Manufacturing Landscape

The Manufacturing industry is beginning to rebound from the losses experienced during the 2007-2009 recession and is now mostly recovered. Potential for automation and technological innovation has proven to be vital to the recuperation of this industry. In recent years, the productivity rates of manufacturers have skyrocketed due to the increased use of machinery and improvements in technology.

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This was particularly noticeable from 2010 to 2011 when production went up 40 percent per hour. Outsourcing has been a major contributor to this increase, as many manufacturing companies are externally handling tasks such as manufacturing parts, maintenance, payroll services, and benefits management.

In addition, the industry is beginning to expand its reach in the global market. The vast amount of resources required for manufacturing processes, particularly those overseas, has fostered relationships between manufacturers and other companies, as well as alliances between manufacturers and their suppliers.

 

The development of international logistics' networks has allowed U.S. manufacturers to deliver products to many parts of the world. Previously, production facilities were located abroad for reasons such as labor costs and tax reduction. However, now companies are stationing business in other nations so that they can be in close proximity to raw materials and the markets they sell into. Generally speaking, the increase in foreign demand for U.S. goods has been the greatest contributor to the regained success of this industry.
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What we do

The volatility of the manufacturing industry over the past decade has created uncertainty for businesses about how to compensate their employees appropriately. The recent boost in production rates and the improvement of the economy in general have created many opportunities for growth. If you're an employer in the manufacturing sector, you may be wondering how to adjust the hourly rates and salaries of your employees in response to fluctuations in the market. Overall, average hourly earnings are increasing as are job opportunities. PayScale has salary data for plant managers, manufacturing engineers, production supervisors, quality assurance supervisors, and manufacturing workers among others. PayScale's robust data and software make it easy to compare employee wages and determine how your employees should be paid relative to the new developments in this industry and their impact on the market.

 

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