Calculating Salary

The salary/remuneration for a particular job is the market value for a particular profession and designation at the city/town where the office is located. It is important to find the salary before selecting a particular profession and also while changing jobs. Friends and relatives may not provide accurate information about salaries, since their information is often outdated or they may not wish to reveal such confidential information. There are a number of online resources available to find salaries for various jobs

1. Association websites for certain professions may carry information about salaries. They often carry out surveys among association members, and results are listed on websites

2. Many job postings on job websites carry information about salaries. Salaries vary according to the size of the company.

3. Trade publications carry out salary surveys and publish the results

4. You can use Search engines like Google , Yahoo, MSN search to find salaries for a particular profession by searching for terms like “mechanical engineering salaries” , ” engineering salary guide

5. Dept of Labor, Bureau of Statistics – has information about the median annual earnings for various professions. It also specifies whether employees receive additional compensation like profit sharing, stock ownership or performance-based bonus. For jobs which require travel, like sales jobs, employees are reimbursed for expenses such as meals, hotels, travel and entertainment.

Other online resources for finding salaries are as follows

a. Salary.com

b. Salaryexpert

c. Payscale

6. Monster salary wizard has free salary information . By entering the job category (which varies from Accounting to Transportation and Warehousing) and Zip code or City/Town, you can get the median salary for a particular profession in that area.

Engineering salary calculator – you can enter years of experience, degree, discipline, location and results will be sent to you by email. Has information for locations in USA

Entry level jobs in engineering/technology and finance are in great demand at present. They generally pay more than jobs available to graduates in liberal arts or healthcare. However, after working for five years, the salaries in other professions increase at a faster rate compared to jobs in engineering. After getting experience of 10 years or more, employees draw the highest salaries in their career. Chief Executives and Directors of large companies often earn very large salaries.

However, the salary also depends on how the person handles his/her career and the persons problem solving , marketing and negotiation skills. By researching the industry and becoming a member of trade associations, a person can be regularly updated about current trends. A well written resume with customized cover letter also helps in getting jobs with higher salaries.