Rise reported in foundry salaries.
In last month's issue, modern casting reported that as of January 1, 1995, foundry workers saw their wages increase 2.4% over the previous year to an average hourly wage of $11.01.
Meanwhile, base salaries for U.S. foundry employees - according to 185 respondents out of more than 500 AFS Corporate Members surveyed - increased by 2.2% [TABULAR DATA OMITTED] from 1993 to 1994. The percentage of annual total compensation (including bonuses and overtime) increased 7.3%.
The AFS 1995 Confidential Salary Survey (based on 1994 salaries) was conducted by Bansley and Kiener, L.L.P., a Chicago-based certified public accounting firm. Participating foundries respond confidentially to Bansley and Kiener, which in turn prepares the report for AFS.
The 2.2% increase in '94 base salaries followed a 1.6% increase in '93, a 5.8% increase in '92 and a 3.8% increase in '91. Meanwhile the 7.3% increase in annual total compensation was the largest increase in years, following a 3.5% increase in '93, a 6.4% increase in '92 and a 2.2% increase in '91.
In terms of base salary percentage increases for foundries, whose sizes range from a handful of employees to the largest companies, the top gainers in '94 (excluding the chairman and president) were chief industrial engineer (12.3%), production manager (10.5%) and top marketing executive (8.6%).
While not easily explained, there seems to be a general trend revealed-both in total figures and certain individual job classifications - of higher salary pay in foundries in the $3-6 million range than in the $610 million range.
While location is a big factor in wages, it doesn't apply as much to foundry salaries. "With hourly positions, the foundry's competition is usually the manufacturer down the street," said Charles Ulbert, AFS vice president-human resources. "With production and technical managers or metallurgists, for example, he/she may decide to move out of state for a higher-paying job. Therefore, there's more national competitiveness on the salary level."
Regardless, average salaries were highest in the Great Lakes states, followed by Western states, Southeastern states and the Northeastern states.
In Ulbert's opinion, the largest factor affecting salaries is the level of annual casting sales. "Bigger companies normally pay more," he said.
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|Date:||Oct 1, 1995|
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