A good salary is the result of a great work environment (and lots of it), good benefits, and the ability to work on cutting-edge projects. Most of us know that a raise can cover up to 85% of payroll.
Salary can be a volatile number. A company with a high salary can be pressured to make decisions that have a negative impact on the bottom line. It’s also one of the things companies use to evaluate whether a position is worth having. Salary can also be a personal number. If you have a high salary, you’re more likely to be well-liked and recognized in the workplace.
Salary is one of the most powerful things a company can use in deciding whether to keep you or not. You can be fired for not raising your salary, or for not being able to pay a high salary. If you have a high salary there are very, very good chances that you will be promoted. If you have a low salary, the odds are very, very good that you will stay in your position.
In many organizations, the highest salary is a result of compensation being based on salary. For example, an engineering position may pay $50,000 a year, but that position may be filled by someone who makes $7,000 a year. When those two people are hired, the salary of the engineering position is $75,000. If the company pays $50,000, but the engineer makes $7,000, the engineer will keep his position.
I think you can actually go through a few different salary ranges there. But if the salary of someone is $50,000, the salary of an engineer is $50,000, which means the company makes $15,000 more per year. It’s all about the math.
I can see why some people might find the salary numbers in this article a little on the high side, but I don’t think it’s that high. The salary of a senior engineer with one year of experience is roughly 30,000. So if the company makes 15,000 more per year, it’s still worth it to me to pay the engineering executive 15,000 more than what the salary of the engineer is.
The reason why its better to pay more than the engineer is because some people are much more valuable than others. A company doesn’t hire people based on their skill sets, and this salary example is no exception. The fact that you have to pay for an engineer’s extra pay is a big deal. It might seem like a small thing, but it is a big difference between a company and a college.
So in a nutshell, if you want to have money in your pocket, take the extra 15,000 more of a salary compared to the salary of your employees.
In a word, yes.
Yes, because the only way to make more money is to work more hours. If you want to make more money, you need to work more hours, and the only way to work more hours is to work more days.