what is the average salary

A variety of organizations, associations and government agencies report average salaries for many occupations. These statistics assist in understanding the economy, helping employers be competitive in retaining employees and give job seekers help negotiate their salary. The average salary, also referred to as the mean salary, is calculated using all salary data.

Average, or Mean, Salary

The average salary is calculated based on reported salaries of respondents. The average salary definition is to add the salaries in the sample together, then divide by the number of respondents, according to the Bureau of Labor Statistics. The result is the average salary for everyone surveyed. Average salary data can be for one occupation, industry, discipline, household, age, education level or based on other statistics. It is important to note that anomaly values may skew the average value.

Included Wages

When survey organizations compile data to estimate average salaries, it includes and excludes some information to more accurately calculate average salaries. To give an example, the Bureau of Labor Statistics includes base pay, cost-of-living allowances, hazardous-duty pay, incentives such as sales commissions and production bonuses, and tips. Generally, included wages are those promised by the employer through an employee contract.

Excluded Wages

Wages excluded often consist of jury duty pay, overtime, severance packages, shift differentials, company bonuses that are not included in commissions and other wage-related bonuses, and benefits such as tuition reimbursement. Because these types of income are often not part of an employer’s compensation package, they are not included in statistics for average salaries. Generally, these types of compensation are considered “fringe benefits”.

Other Salary Data

Along with the average salary, statistics often include median wages to analyze salaries based on percentiles. The median salary is the 50th percentile, or the exact middle, according to the Social Security Administration. Salaries not in the 50th percentile are lower than or higher than the median. The percentiles reflect salaries that may not be equal.

To give an example, the lowest percentiles may reflect salaries for those who are entry-level and the highest percentiles may reflect those who have many years of professional experience. Percentiles may also reflect salaries on a national scale and cost-of-living differentials in geographical regions. You can convert annual salary to biweekly paycheck by dividing an annual salary by 26 (the amount of biweekly paychecks in a typical year). You can also find gross monthly income calculators and other salary tools online to play with.

Comments

Post a Comment

Popular posts from this blog

what jobs can i get with a comptia a+ certification

 what jobs can i get with a comptia a+ certification CompTIA A+ is the industry standard for establishing a career in IT and is the preferred qualifying credential for technical support and IT operational roles. Companies like Intel, Dell, Ricoh, Nissan, Blue Cross and Blue Shield and HP all look for the CompTIA A+ certification when hiring for jobs like IT support specialist, IT field service technician, desktop support analyst and help desk tier 2 support. Having IT certifications makes a great first impression when you’re looking for a job. According to the International Data Corporation (IDC), 96 percent of human resources managers use IT certifications as screening or hiring criteria during recruitment.* Learn more about all the places you career can go with CompTIA certifications. If you’re looking to get into IT, keep reading to learn more about types of entry-level jobs that CompTIA A+ validates the skills for. What Is an IT Support Specialist? The IT support team maintains t
Read more

why a+ certification jobs

  a+ certification jobs Among the certifications available for computer professionals, A+ is probably the one cited most often as a starting point for careers in information technology (IT). More than 260,000 people have received A+ certification, viewing it as a way to find jobs as computer service technicians or to gain enough skills to move on to further training. Sponsored by CompTIA, an industry organization, A+ certifies skills in entry-level PC technology. It is a vendor-neutral certification, with an emphasis on the expertise needed to work as a computer service technician, troubleshooting and repairing PCs. Given its popularity, it is no surprise certain misconceptions have developed about A+ certification , especially among people just thinking about getting started in IT. Is A+ certification a "must" for entry-level IT jobs? Is it for programmer wannabes? Technicians? Here is a guide to help you decide whether A+ certification is right for you. Is A+ certification
Read more

contingent define

contingent . The adjective  contingent  can be used to describe something that can occur only when something else happens first. Making money is  contingent  on finding a good-paying job. When an event or situation is  contingent , it means that it depends on some other event or fact. The adjective  contingent  can be used to describe something that can occur only when something else happens first. Making money is  contingent  on finding a good-paying job. When an event or situation is contingent, it means that it depends on some other event or fact. For example, sometimes buying a new house has to be contingent upon someone else buying your old house first. That way you don't end up owning two houses! As a noun,  contingent  means either "a group of soldiers that joins a larger force," like a contingent of British troops sent to assist American soldiers, or "a group of people with something in common," like the contingent of folks dressed as Batman at Co
Read more