FIN Survey: Pay Raise Rates Hold Steady

Jason Sandefur

More than 8 in 10 fastener firms who participated in the FIN Survey gave their employees a pay raise during 2005, a jump from the 73% who granted raises in 2004. The raise held steady at an average of 4.8%, which was significantly higher than predicted.
Only 8.5% of companies reported that wages remained unchanged.
Nearly 86% of manufacturers handed out raises in 2005 at an average rate of 4.2%, up from the 70% who granted raises in 2004. Slightly fewer distributors 80.4% – handed out wage hikes in 2005, but the average pay increase was 5.5%.
Nearly 70% of respondents plan on boosting pay in 2006 at an average of 4%. Nearly 29% remain undecided on granting pay hikes this year.
Just over 83% of manufacturers predict pay hikes in 2006 at an average rate of 3.8%. About 59% of distributors intend to raise wages in 2006, while more than 40% remain undecided. The average pay hike for distributors is predicted to be 4.2%.
\ �2006 FastenerNews.com