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Commodity Coverage – Labor

Drive strategic decisions with a full understanding of wage and productivity differentials.

Do your strategic manufacturing or sourcing plans factor in labor market conditions such as wage rates, labor supply and productivity?

Rely on Pricing & Purchasing from IHS Markit for accurate wage forecasts across more than 50 countries. For over 40 years, our team has assisted the purchasing community with critical data, expert insight and proven forecasting models on the world’s labor markets and the key factors that drive them. Leverage long-term forecasts for manufacturing wages, construction and mining wages, industry-specific wage rates, skilled versus unskilled occupations, productivity, exchange rates and more.

Strategic planners, procurement officers and cost estimators leverage this service to:

  • Access more accurate compensation estimates than broad inflation rates or historical trends
  • Determine future labor market conditions by country
  • Benchmark labor costs by industry and occupation
  • Make strategic sourcing decisions
  • Control costs and maintain an adequate labor supply over the life of a project or operations
  • Anticipate wage trends and their key drivers


Senior Economist Emily Crowley discusses labor challenges in the oil and gas sector

Customer Testimonials

Because of your support, we were able to calculate price adjustments on the multiyear contracts that were significantly less than those based on the improperly inflated aircraft manufacturing index and we were able to avoid a cost of $520.6 million for DoD and taxpayers.

Learn more about our client’s success

What's Included

Industry Analysis

Understand costs and empower negotiations with:

  • Weekly Pricing Pulse – An overview of historic price movements for 12 key industrial materials indexes
  • Examination of global wage trends with particular focus on US, Canada, Europe and Asia
  • Explanation of benefits, productivity and impact on overall compensation
  • Detailed compensation tables: 10-year forecasts for manufacturing and construction wages
IHS Markit Connect®

Discover the power of CONNECT:

  • Customize the landing page to display relevant market reports, saved items, and the most recent industry analysis
  • Easily navigate market reports, industry analysis, and publications to find the insights you need quickly
  • Leverage Cost Analyzer to search, select, and manipulate data across forecast and historical price series, production cost models, and alloy cost models
  • Review the latest prices in our Material Price Table
  • Access in one click your saved workbooks, dashboards, and charts
  • Enhance analysis through improved search, dynamic charting, easily accessible data
Forecast Horizon & Updates

Horizon: quarterly and annual 10-year outlook for labor costs, including total labor rates, manufacturing wages, construction wages, skilled vs. unskilled occupations and more
Updates: quarterly or semi-annually

Country Coverage

Labor Category Coverage

Experts

Emily Crowley

Principal Economist – Pricing and Purchasing, IHS Markit

Dasha Lukiniha

Economist – Consulting, IHS Markit

Industry Success Stories

Monsanto’s Procurement Team Saves $680 Million in Costs and Mitigates Supply Risks to Maximize Value to Farmers

When a global agriculture company standardized on one source of market intelligence for purchasing, it surpassed a goal of $500 million in savings by almost 35%. Savings included $9 million from a supplier that was 50% less expensive and $11 million from integrating logistics with procurement, as well as gains from a hedging strategy to manage fluctuating prices.

Learn more about our client's successes

Cargill Strategic Sourcing Delivers on Customer Value with Actionable Market Intelligence

One of the world’s largest privately owned food/agribusiness companies delivered millions of dollars in value over 4 years through enhanced global sourcing. Its strategic sourcing team used market intelligence to manage price volatility for both the company and its suppliers so they can deliver greater value to customers.

Learn more about our client's successes

Cardinal Health Strengthens Commodity Price Forecasting to Reduce Operating Risks, Increase Cost-Effectiveness

A top manufacturer of medical supplies reduced commodity costs by millions of dollars within 18-20 months and enabled its team to negotiate better rates – e.g., pushing back on 6 commodity cost increases in 8 months due to more accurate pricing data. Enabling tighter forecasts and improving workflows helps the company serve consumers more effectively.

Learn more about our client's successes

Resources

Commodity Coverage Map

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