John Wolz

While 77.9% of fastener companies who participated in the FIN Survey gave pay raises in 2007, the average raise dropped to 3.2% from 4.6% in 2006 and 4.8% in 2005. Wages peaked in 1998 when the average pay raise climbed to 5.6%.
Last year the number of companies holding the line on employee compensation nearly doubled to 9.7%, compared with 4.9% who reported flat wages in 2006.
Roughly 80% of manufacturers granted raises in 2007 at an average rate of 3.1%, down from the 4.6% rate average in 2006. The number of distributors increasing wages rose to 82.6%, while the average rate slipped a second year to 3.4% in 2007 from 4.6% the previous year and 5.5% in 2005. About eight in 10 importers gave pay raises in 2007 at an average increase of 3%.
For the second straight year, just over 60% of respondents plan to boost pay in 2008 at an average rate of 3.2%, leaving 31% undecided on pay hikes in 2008 as the year begins.
In 2008, 70% of manufacturers expect to increase wages at an average rate of 3.1%. A rising 67.4% of distributors intend to grant raises in 2008 at an average rate of 3.3%, while 13% hope to hold the line on compensation. A 53.8% majority of importers remain undecided on pay hikes during the coming year, while the remaining 46.2% plan to boost wages 2.5%. \ �2008 FastenerNews.com