Editor’s Notice: This story initially appeared on FlexJobs.com.
As you scrutinize job descriptions and wage ranges in your seek for entry-level employment, you could end up questioning, “What is an efficient entry-level wage?” or asking your self, “What is an efficient beginning wage for a primary job?”
You’re good to ask these questions, particularly if you happen to’re in search of high-paying entry-level jobs.
Establishing real looking wage expectations is an important a part of the job search course of.
Whether or not you’re a latest graduate on the hunt in your first job or an skilled skilled contemplating a profession change, figuring out the common beginning wage and truthful market worth of a job is essential to reaching your monetary targets — together with your retirement targets — and guaranteeing long-term job satisfaction.
To study extra about employees’ entry-level wage expectations and views on beginning pay ranges, in addition to their retirement plans, FlexJobs polled over 2,000 U.S.-based professionals between June 11 and June 23, 2024.
Skilled Views on the Common Entry-Degree Wage
Of the two,000 respondents surveyed in FlexJobs’ Monetary Pulse Report, 23% agreed that “$24,999 or much less” is the bottom pay they might be prepared to just accept or have accepted for his or her first job.
Practically 1 / 4 (24%) of respondents have been cut up evenly on common entry-level wage expectations. Some felt a practical starting wage ought to be between $25,000 and $29,000, whereas others felt it ought to be between $30,000 and $34,999.
Right here is the complete breakdown of the bottom pay vary thought of acceptable for a primary job:
- $24,999 or much less: 23%
- $25,000 to $29,999: 12%
- $30,000 to $34,999: 12%
- $35,000 to $39,999: 8%
- $40,000 to $44,999: 9%
- $45,000 to $49,999: 7%
- $50,000 to $59,999: 12%
- $60,000 to $69,999: 6%
- $70,000 to $79,999: 5%
- $80,000 to $99,999: 4%
- $100,000 or greater: 4%
Notably, 24% of girls mentioned they might settle for or have accepted a beginning wage of $24,999 or much less for his or her first job. These findings are barely greater than common and seven% greater than what males reported, with solely 17% stating they might settle for a beginning wage of $24,999 or much less.
Moreover, 14% of males reported that the bottom pay vary they might settle for or have accepted for a primary job was $80,000 or extra. Solely 6% of girls, however, reported this quantity as acceptable for a first-job beginning wage.
Beginning Wage Expectations Amongst Genders and Generations
Regardless of being prepared to just accept a decrease pay vary for his or her first job, solely 2% of respondents imagine $24,999 or much less is a practical entry-level beginning wage in right this moment’s job market.
The truth is, almost half (49%) of survey-takers agreed {that a} beginning wage between $40,000 to $49,000 (26%) or between $50,000 to $59,999 (23%) was extra real looking.
In FlexJobs’ Monetary Pulse Report, opinions on real looking entry-level beginning salaries have been as follows:
- $24,999 or much less: 2%
- $25,000 to $29,999: 6%
- $30,000 to $39,999: 15%
- $40,000 to $49,999: 26%
- $50,000 to $59,999: 23%
- $60,000 to $69,999: 13%
- $70,000 to $79,999: 7%
- $80,000 to $89,999: 4%
- $90,000 to $99,999: 1%
- $100,000 to $120,000: 2%
- $120,001 or greater: 1%
Amongst generations, 27% of child boomers, 26% of Gen X, and 25% of millennials said that $40,000 to $49,999 was an appropriate beginning wage.
Lifelike Wage Vary for Entry-Degree Jobs
Women and men agreed that the $40,000 to $49,999 wage vary was real looking for an entry-level job right this moment, with extra findings as follows:
- $30,000 to $39,999: Girls (16%), Males (14%)
- $40,000 to $49,999: Girls (27%), Males (23%)
- $50,000 to $59,999: Girls (23%), Males (22%)
- $60,000 to $69,999: Girls (12%), Males (14%)
Retirement Readiness Varies Amongst Totally different Demographics
Whereas wage is a necessary profession consideration in your day-to-day life, it’s additionally a key consider your capacity to avoid wasting for retirement.
When polled about present retirement financial savings, most respondents (65%) shared that they’re presently saving for retirement. Nonetheless, one-fifth (20%) of respondents mentioned they’re not presently saving for retirement however plan to.
Amongst women and men, 61% of males mentioned they’ve been saving for retirement for some time, in comparison with 52% of girls. Moreover, 20% of girls and 19% of males shared that they haven’t saved for retirement however intend to.
Throughout generations, retirement financial savings appeared most prevalent amongst child boomers, with 61% sharing that they’ve been saving for retirement, in comparison with 58% of Gen Xers and 46% of millennials.
Though 46% of millennials have been saving for retirement, greater than 1 / 4 (26%) of millennials shared that they’ve not saved for retirement, although they plan to. Likewise, 17% of Gen Xers and 11% of child boomers haven’t but saved for retirement however intend to.
What’s agreed upon by the vast majority of survey respondents (77%) is the age at which individuals ought to be allowed to retire and entry their Social Safety advantages — earlier than age 67.
When Ought to Staff Be Allowed to Retire and Entry Social Safety Advantages?
Right here is the complete breakdown of respondents’ opinions on when employees ought to be allowed to retire and entry their Social Safety advantages:
- 55 to 59: 22%
- 60 to 64: 33%
- 65 to 66: 22%
- 67 (present retirement age): 17%
- 68 to 69: 2%
- 70+: 4%
