Injection Molding Industry Salary
IMM’s Annual Salary Survey is complete and the data are in. The good news is that salaries are up over last year. The bad news is that they’re not up by much. Here’s what it all means.-Jeff Sloan
It’s a new year, and the time is right for a little self-reflection about your compensation for the job you love. The average salary in 2005 among injection molding professionals was $78,700; this is 2.74% more than the 2004 average of $76,600. It’s an increase, but a modest one, and statistically insignificant.
Of course, there’s more to compensation than what appears in your bank account every payday. There’s job satisfaction, benefits, responsibility, and title. You can peruse the data on these next few pages. But before you do, here are some nuggets we found that you might contemplate:
Those of you in corporate management and machine setup and maintenance are the most satisfied with your jobs and have, interestingly, been with your current employer the longest (17.6 and 17.2 years, respectively). These two job types also sit at opposite ends of the compensation spectrum: A GM/plant manager averages $104,500; machine setup/maintenance personnel average $47,500.
Machine setup/maintenance folks, on average, got the biggest raise by percentage at 11.3%. The overall average was 5.3%.
Moldmakers and mold designers continue, as they have in the past, to lag their colleagues in many of the important categories, including salary ($60,100), increase of last raise (3.6%), and job satisfaction (3.8 out of 5.0).
Insurance for moldmakers and mold designers is also wanting. While at least 93% of every other job type has health insurance, only 78% of moldmakers and mold designers do. This discrepancy is true down the line for dental, life, disability, and vision insurance.
Professionals in sales and marketing jobs are among the highest paid in this survey ($87,300), but are only moderately satisfied in their work (3.8 out of 5.0). They have also, on average, been at their employer the shortest time (8.6 years), although in the industry the third longest at 21.3 years.
During these days of the decline of the traditional pension, 48% of you have a 401(k) and the same percentage received a bonus. A quarter of you participate in profit sharing (up from 20% last year). Just 5% of you work on commission.
Oddly, the least satisfied job type is production/manufacturing/process engineering, registering a 3.4 on a 5-point scale. The cause here may be compensation, which averages $67,700, well below the survey average. Average tenure at the current employer for engineers is 11 years, and 17.4 in the industry.
Who’s making the most? It’s the male corporate manager or GM with an advanced degree, supervising others at a large organization and working more than 50 hours a week. So much for quality time with the family.
CLICK HERE TO DOWNLOAD A PDF OF THE SALARY SURVEY RESULTS.
How the survey was conducted
The survey sample of 1920 was randomly selected from IMM’s domestic circulation list and represented 24,619 total industry professionals. Data was collected via mail survey from Oct. 4-Nov. 17, 2005. A total of 597 usable responses were received, a 31% response rate. The data are based on 550 responses received from those who report they work full-time at a captive or custom molder, parts or product designer, or a moldmaker or mold designer. according to this trend to buy injection mold and molding parts from mold manufacturer china will be the best idea, contact our mold despartment to get price.