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You are at:Home»Features»Does your salary really align with what you should be earning?  
salary

Does your salary really align with what you should be earning?  

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Posted By sme-admin on March 26, 2024 Features, HR & Recruitment

In recent weeks, searches for ‘side hustles’ have increased by 80%, indicating that those who are already employed are looking for ways to earn additional income. This shift in behaviour can be linked to a combination of factors, such as increasing financial pressure due to the rising cost of living, economic uncertainties prompting individuals to seek additional income streams, and, notably, the widespread issue of low wages.

With demand for ‘salary expectations’ up by 25%, people are questioning whether their salaries are fair. 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 therefore, salary expectations should follow in line.  But does your salary really align with what you should be earning?  

 To uncover the truth, Instant Offices has conducted research into what salary you should be earning depending on your age. 

 Middle-Aged Professionals Hold the Crown as Top Earners in Today’s Workforce 

Naturally, the sector you join and the city you live in will influence where your paycheck falls however, recent data shows that average annual salaries typically reach their peak for workers in the 40 to 49 age group whereas 18–21-year-olds start unsurprisingly lower. 

Age 

Annual Salary 

18 – 21 

£22,932   

22 – 29 

£30,316 

30 – 39 

£37,544 

40 – 49 

£40,040 

50 – 59 

£37,804 

60+ 

£33,852 

Beyond Your Years: Other Factors Influencing Salary Trends 

Industry: Salary ranges differ widely across sectors, not only when you’re a graduate but throughout your career. These industries saw the biggest revenue growth between 2023 and 2024, indicating the possibility of better job opportunities and earnings in the future: 

Industry  

Revenue Growth 

Financial and insurance activities, 195.5%,  

195% 

Mining and quarrying  

10.1% 

Transportation and storage  

 

6.3% 

Administrative and support service activities 

6.3%   

Accommodation and food service activities 

6.3% 

 Education: It is well known that a degree, at least a suitable qualification from a reputable institution, will positively affect your salary potential. A job hunter with a solid education can expect to come in at the higher end of the starting salary spectrum. 

Company: Big, small, traditional, progressive… any number of attributes will influence how much a company pays their employees. 

Gender: Women earn less than men for full-time work across all age groups. The gender pay gap is especially noticeable among employees aged between 30 and 59. 

How to improve your salary 

Whether you’re in the highest or lowest-paying industries, there’s always room to grow, here are a few ways you can work towards increasing your salaryright now: 

  1. Negotiate a salary raise : Keep details of your achievements at work and use them as leverage when negotiating a salary increase. 

  1. Research and compare your salary: Know how much your skills are worth and compare your salary with the industry average for an overview. 

  1. Become an expert : Consider training or studying short courses to become more knowledgeable in your industry. 

 

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