The pace of job growth in the fastener industry slowed in 2015, according to the End of 2015 FIN Survey.
About 51% of fastener companies expanded their workforce last year, down from 61% of fastener companies that added jobs in 2014. Just under 20% reported job growth under 5% in 2015, while 32% of companies reported workforce growth of 5% or greater.
About 38% of FIN Survey respondents kept their hiring levels unchanged in 2015.
Just under one in 10 survey participants (9%) cut jobs last year, up from the 6% of FIN Survey respondents who reported job cuts in 2014.
Nearly eight in 10 fastener companies (78%) do not predict expanding their workforce in 2016, while 16% anticipate adding jobs.
Wage increases continued in 2015, with 68% of survey respondents reporting pay raises, down from the 83% who granted raises the previous year. The majority of wage gains (68%) were in the 1% to 4% range for 2015.
About 64% of FIN Survey respondents predict pay hikes in 2016.
FIN Subscribers can read more End of 2015 FIN Survey results by clicking here.
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