Industry Snapshot Summary
Data collection and reports are open and available in the newly formatted 2014 Compensation and Benefits Survey. Via dynamic benchmarking, you have an exciting new way to benchmark by bringing you the information needed, when it is needed the most.
This summary will give an overall industry view of the FIA Compensation and Benefits information that is presently submitted on the FIA Benchmarking platform. Benchmarking is a benefit available to forging companies as a part of FIA membership. FIA forging company members can access the platform from the FIA Benchmarking page linked HERE to complete participation, access instantaneous comparisons and run comprehensive reports tailored to your needs.
- The average plant has a 41 to 153 ratio of management employees to production employees.
- The average number of hourly employees (FTE) is 109, while the average number of management employees (FTE) is 30.
- The median number of employees per supervisor is 3.63.
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- Industry average total benefit costs per employee is $9,364, with healthcare costs being 62% of the total cost for the average plant.
- Benefits costs average 0.04% of reported forging sales.
- 71% of reporting plants offer the same healthcare benefits to all employees.
- All reporting plants provide employee and dependent healthcare.
- Retiree benefits:
- 8% of plants offering the same benefits for all employees also provide healthcare benefits for retirees.
- 33% of plants that offer different benefits to hourly employees provide retiree healthcare.
- 18% offering different benefits to management employees offer retiree healthcare.
- Industry hourly employees average turnover rate due to retirement is 1.09 (total retirees divided by total employees). Interesting note: according to U.S. Bureau of Labor statistics, that the age gap between manufacturing/non-farm workforces is widening. (log in to see Hourly Turnover & Absenteeism Reports & Charts)
- 401K Retirement benefits:
- Plants offering the same benefits to all employees: 84% provide a 401K with an employer match; with the match being an average of 4%.
- Plants offering different benefits: 70% provide 401K for hourly employees, with 50% of those being employer matched; 90% provide 401K for management employees, with 80% of those being employer matched.
Full forging industry benefits reports and customized filtering is available upon completion of 50% or more of your survey sections. Access the platform from the FIA Benchmarking page linked HERE.
Overall, the industry's average wages paid per hour worked (total wages/total hours worked) is $23.55.
The highest 50th percentile hourly rates for:
- Impression Die Forge Job Titles were reported for Die Maker; Hammer Operator; and Press Operator.
- Open Die Forge Job Titles were reported for Forging Press Operators; Hammersmiths; and Manipulator Operator.
- General Forge Job Titles were reported for Electricians; Equipment/Skilled Maintenance; and Toolmaker.
Management position information is available to participants with authorization only.
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