What is the importance of a good salary?
A good salary can make you a better person and help you grow professionally. A good salary can help you meet your daily needs while still having enough money to travel, entertainment, and give back to others. A good salary can boost your confidence and help you to improve your skills.
What salary is considered to be a good one?
When considering a job, the salary is often one of your most important considerations. You can negotiate your starting salary and/or raise after you have worked for the same company for a period of time by knowing the range in pay based on your education, work experience, and profession. A good salary is one that earns more than the average, if you consider all factors.
Factors that influence a good salary
These are the most important criteria to determine what a good annual salary is:
1. Geographical location
The salaries in the United States differ based on where they are located, even though other factors like job title, industry, and experience may be the same.
These differences can be explained by taxes, cost of living and job scarcity. Because of differences in the cost of living, even the same income can be higher in certain areas than in others.
For example, a biomedical engineer living in Texas can expect to earn an average of $97,620 per year, while the same profession in Michigan has an average wage of $68,330 per year. This is true for most jobs.
Barbers working in the same two states can expect an average wage of $28,040 per year in Texas and only $18,540 in Michigan.
While some states have higher average wages, others are relatively less when you consider the cost of living.
A computer programmer working in California has a higher average salary than one working in Colorado, but when adjusted for cost of living, the one working in Colorado has a significantly higher salary.
2. Experience level
Higher pay is usually associated with more years of experience, although this can vary depending on the field. On average, employees who have worked in a field for two to five years are expected to earn 32% less than those who just started their careers.
Employees with over five years’ experience can expect to make an average 36% more than employees with less than five years. For those with more than 10 years of work experience, you can expect a 21% salary rise and an additional 14% for those with 15 years.
For example, an attorney with less than one year of experience has an average yearly wage of $77,816. They can expect to make $89,895 annually after two years and $111,292 every six years. An average annual income for an attorney with more than 10 years’ experience is $128,661 Others professions offer lower salaries.
For instance, junior software engineers have an average annual salary of $100,420 per year and software engineers with more than 10 years’ experience have an average wage of $135,196 per year.
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3. Education
Your education level can impact your salary and determine whether you are a qualified worker. According to the Bureau for Labor Statistics and based on average wages across industries and geographical locations, employees without a high school education can expect to earn less than those with a high school diploma.
A bachelor’s degree holder earns 24% more than a certificate or diploma, while high school graduates typically earn 17% more.
On average, master’s-level employees earn 29% more than those with bachelor’s degrees. PhD holders make 23% more than master’s graduates. These differences indicate that higher education results in higher salaries.
However, it is important to consider the cost of your education. Post-graduate programs take approximately two years and typically cost between $39,500 & $118,000.
4. Company and Industry
What salary you get will depend on the type of company and industry in which you work. Pay rates for small companies are generally lower than those of large corporations, and those working in non-profits tend to be less than for-profit companies.
A software engineer who works for a large corporation might expect a yearly average salary of $152,367. However, an engineer with similar qualifications can expect a yearly average salary of $119,074 while working for the U.S. Department of Defense.
Wage differences between industries are determined by many factors.Higher wages are often paid for industries that require more training or apprenticeship years. The relationship between labor supply and demand is also important.
This means that those jobs that are more in demand but less desirable tend to have higher wages. Other factors include the level of responsibility, competition in similar sectors, and government regulations.
According to the Bureau of Labor Statistics, some of the most well-paid industries by mean yearly salary in the U.S. are:
Legal: $109,630
Information technology and mathematics : $93,760
Engineering and architecture : $88,800
Healthcare : $83,640
Financial and business operations : $78,130
The following are some of the lowest-paid jobs in the U.S.:
Preparation and serving of food : $26,670
Healthcare support : $31,010
Cleaning and maintenance of buildings and grounds : $31,250
Personal care and services : $31,340
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