More than half of manufacturing CEOs plan to either maintain or increase pay raises in 2024, according to data from CEO coaching and peer advisory organization Vistage.

In 2024, nearly 300 CEOs at small- to mid-size manufacturing companies reported:

• 62% plan to either maintain or increase pay raises in 2024 (compared to 73% nationally).
• 33% will give smaller pay raises than they did in 2023.
• 4% don’t plan to give raises at all this year.

As quit rates continue to slow, the hiring landscape has improved, with 40% of manufacturing CEOs reporting it was easier to hire than at the start of last year, 49% reporting no change, and 11% reported it is more difficult

The report also revealed:

• 48% of manufacturing CEOs plan to increase hiring in the year ahead (compared to 56% nationally).
• 10% report plans to decrease their workforce in the next 12 months.

In 2024, 18% of manufacturing CEOs expect the economy to improve.

• 45% anticipate higher profits in the year ahead (compared to 47% nationally).
• 52% plan to increase prices for their product or service in the next year (compared to 54% nationally)