Survey: manufacturing compensation, bonuses Increase

The effects of the current economy on the automotive sector is reflected in declining bonuses among marketing executives, but manufacturing bonuses benefited from implementation of leaner, more efficient processes, according to 2002 Executive Compensation and Benefits Practices of Automotive and Heavy Duty Products Manufacturers, an annual compensation survey by the Motor & Equipment Manufacturers Association (MEMA). Bonuses among executives in marketing services composite dropped from $18,000 in 2000 to $16,000 in 2002, while manufacturing execs saw their bonuses increase from $14,000 in 2000 to $22,000 in 2002."Marketing lost bonuses due to lower sales," said Frank Hampshire, MEMA research director. "However, manufacturing was able to present cost savings due to leaner processes and better management."Total compensation for marketing executives increased from $73,000 in 2000 to $84,000 in 2002, while manufacturing execs saw their compensation increase from $76,000 in 2000 to $92,000 in 2002. The MEMA study defines total compensation as salary and bonus for those executives receiving bonuses or salary only for those not receiving bonuses.Founded in 1904, MEMA exclusively represents and serves manufacturers of motor vehicle components, tools and equipment, automotive chemicals and related products used in the production, repair and maintenance of all classes of motor vehicles. MEMA's three divisions serve the automotive supplier market segments: aftermarket -- Automotive Aftermarket Suppliers Association (AASA); heavy duty -- Heavy Duty Manufacturers Association (HDMA); and original equipment -- Original Equipment Suppliers Association (OESA).

TAGS: Fabrication
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