Salary Survey: COVID-19 report: Industry Trends & Analysis

Although the pandemic continues to cloud the worldwide economic future, results from Cutting Tool Engineering’s 2020 Benefits and Salary Survey reveal a silver lining for manufacturers: Nearly 80% of respondents said their companies were considered essential businesses and remained open during lockdowns in spring.

Of the 277 respondents who completed the COVID-19 addendum to CTE’s biennial salary survey, 219 said their companies remained open for business. Among the companies that remained open, 68% were fully open while the rest were open on a limited basis.

Asked how current production compared with the workload prior to the pandemic, almost half reported a 40% to 80% drop while a fifth said business was down 20%. A quarter of respondents said business was about the same.

If your company remains open, indicate how your current production compares with your workload prior to the COVID-19 pandemic?

Unfortunately, 46% of respondents said the pandemic had triggered layoffs or furloughs at their companies.

Beyond the overall results, analyzing the data according to certain demographics reveals a tougher time for tool, mold and die shops, as well as for businesses with fewer than 20 employees or for those located in the West.

Broken out by company size, company type and region, the following results highlight the most significant differences from CTE’s nationwide data.