Salaries continue to rise in the plastics industry, but more than half of the raises are not keeping up with inflation.
Only 43 percent of the wages analyzed by the Manufacturers Association for Plastics Processors increased by more than the current U.S. inflation rate of 5.4 percent, a new study sponsored by MBS Advisors shows.
The overall average salary increase covered in the report is 5.2 percent, slightly below inflation, according to MAPP's 2021 Wage and Salary Report.
"This is unsurprising, as the rate of inflation has more than tripled since January 2021 and is the highest it has been since 2008," the report states.
A total of 86 percent of all positions covered in the report are seeing higher wages, led by a 19.5 percent hike for human resources directors and managers, a 14.3 percent jump for purchasing directors and managers and a 13.9 percent jump for operations or assembly associates.
Chief inspectors, meanwhile, saw an increase of 13.4 percent and even temporary workers had salaries increase by 12.9 percent.
"The drastic growth in these salaries could be attributed to the difference in participation between the 2020 and 2021 reports," the new report states.
This year's report features greater participation by companies with more than $50 million in annual sales compared with last year as well as less participation by companies making less than $5 million per year.
While many positions saw dramatic increases in salaries, there are others that did not fare as well.