As the economy begins to regain its footing, pay increase budgets increased only slightly for manufacturers and distributors. The newly released 2012 Compensation Data Manufacturing & Distribution survey results indicate pay increase budgets rose to 2.8 percent, in line with the expected increase for this year. An increase to 2.9 percent is expected in 2013.
“There appears to be a level of cautious optimism within the industry in regard to the economy,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefit survey data provider. “Employers are taking a conservative approach, and we’ll likely see these gradual increases continue over the next few years.”
Pay increase budgets vary slightly by industry, as electrical and electronic manufacturers reported the highest pay increase budgets at 3 percent. Non-durable wholesale trade distributors reported a 2.4 percent increase. All industries expected an increase in 2013 with transportation equipment manufacturers projecting 3.1 percent.
According to the results, pay increase budgets vary by state as well. Across the country, pay increase budgets range from 2.6 percent to 3.2 percent. Most areas expect a boost next year but some states project budgets will stay the same.
About the Survey
Compensation Data 2012 Manufacturing & Distribution contains data on 100 industry specific job titles and 400 benchmark job titles ranging from entry-level to top executives. Data was collected from nearly 28,000 manufacturers and distributors with a combined 23 million employees, making it the largest database in the country for its industry. More than 26,000 companies in other industries provided data on benchmark titles. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of February 1, 2012.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Michelle Willis at (800) 300-9570.