Getting What you can out of it
Manufacturing is a major industry, and many companies in this industry are thriving in the current environment. In major manufacturing companies, many of the employees as well as the executives are handsomely compensated. Some of these are employees who attended a manufacturing technical school receive a competitive salary, and others who have an executive level position receive great benefits like stock options, life insurance, health insurance and more. Because of how well-compensated some of these employees are, it begs the question of if they are worth their weight.
Employees on the Lower End of the Scale
The wages for workers in factories, such as line assembly workers and manufacturing assembly professionals earn on average approximately $32,000 per year. There is considerable variation based on cost of living and the specific sector of the industry. For example, the Bureau of Labor and Statistics states that the average wage for workers in the manufacturing business industry in a non-managerial position is between $16.95 and just less than $28 per hour. These may be professionals who have learned skills at a manufacturing technical school.
On the Higher End of the Spectrum
While those who have attended a manufacturing technical school and who have learned skills for their trade may earn a comfortable living to support themselves and even a family, those who are in an executive position in the manufacturing business may earn substantially more. In fact, some manufacturing business executives earn between $23 million and $26 million. This may include a lucrative annual salary as well as stocks, options and other forms of compensation.
Is Their Compensation Excessive?
These may be highly educated individuals who have attended some of the most prestigious business colleges and universities in the country. Their success in their position may drive the success of the company as a whole, and some state that their ability to perform well in their position essentially affects the company, its employees and its stockholders. Clearly, there is considerable pressure on these individuals. More than that, these individuals often work in their position for a short period of time, and there are limited job opportunities available for them. The average top-level executive remains in his or her position for less than five years. Therefore, the compensation must be attractive for them to opt for these top-level positions over those that are slightly below their education and experience level. However, even at a time when the industry as a whole shed more then 17 percent of its workers, which occurred in the economic downturn between 2007 and 2009, the compensation level of CEOS in this industry was relatively unaffected.
While some state that executives in the manufacturing industry are over-compensated, others state that their compensation level is adequate based on the risks and pressures of the position. While those who attend manufacturing technical school receive a decent living wage, those who have a manufacturing business degree that qualifies them for an executive level position earn a wage that entitles many to live a far more luxurious lifestyle.