Pay Raises Prevalent in 2004

John Wolz

Nearly three out of four companies granted pay increases in 2004, at an average of 4.8%. That figure is much higher than the 58.3% of fastener companies who gave raises in 2003. The amount of increase was nearly 20% more than projected at the beginning of 2004, edging up close to pay raise levels of the 1990s.

Only 15.3% of companies kept salaries unchanged in 2004.

In 2005 more than 59% of fastener companies plan to increase employee pay, with less than 10% committed to holding the line on wage gains.

About 70% of manufacturers granted an average 5% increase in wages during 2004, compared with an average 4.2% pay jump by about 75% of distributors.

In 2005 half of all manufacturers plan to give an average wage increase of 3.7%, while 40% remain unsure about raises. A 67% majority of distributors predict pay raises in 2005 at an average of 3.7%. \ �2005 FastenerNews.com