AMBA Releases 2022 Wage and Salary Report for Mold Manufacturers
Annual compensation study now available for purchase contains comprehensive analyses on more than 50 job classifications from a variety of mold builders, as well as benchmarks.
The American Mold Builders Association (AMBA) has announced the release of its “2022 AMBA Wage and Salary Report.” This annual report is reported to be the leading compensation study in the U.S. mold building industry. Now in its 12th year, AMBA’s “Wage and Salary Report” contains comprehensive analyses on more than 50 job classifications from mold manufacturers who serve a variety of end-use markets. This year’s report also benchmarked information related to cost-of-living increases, vacation benefits, employee incentives, salary adjustment opportunities, hiring expectations, employee demographics and more.
Participants in this year’s study represented 107 U.S. mold builders, who reported wages for more than 4,300 full- and part-time employees. On average, wages received by these employees have risen 5.7%, two percentage points below the current inflation rate in the U.S. of 7.7%. Despite facing the highest inflation rate since the 1980s, rising wages in mold manufacturing are nowhere near their previous peak of 8% (last seen in 2018).
While hiring challenges persisted in this year’s report, the average number of current employees per facility has risen for the first time in over three years, according to the report. Additionally, aggregate data indicated a positive upward trend in employees aged 18-50 — a welcome relief to an industry contending with an ever-aging workforce.
When asked to describe additional employee benefits, nearly every mold manufacturer indicated the provision of merit increases to their employees, as well as the offering of myriad other salary incentives and adjustments. Examples included past and planned cost-of-living adjustments, signing bonus offerings, vacation policies, employee development opportunities and more.
The 2022 report enables mold building executives the ability to benchmark beginning and average wages for individual positions specific to the mold building industry. For wage data analysis by job function, detailed benefits and vacation policies and other demographic trends, visit the AMBA Publications page to purchase the full report. Also available to AMBA members for purchase is the “2022 Shop Rate Report,” which details charge rates specific to services supplied by U.S. mold manufacturers in engineering, moldmaking and specialty services.
Additionally, to participate in AMBA’s Business Forecast Survey, which is now open, visit AMBA.org/Events. Participating AMBA members receive the reports at no cost; participating non-members can purchase the report at a reduced rate.
