with detailed summaries for direct labor employees. In addition, the survey includes: wage rates for 13 key direct labor employees, analysis of insurance coverage, determining compensation standards and selecting fringe benefit plans and insurance.
This data reflects a sampling of the information that can be found in the 2010 Wage and Fringe Benefit survey:
This year, the typical participating company had annual sales of $30 million per year; utilized 21 die casting machines, employed 155 full-time direct labor employees. Ten (9%) were union shops. Eighteen percent of the total production employees reported were temporary. Almost 77% of the survey participants’ total employees were hourly production employees.
Less than half the companies (33%) reported a general wage adjustment in the last 12 months but a larger percentage (42%) plan to make a general wage adjustment in the next 12 months. The median value of adjustment in the last 12 months was .5% more than the amount in 2009.
The number of companies providing pension/retirement plans increased to 31% overall, and the percent providing insurance for retirees was 12%. While most unions do not provide these benefits directly, union shops tend to have a much higher participation for these types of programs compared to non-union shops.
Wage and fringe benefit programs must be competitive in the current workforce in order to recruit and retain a top-notch staff in today’s highly competitive job market. Purchase NADCA’s 2010 Annual Wage and Fringe Benefit Survey at www.diecasting.org/publications ,item #852.