Are you earning what you're worth?As you accrue more experience in the workplace you become more of a valued asset to your employers – salary expectations should follow in line.
For most of your working life, both age and salary will increase together as you build your knowledge, gain more experience and increase your potential within your role. Salaries also depend on several variables too, including your industry, development, skill set and even gender. Here’s what you need to know according to Instant Offices.
Average Wages in the UK
The average UK annual salary differs drastically across industries. According to the Annual Survey of Hours and Earnings (ASHE), average gross annual earnings for full-time employees was £27,600 in 2015, a 1.6% increase on the previous year.
According to research conducted by Graduate Jobs, the median starting salary for UK graduates in 2016 is between £19,000 and £22,000, which isn’t far from the national average. However, this figure is heavily influenced by several factors that will determine just how much you earn at what age.
Factors that Influence Salary Growth
These factors play a significant role in determining how much you should be earning at your age.
- Education
It’s a well known fact that a degree or highly esteemed qualification from a reputable institution, will positively impact your salary potential.
- Experience
This is perhaps the most obvious factor – the number of years you have spent in a particular role or industry will have a big impact on your salary.
- Industry
Salaries vary broady across industries according to skills needed, demands on the employee and the level of education required.
- Company
A number of attributes relating to the company will play a role in determining how much they are willing to pay their employees.
- Gender
Recruitment site Monster reports that the average annual salary for women is £30,000, while for men it’s £32,970.
- Location
Where you live can impact your earning potential. According to Cities Outlook 2016, London is the city with the highest monthly workplace wages at £2,925 a month, while Huddersfield is the lowest at £1,729.
What Can You Expect to Earn at Your Age?
The average salary for 18 – 21 year olds according to ASHE, is between £1,270 and £1,361 a month. This improves significantly as you reach your late twenties thankfully due to having more experience in your field..
– Age 22 to 29
Average monthly earnings vary between £1,829 and £1,924. Your education and skill set proves to be a solid motivating factor to earn more money.
Monster estimates an average annual income of £20,172 for employees with less than one year of experience. By the 20 years’ experience mark, this number almost doubles at £39,033
– Age 30 to 39
This is the ripe age to start increasing your salary as your experience, wisdom and carefully curated set of skills will start to pay off.
The average monthly wage for employees between the ages of 30 and 39 is between £2,331 and £2,535. This is also when average salaries for women peak, at around £2,331 per month.
– Age 40 to 49
Employees between the ages of 40 and 49 can expect to earn between £2,258 and £2,830 a month. According to ASHE, this is when men hit their average earning peak at around £2,830 per month.
According to UK recruitment company Pertemps, these are the five fastest growing industries in 2016:
- Hospitality
- Construction
- Manufacturing
- Engineering
- General private sector (specialists in various industries)
There is always room for growth, no matter whether you are building your career in the highest or lowest paying industries. Your salary and potential earnings will increase automatically as you improve your skills, knowledge and experience, but there are a few ways you could increase it now:
- Negotiate a higher wage
Keep details of your achievements at work and use them as leverage when negotiating a salary increase. - Research and compare your salary
Do some comparative research and know your worth. - Become an expert
Learn, Learn, Learn! Keep yourself up to date with the latest industry developments by studying short courses, learning from mentors and attending training events to stay on top of your game.
Credit from: http://www.instantoffices.com/en/gb/
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