Press Release: 2020 Compensation and Benefits Survey Results
FOR IMMEDIATE RELEASE
2020 Compensation and Benefits Survey Results
NEWBURGH, NY January 6–The Council of Industry is pleased to provide some highlights of the results of its 2020 Compensation and Benefits Survey completed by 31 Hudson Valley manufacturing businesses. The survey was conducted with the support of Ethan Allen Personnel Group and Rose & Kiernan Insurance over parts of November and December 2020.
Size and Make-Up
55% of the firms had between 51 and 100 employees, 23% between 1010 and 250.
13% reported the majority of their employees were represented by a union, 87% were not.
Medical Benefits
100% of the respondents offered their employees medical insurance.
75% of the respondents paid more than 75% of the total premium. More than half the firms reported that premium being $1,100 or higher.
Retirement Plans
All but one firm offered a retirement plan with 401(k) plans being by far the most common.
Hiring Challenges
90% of the firms reported challenges hiring key positions.
Tool Makers, CNC Machinists, CNC Operators, Clean Room Technicians and Maintenance Mechanic the most frequently cited difficult to fill positions. Also mentioned are Electro- Mechanical Technicians, Engineers and Scientists.
Apprenticeships
32% of firms offered an apprentice training program.
61% of these programs were recognized by the Department of Labor
When asked what trade they were most interested in starting an apprenticeship for, Maintenance Mechanic was the trade most frequently mentioned (15 firms) followed by Industrial Manufacturing Technician (13 firms).
Compensation
Entry-level production workers can expect to earn $24,960 per year their first year in that role and those workers average 31,243 per year.
Maintenance Mechanics can expect to earn 46,957 per year to start, increasing to more than $65,242 per year.
Data was reported on 101 positions.
“The data in this survey reinforce what we know about careers in manufacturing. It confirms that these positions pay well and provide solid benefits,” said Harold King, Council of Industry President. “What it doesn’t necessarily show is how rewarding they can be. This year the pandemic helped us see how essential manufacturing is–from providing the food and technology we relied on during lockdowns to the personal protective equipment that kept us safe, to the laboratory equipment that helped produce the vaccines. People make those products, and they make them right here in the Hudson Valley.”
To view survey results infographic, click here.
If you are interested in a career in manufacturing visit www.HVMfgJobs.com
