State of the Thermal-Processing Industry
An In-Depth Look at Worker Salaries
When you hear the phrase “state of the industry,” you tend to think of how companies are doing in terms of sales, revenues, profits, etc. Really, it’s all about how the businesses that make up the thermal-processing industry are performing as a whole. But did you ever wonder how the individuals working within the industry are doing?
Industrial Heating, with the help of BNP Media Market Research, wanted to discover how thermal-processing employees fare when it comes to hours worked per week, salary, bonuses and job satisfaction. We also wanted to learn if these employees are satisfied with their jobs and what their biggest concerns are when it comes to working in this industry. To do so, an extensive survey was conducted amongst our qualified subscribers. The findings may surprise you … or they may reinforce what you already knew about the market.
The majority of survey respondents came from four industry segments: captive in-house heat treaters, thermal-processing equipment manufacturers, engineering firms and contract heat treaters. And 83% of those questioned reported their company’s 2014 revenue at more than $1 million. Our respondents, the average age of which was 53, work for companies of varying size. For example, 13% work for companies employing 21-50 workers, but 14% came from companies of more than 5,000 employees.
This survey wanted to capture more than just dollar figures. So, we asked about how many hours these workers put into their jobs. Nearly all respondents work at least 40 hours per week, with the average being 46 hours/week. However, 19% of those surveyed work more than 50 hours/week. Interestingly, 22% of respondents indicated that their hours had increased from the previous year – by an average of six hours.
But now back to the dollar figures. Would it surprise anyone to learn that the average salary of respondents was $92,776? Or that over 90% of respondents make at least $50,000? How about this – 36% of those that answered this survey make over $100,000/year, with 14% earning at least $130,000. Perhaps just as important, half of respondents reported a salary increase during 2014.
Now, the reasons for the increase in pay were varied, although a bonus/raise emerged as the most common factor. Other reasons cited for a salary boost were company success, improved economy and overtime. The 53% of respondents that received a bonus were paid an average of $9,892. This number was higher than the 2013 bonus received for 36% of respondents. Why the bonuses, and why the increase for so many? The clear-cut majority was company profit, which can be interpreted only one way – business was booming in 2014 for many industry businesses.
“Money can’t buy happiness.” There’s a cliché that we’ve all heard many times over. Which begs the question, are those working in this field satisfied with their job? The answer is an overwhelming “yes,” with 65% of respondents saying they are extremely satisfied and 31% saying they are moderately satisfied.
Well, there you have it. Industrial Heating attempted to find out more about the engineers, corporate managers and salespeople that work in the thermal-processing industry. We discovered that the vast majority of those surveyed are satisfied with their job and more than 90% are making at least $50,000/year. What does it all mean? Despite the size of your company, or the revenue generated by it, industry workers appear to be – at the very least – happy working in the thermal-processing industry. And that’s a good thing.