Your question is very good and something that many people ask. The short answer is there are different factors that determine the market-related salary in every industry and profession.
Median or mean income of some profession
I think you are looking for the median or mean income of some profession which is why you have asked this question.
The Median is an amount that divides a set of numbers into two parts: one-half of the numbers are less than the median, and one-half of them are greater than the median. The median salary may be higher or lower than the average salary – about 50% of all salaries in your list will be above and below it.
Mean is an arithmetic average calculated by adding up all values and dividing by how many there are. It tends to be less affected by extreme values because it can’t affect it as much as other measures (median).
Factors that affect your salary
You are right that there are many factors that influence the salary of a person. These differ from one industry to another, and even within an industry. There are also some things that you could do yourself or with the help of your HR manager or your employer to increase your sales volume and hence salary increment.
For instance, if you’re in sales and earn a commission, then it would be wise not to leave any stone unturned in trying to increase sales volume to ensure a constant flow of income for yourself.
The reason it is not easy to give a simple answer to this question is that there are many factors that influence salary and these differ for each industry.
The following are some of the main factors influencing your salary:
- The industry you work in. For example, if you work in finance or banking, then your salary will be higher than someone who works in retail or hospitality. This is because these industries have higher demand and therefore pay more to attract talent.
- The company you work for (or where you want to work). If you want to work for a large multinational corporation, then expect your basic salary plus bonuses to be much higher than if you worked for a local business or startup. The same applies when comparing different roles within the same company—your role dictates what kind of package (and therefore what kind of monthly take-home) will be available for you as part of their compensation package.* What level of experience do I have? Many people believe salaries increase exponentially over time with experience but this isn’t always true; there are many variables which affect how much more one earns at each level such as industry requirements, skills required etc.* Where did I study? Did I go overseas (international) or did I complete my studies locally? There may also be differences between public versus private universities when considering their course load vs career prospects after graduation.* What type of degree did I complete?, e
Engage a recruitment agency
- If you want specific advice, it may be best to speak to a recruitment agency, an industry association or your company’s human resources (HR) department.
- Recruitment agencies will have a strong knowledge of the industry and can help you find the right job.
- Industry associations can also find out what salary ranges are available in specific markets and positions.
A good starting point if you are new to the market and need to know how much you should be getting paid would be to start by doing some research by searching for average salaries on the internet and then reviewing what skills are needed in your chosen area and then doing some self-assessment.
Skills and experience
If you have particular skills and experience, you will earn more based on your value-add in the marketplace. To earn more, you need to show this to your employer. You should also be prepared to negotiate your salary if required because most employers will negotiate salaries with candidates they see as valuable assets to their company.
When you are new to a job market, your salary is set by what you can negotiate. This means that if you have no skills or experience and enter the job market, then your salary will be whatever it can get.
Your value add is what makes you worth more than someone else who has similar credentials. For example, if I am an accountant with an MCom Finance degree and three years of experience in accounting at a medium-sized company, then my “value add” would be higher than someone who has a BCom Accounting degree with no experience because I have more skills and knowledge backed up by real-world examples (i.e., they know that every single department needs someone like me).
