Your age isn’t the only number that increases over time. As you accrue more experience in the workplace, your value to employers inevitably increases, and salary expectations should follow in line.
There’s a direct correlation between age and salary – for most of your life they will increase together as you learn new skills, gain more experience and increase your potential. But it also depends on several variables, 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 or monthly wage of full-time employees 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, which was a 1.6% increase from the previous year.
Depending on which sector you join and where you’re situated, your salary could quickly outstrip this amount.
According to 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.
o Education
It is well known that a degree, or at least a good qualification from a reputable institution, will positively impact your salary potential.
o Experience
This is perhaps the most obvious factor, and one that most closely correlates with your age. The amount of years you have spent in a particular role or industry will have a big impact on your salary.
o Industry
As can be expected, salary ranges differ wildly across industries according to skills needed, demands on the employee and level of education required.
o Company
Big, small, traditional, progressive…any number of attributes will play a role in determining how much a company is willing to pay an employee.
o Gender
Recruitment site Monster reports that the average annual salary for women is £30,000, while for men it’s £32,970. The gap is also reflected in ASHEs figures, which show women peaking earlier than men, and then experiencing a decline in salary.
o 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.
