Money, politics and religion – these are topics one should never discuss in polite company. Today, we’re going to break the rules and tell you what your coworkers and managers are bringing home in salary each year.
According to Industry Week’s Annual Salary Survey, the starting salaries in manufacturing are well above $80,000, and almost 90% of respondents saw a salary increase in the past year. More experience garners more rewards, and those with 26 or more years of experience earn an average of $125,177 a year. In addition, less than 4% of people received a pay cut despite a struggling economy. Salaries aren’t the only source of income. In fact, 59% of people surveyed indicated that they received an additional bonus on top of their annual base salary. This bonus varied greatly, but the average was $25,000.
Experience and education bolster salaries.
The more responsibility a position requires, the higher it pays. Executive management positions in manufacturing pay, on average, $193,644 per year. The master’s degree programs available through Kettering University Online can help you advance in your career and obtain a higher salary. It will cost you $33,120 to earn your master's degree at Kettering University Online, but the ROI is worth it. To calculate your monetary return on investment for our program outcomes, use the average annual salaries below from Industry Week’s salary survey.
- Executive Management: $193,644
- VP, Operations: $159,971
- VP, Manufacturing/Production: $135,098
- R&D/Product Development Management: $137,040
- Director, Manufacturing/Production: $136,332
- VP, Director, Purchasing/Procurement/Sourcing: $124,135
- Plant/Facilities Management: $104,393
- Operations Management: $101,669
- Quality Management: $101,083
- IT/IS Management: $100,655
- Lean/Continuous Improvement Management: $99,962
- Financial Management/Controller: $98,418
- Engineering Management: $97,176
- Supply Chain/Logistics Management: $93,619
- Manufacturing/Production Management: $89,528
- Environmental/Health/Safety Management: $88,530
- Purchasing/Procurement/Sourcing Management: $86,352
How do you stack up to those interviewed in Industry Week’s Salary Survey? Is it time to ask your boss for a raise? Do you need a master’s degree to get to that next level? Let Kettering University Online bolster your credentials. Graduates of Kettering University enjoy a competitive tuition rate; they also see one of the biggest returns in the country on their college investment. In fact, Kettering University is ranked 10th in the nation for private universities with the greatest educational return on investment, according to a recent CNNMoney article.