Annual AMBA Report Highlights Wages, Workforce and Trends

Photo Credit: AMBA

The American Mold Builders Association (AMBA) has announced the release of its “2023 Wage and Salary Report,” a leading compensation study in the U.S. mold building industry. Now in its 13th year, AMBA’s report contains comprehensive analyses on more than 50 job classifications from mold manufacturers who serve a variety of end-use markets. This year’s report also benchmarked information related to cost-of-living increases, vacation benefits, employee incentives, salary adjustment opportunities, hiring expectations, employee demographics and more.

Participants in this year’s study represented 92 U.S. mold builders, who reported wages for more than 4,171 full- and part-time employees. Respondents represented locations all over the country, but were primarily in the Midwest region. On average, wages received by all employees represented have risen 5.5%, mirroring increases seen in 2022. Although this percentage increase surpassed current inflation (4.5%), this wage increase is the lowest seen since 2019.

Despite steady wage increases, the need for employees continues to plague U.S. mold manufacturers. According to survey data from AMBA’s 2023 “2023 Wage and Salary Report,” more than three in four respondents have one or more positions available, particularly in technical roles. To mitigate this need, employers have turned to a variety of employee benefit strategies, financial and otherwise.

For example, in addition to majority of mold manufacturers offering merit-based performance pay to employees, a significant percentage also report offering employees cost-of-living adjustments, across-the-board increases, lump sum bonuses and even inflationary payouts. Complementing financial incentives, employers also are offering other employee incentivization opportunities including employee development, leadership opportunities, flexible schedules and more.

To purchase the 2023 report, which enables mold building executives the ability to benchmark beginning and average wages for individual positions specific to the mold building industry, as well as gross margins, cost-of-living adjustments, vacation benefits, 5-year wage trends and more, visit the AMBA’s publications page.

Also available to AMBA members for purchase is the “2023 Shop Rate Report,” which details charge rates specific to services supplied by U.S. mold manufacturers in engineering, moldmaking and specialty services.