How much is the salary

Research to Determine Your Salary Value

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Unless you’re a philanthropist who doesn’t have to work for a living, chances are your number one reason for working is to make money. Your salary, including bonuses and commissions, are what make you show up for work every day and it’s important to know how much you’re worth. It’s important to know how much you’re worth and how your salary compares with those in your area and even in other parts of the country.

Negotiating a Salary Offer or a Raise

When you’re job hunting, the tricky part is knowing if that great sounding job a hiring manager just offered you include the appropriate salary for your position and geographic area. This is important for your job satisfaction – you don’t want to make less money than you should, for no good reason. But even if you’re not job hunting, you should be knowledgeable about your current salary and whether or not it compares favorably to the market rate or not.

To successfully negotiate a salary offer from a hiring manager, or get that raise you deserve, you will need to do your homework. It may be time-consuming, but if you do some research you’ll equip yourself with the information you’ll need to successfully negotiate the salary you want or get the raise you deserve.

Do Your Homework

In advance of starting your job search, take the time to research salaries and average raises for the career field you’ve chosen as well as appropriate salaries where you live or where you intend to move to. For example, you can’t just research salaries for say, a digital and social media publicist and only look at salaries in New York state. If you live in New York City, the salary will be much higher than if you lived in upstate New York, in a rural area like Rochester.

It’s important to spend some time doing this research because you need to be prepared when a prospective employer asks you about your salary expectations or makes you an offer. You could easily miss out on a job offer if you ask for too much or end up being underpaid if you ask for too little. Even if you are contentedly employed, it makes sense to know what you should (or could) be earning.

Review Salary Surveys

Start your one-person salary research project by reviewing salary survey information. The Bureau of Labor Statistics (BLS) is an excellent place to start. The Occupational Outlook Handbook includes national and state wage projections as well as data for seven major occupational divisions. The divisions literally include hundreds of occupations. In addition, you can also find a list of the fastest-growing occupations and another list of the occupations that are expected to have the newest jobs.

You can also use salary surveys and calculators which delineate salaries by industry and job function. Be sure to be thorough and review several surveys in order to get an overall perspective of salary ranges in the career field you’re interested in. You can use the sites to get an idea if your current salary is good or to evaluate a new job offer.

Or maybe you’re just thinking about changing jobs or you’re a college student and haven’t started your career yet. In that case, you can research various jobs you may be interested in applying for or that are a good match for your college degree.

What is a salary? Definition and meaning

A salary is the regular payment by an employer to an employee for employment that is expressed either monthly or annually, but is paid most commonly on a monthly basis, especially to white collar workers, managers, directors and professionals.

A salary employee or salaried employee is paid a fixed amount of money each month. Their earnings are typically supplemented with paid vacations and public holidays, healthcare insurance in country’s without universal coverage, and other benefits.

Salaries are usually determined by comparing what other people in similar positions are paid in the same region and industry. Most large employers have levels of pay rates and salary ranges which are linked to hierarchy and time served.

In most countries, salaries are also affected by supply and demand – how many job vacancies there are for a specific position in relation to the number of people that exist in the area who could fill that post.

“A fixed compensation periodically paid to a person for regular work or services.”

What determines salary rates?

Apart from supply and demand (market forces), salaries are also determined by tradition and legislation. In the United States, for example, pay levels are influenced mainly by market forces, while in Japan seniority, social structure and tradition play a greater role.

Even in nations were market forces play a dominant role, studies have shown there are still differences in how monetary compensation is arranged for work done based on gender or race – men tend to earn more than women and white employees’ average incomes are overall higher than those of other ethnic groups.

In 2007, the US Bureau of Labor Statistics reported that women of all races earned 80% of the median wage of their male counterparts. Although the gender gap has closed slightly since then, total equality will probably not be reached for at least another five decades, experts believe.

Difference between salary and wage

The terms salary and wages are commonly interchangeable, and in many contexts their meanings are the same – but not always.

A salary does not change on a weekly or monthly basis. Salaries are calculated annually, divided by twelve and paid out each month. In some countries people are paid double in December, in such cases their annual salary is divided by thirteen, with two months’ pay included in their December’s paycheck.

Wages, on the other hand, are calculated on the number of hours worked that week, fortnight or month. Employers pay wages either weekly, fortnightly or monthly, and are linked to how many hours the employee worked. This is not the case with salaries – a salaried employee’s monthly income is always the same.

Managers, for example, are always paid a salary – never wages. Their monthly pay check does not change if they do overtime. Production-line employees and other blue-collar workers are usually paid overtime – their ‘wage’ varies according to how many hours they put in that week or month.

Salary employees do not need to keep track of their hours in the way hourly workers do – there is no need for them to sign a time sheet.

Workers on wages are typically paid time-and-one-half for every hour of overtime work. At weekends and public holidays some employers may even pay double time. I remember when I was a student I once worked at a gas (UK: petrol) station on Christmas Day and was paid quadruple time.

‘Sal’ in Latin means ‘Salt’, and ‘Salarium’ was a ‘salt payment’. That was how Roman soldiers got paid and how many Romans traded. Salt has been used across the world for thousands of years as a type of currency to buy things and pay for services.

Pros and cons of a salary vs. wage

Perhaps the main disadvantage of being paid a salary is that in most cases you are not able to earn overtime. This means that you often have to work extra hours for no extra pay.

In the United States, some lower-salary positions are still eligible for overtime rates, based on federal and state laws. In the UK, whether salaried personnel are paid for overtime for extra work done depends on their employment contract and any agreements the employer might have with a trade union.

It is generally harder for salaried personnel to separate home from work life than for workers on wages. Hourly employees typically find it easier to switch off completely from work-mode as soon as their working day or shift ends.

Sir Alfred Hitchcock (1899-1980), a British film director and producer, known by many as ‘The Master of Suspense,’ once said: “When an actor comes to me and wants to discuss his character, I say, ‘It’s in the script.’ If he says, ‘But what’s my motivation?,’ I say, ‘Your salary.’” (Image: Wikipedia)

The main advantage of receiving a salary is being able to plan ahead. You know exactly how much each paycheck will be for – your medium-term future is predictable. This makes it easier to decide how much you should borrow, what type of vacation you can afford for next year, what type of car to buy and when and how to purchase it, etc.

Salary employees are more likely to receive benefits, which will include paid vacations, and possibly a non-contributory pension scheme, health insurance, a company car, etc.

Which system is best for me?

In some cases you will have no choice. If you have just qualified as an accountant, all positions offered to you will be salaried.

For those who may be exposed to either a salary or wage lifestyle, which one to choose depends on what type of person you are. If you value the predictability and security of a regular paycheck, you should go for a salary position.

Steve Wozniak, an American inventor, programmer and electronics engineer, who co-founded Apple Inc., once said: “I just believe that the way that young people’s minds develop is fascinating. If you are doing something for a grade or salary or a reward, it doesn’t have as much meaning as creating something for yourself and your own life.” (Image: twitter.com/stevewoz)

If you want more extensive benefits and perks, you would be happier as a salaried employee.

However, if maintaining a clear separation between work and home life is a top priority, and you dislike the idea of having to work overtime with no extra pay, you would probably prefer an hourly position, i.e. one where you are paid a wage.

‘Compensation’ has a similar meaning to salary when talking about the monthly incomes of employees. However, compensation includes salaries/wages plus other allowances and possible perks such as subsidized meals, commuting costs, housing, company car, discounts, etc.

According to the Online Etymology Dictionary, the term ‘Salary’ meaning ‘compensation, payment’ first appeared in the English language in Britain in the late thirteenth century. It came from Anglo-French Salarie, which evolved from Old French Salaire ‘reward, pay, wages’, which originated from Latin Salarium ‘stipend, pension, salary’. Originally, the Latin term came from salt-money, a soldier’s allowance for the purchase of salt. The Latin word Sal means ‘salt’, while Salarius means ‘pertaining to salt’.

‘Salary’ in other languages: salario (Spanish, Italian, Portuguese), salaire (French), Gehalt (German), зарплата (Russian), 給料 (Japanese), 薪水 (Chinese), lön (Swedish), راتب (Arabic), वेतन (Hindi), gaji (Indonesian), and mshahara (Swahili).

What is Salary Sacrifice?

Salary Sacrifice is a mutual agreement between employer and employee and the employee needs to make a change to their employment contract. The sacrifice of cash entitlement is usually replaced in some form or non-cash benefit. The reduction in cash entitlement cannot drop below minimum wage.

Video – How to negotiate a salary

In this Howcast video, you will see some very useful tips on how to negotiate a salary during a job interview.

What Is a Good Salary? And How Do You Compare?

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Though the answer to the question “What is a good salary?” can vary greatly depending on different factors such as country, age, and profession, it is still important to have a general understanding of salary information to help you decide on a suitable career path and improve your job prospects. By knowing what the appropriate salary is for your profession, you will be more empowered and better prepared to negotiate wages with your employer.

Factors That Can Determine a Good Salary

To determine whether a salary is competitive or not, here are several factors you should take into consideration:

Education

Though education does not always guarantee success in the career field, having a high school diploma and above will allow you access to more job opportunities. In addition, earning a degree from an established program in your field can typically elevate your chances of being recruited by top companies around the world. For example, with a computer science degree from Stanford University, your earning potential is significantly higher than possessing a similar degree from an unaccredited institution.

Experience Level

In general, the more experience you have, the more likely you are to receive higher pay. With the lack of skilled workers in the workforce today, many companies are struggling to find applicants who have enough experience and also meet the job requirements. As a result, salaries for these advanced positions are on the rise. If you’ve just started at your first job out of college, a lower salary is usually expected. But as you advance throughout your career, you should begin to see a steady increase in your annual income.

Industry

The industry you work in has a major impact on your annual earnings. Highly technical fields that require longer training, education, or apprenticeship typically command higher salaries, such as health care, engineering, finance, or architecture. If you want to maximize your earning potential, consider pursuing a career in a lucrative field you’re interested in.

Geographic Location

What Is a Good Salary To Live On?

It can be difficult to reach a consensus about what is considered a good salary. What one might regard as a decent salary may be unacceptable for another. Moreover, your spending habits, financial goals, amount of debt, and other personal factors can all influence your ideal salary. To find out how much income you’ll need to generate monthly in order to live comfortably as a single person in different U.S. states, use a cost of living calculator to compare locations.

Apart from obtaining a higher salary job to meet your monthly expenses, you can become more financially stable by maintaining a monthly budget and tracking your spending. Living below your means will allow you to build up your emergency fund, pay off debt, and have enough money to invest in your future. To motivate yourself to save up each month, follow a monthly budget challenge to hold yourself accountable.

What Is the Average Salary in the U.S.?

Average Salary in the U.S. by Age & Gender

How much women earn on a weekly basis at various ages:

How much men earn on a weekly basis at various ages:

Average Salary in the U.S. by Education

Note: All numbers reported are weekly earnings

Average Salary in the U.S. by Industry

How To Get a High-Paying Job

In a recent survey conducted by the Society for Human Resource Management, 63 percent of employees say that salary level is very important to their overall job satisfaction. Of course, a high salary doesn’t always guarantee career fulfillment and happiness, but it can provide a certain level of financial stability to your life. Thinking about pursuing a job in a higher-paying career field but not sure how to go about it? Listed below are some tips to help you land a lucrative job in today’s competitive workforce.

1. Future-Proof Your Skills

With the rise of artificial intelligence and sophisticated technology, the nature of work is continuously changing and it’s important to keep up with the latest trends and develop skills that will be valuable in the future. For example, fast-growing careers such as data scientists and information security analysts are highly in demand nowadays due to the growing amount of data and cybersecurity issues in the tech industry. As a result, professionals in these fields often receive generous compensation for their work. Future-proof your career today by upskilling and remaining valuable in the workplace despite the ever-changing job market.

2. Seek Career Advice From a Mentor

A mentor can greatly accelerate your career advancement journey by guiding you in the right direction and providing valuable insights to help you achieve professional success. In addition, when it comes to seeking higher-paying job opportunities, a mentor can help connect you with the right resources, offer motivational career advice, and hold you accountable for your goals.

If your current employer provides a mentorship program, take advantage of it by asking your mentor questions about growth opportunities within the company and share with them your goal of obtaining a higher-paying position so they can better lead you in the right direction.

3. Become an Expert in Your Field

In 2018, over 7 million jobs were open in the United States, yet only 6.3 million unemployed people were actively seeking work (SHRM). With the growing skill gap in the workforce, businesses are experiencing increasing difficulty in recruitment and filling openings for highly skilled positions.

To gain a competitive advantage in the workforce today, one of the best decisions you can make is to become an expert in your field by investing in ways to advance your knowledge. Whether it’s through attending webinars, going back to school, or taking training courses, making the effort to expand your expertise can lead to career growth and salary increases.

4. Attend Networking Events

Did you know that 80 percent of jobs are filled through personal and professional connections? Networking events not only provide you with the latest knowledge about industry trends, but are also a great way to expand your network and build opportunities for yourself. Don’t forget to have your business card or resume handy and be ready to sell yourself and your skills effectively at these professional events. You never know when you might bump into someone who can help you achieve the high-paying career you’ve always dreamed of.

With a better understanding of how your salary compares in the job market and what factors influence your salary, you can now decide what is a good income level for yourself. As you advance in your career, you will most likely be compensated more for your experience in the field. However, even with an increase in monthly income, it is still important to wisely manage your money and track your savings regularly. Consider using the Mint app to help you on your budgeting journey and make the most of your salary.

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Average Salary Information for U.S. Workers

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How much is the average U.S. worker’s salary? Salaries vary based on gender, education, occupation, industry, geographical location, ethnicity, and other factors. Learn more information about salaries in a variety of categories and calculators to use to determine the salary for specific occupations.

Average Salary Information for U.S. Workers

Salaries can vary significantly based on both occupation and location.

Jobs in large metropolitan cities, which have higher costs of living, also tend to pay more than jobs in more rural and suburban areas.

Salary also varies by factors such as gender, education, and more.

Average Salaries for U.S. Men and Women

Average Salary by Race

Race and ethnicity also play a role in salaries for men and women. For example, White women earned 82.3% as much as their male counterparts, compared with 95.7% for Black women, 74.9% for Asian women, and 91.8% for Hispanic women.

Average Salary by Age

Salaries also varied by age, but men and women had different earnings peaks. For example, men aged 45 to 54 had the highest median annual salary ($64,064). Women, on the other hand, earned the highest annual wages between ages 45 and 54 ($51,064).

Average Salary Based on Education

How to Find the Typical Salary for a Job

When you are evaluating careers or job searching, it can be useful to know what you can expect to make. It can also be a good bargaining tool when you are negotiating a salary with a new employer or negotiating a pay raise with a current boss.

If you know the typical salary range for your job title in your geographical region, you can use this to show why you deserve a raise or higher salary. Check out this comparative data on income in various states and cities.

Review this list of salary profiles for a variety of occupations plus links to salary calculators and tools for comparing salaries and discovering how much you can earn.

Salary Tools and Cost-of-Living Calculators

There are a variety of calculators you can use to find out what the average salary is for a job in your occupation and location of interest. In addition, you can use a cost-of-living calculator to determine how much it actually costs to live in a specific location.

Understanding the average salaries in your profession and the cost of living in any given area will provide you with the facts you need whenever you are considering applying for a new job or moving to a different geographical region.

Glassdoor’s Know Your Worth tool provides a free, personalized salary estimate based on the current job market. Provide information about your company, job title, location, and years of experience. The tool will then tell you if you are being paid below or above your market value.

Indeed Salary Search lets you search salaries by job title and compare salaries for similar jobs at different companies and different locations. The tool also provides information on typical benefits, plus career advice and job listings.

LinkedIn Salary is a calculator that provides the median salary for jobs in specific locations throughout the U.S. It shows the median base salary as well as the median total compensation (including benefits, bonuses, and more). You can narrow your search by location, industry, years of experience, and more.

PayScale’s Cost-of-Living Calculator allows you to compare your salary in your current location to typical salaries in other locations. The calculator will show you the difference in cost of living as well as the amount you would need to make in the new location to maintain your current standard of living.

PayScale’s Salary Survey will give you salary ranges for just about every occupation. You can narrow your search by location, years of experience, and more. You can also get information about average benefits.