Salary Budgets Rise Sharply in 2022 Says New IPC Wage Rate and Salary Study
BANNOCKBURN, Ill., USA— A sharp increase in salary budgets and use of flexible hours programs for North American electronics assembly companies are among the findings of a new study published by IPC this week, the 2022 Wage Rate & Salary Study for the North American Electronics Assembly Industry.
Responding companies reported annual average percent change in salary budgets in 2021 was three percent; for 2022, firms projected a 10 percent increase. Comparatively, salary budgets grew an average of 8.6 percent in 2019.
The report presents averages, average ranges and percentile data on 2021 hourly wages, annual salaries and sales compensation. Data on 39 positions covers base salaries, commissions and bonuses, as well as compensation of independent manufacturers’ representatives.
Data on current HR policies cover hiring, overtime pay, performance appraisal, shifts, paid leave, telecommuting options, and other topics. Coverage of employee benefits includes defined contribution plans, profit-sharing, stock ownership, health insurance plans, life insurance, coverage of dependents, and tuition assistance.
Electronics assembly companies in North America can use the data in the report to gauge the competitiveness of their compensation, benefits and policies in order to compete for the best talent in the industry.