There鈥檚 a direct link between age and salary 鈥� for most people they will increase together as new skills are learned, more experience is gained, and potential is increased.聽Several variables also affect salary, including industry, development, skill set and even gender. Here are the facts about what employees need to know according to聽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), the median gross weekly earnings for full-time employees in the UK were up 2.2% between April 2016 and 2017, rising from 拢539 to 拢550.
When it comes to graduate jobs, research collated by聽Fresh Student Living, shows graduates are quite cynical about their starting salaries, with women pricing themselves almost four grand lower than their male counterparts.
With London doubling up as the education capital of the world, and the UK鈥檚 biggest hotspot for graduate recruitment, those working in the area can expect to start with an even better salary, which Glassdoor estimates at an average of 拢29,975 鈥� a full 7% above 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
While the type of industry and the size of your company are both factors that can influence salaries, these additional聽factors also play a significant role in determining how much you should be earning at your age:
Education
It is common knowledge that having a degree or qualification that is relevant to your profession positively impact聽your salary potential, however having experience can be equally as beneficial.
Experience
The average annual income for employees with less than one year of experience compared to those with 20+ years is, on average, 拢20,404 vs 拢39,199. Research shows that many employers value experience just as much, if not more than education. This is perhaps one of the most prominent factors and one that most closely correlates with your age. The number of years you have spent in a role or industry will have a significant impact on your salary.
Gender
In April 2017, the gap dropped to 9.1%, compared to 9.4% the year before. This is the lowest since the ASHE survey began in 1997, where the gender pay gap was 17.4%. In 2016, Monster reported that the average annual salary was 拢22,381 for UK women and 拢32,961 for UK men. More recently, in August 2018, the figures also showed the gap diminishing, with women earning an average of 拢25,303 and men earning an average of 拢30,524.
Location
London remains the beating heart of the UK鈥檚 finances and of course, those working in the area can expect a hike in pay.
Highest Weekly Wages
|
Area
|
Wage
|
|
London
|
拢727
|
|
Reading
|
拢655
|
|
Crawley
|
拢633
|
|
Milton Keynes
|
拢619
|
|
Cambridge
|
拢609
|
Lowest Weekly Wages
|
Area
|
Wage
|
|
Doncaster
|
拢447
|
|
Wigan
|
拢436
|
|
Birkenhead
|
拢428
|
|
Huddersfield
|
拢424
|
|
Southend
|
拢413
|
What Can You Expect to Earn at Your Age?
- Late Teens
According to ASHE, 16-to-17-year-olds entering the job market can expect to earn under 拢200 a week. Thankfully, by the time you reach your twenties and have far more responsibility, this figure will improve significantly.
- Terrifying Twenties
At this age, salaries can grow quite quickly, and employees/job hunters in their twenties can use their skill sets and education as stable motivating factors for more money. ASHE calculated聽the average earnings of employees aged 22-29 at up to 拢477.9 a week for men and 拢440.8 a week for women.
The most apparent dearth in a twentysomething鈥檚 arsenal is experience. As of August 2018, it has been estimated that the average annual income, for employees with less than one year鈥檚 experience, is just 拢20,404 for employees with less than one year of experience. However, after 5-9 years, this figure burgeons to 拢30,915.
- Stable Thirties
This is the age where experience, wisdom and carefully curated set of skills will start to pay off, and also when women typically reach their earnings peak. Employees can expect to gain quite a significant boost to the weekly/monthly wage estimate. ASHE calculated the average weekly wage for employees aged 30-39 at 拢613.3 for men and 拢557.5 for women. The overall annual figure comes up to 拢30,440.
- Fabulous Forties
The overall annual salary figure for this age group comes up to 拢49,504. While women鈥檚 earning potential is highest in their thirties, the 40-49 age group is where men hit their earnings peak.
Road to Success
Despite your current salary, there鈥檚 always room to grow. Your salary and potential earnings will increase automatically as you improve your skills, knowledge and experience, but there are a few ways you can increase it right now:
Negotiate a salary raise聽鈥� Keep details of your achievements at work and use them as leverage when negotiating a salary increase.
Research and compare your salary 鈥撀�Know how much your skills are worth and聽compare your salary聽with the industry average for an overview.
Become an expert聽鈥� Consider training or studying short courses to become more knowledgeable in your industry.
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