Same Occupation, Different Pay: How Wages Vary
Discourses on income disparity are quite common. Notwithstanding the cries and shouts of protests, the issue remains dangling in different International forums. Humans have solved many complex issues, but some remain a conundrum.
It’s a hard fact to digest that the difference in salary in the same occupation can be one of the contributors to the global issue of the distribution of resources. But there are some constructive reasons behind the different pay. The article can be a help for enthusiasts like you who are deeply worried about income disparity.
Same Occupations Different Pay: How Wages Vary
The disparity in income is one of the burning problems in society. Let us provide a fact, according to observation, the top athletes contributed to more than an annual salary of $187200 USD cutoff. On the other hand, the button 10% of the athletes had an annual salary of less than $20190. The figures speak volumes on the dark truth of salary difference (same occupation but different wages).
Different reasons can be attributed to the shortage of wages. According to a study by the global wages report, the global monthly wages fell to minus 0.9% in the developed country. Not only this, figures are minus 2.2 % for the G20 countries. Therefore one can easily find out that people experiencing poverty are fast becoming poorer compared to well-to-do people.
Here we discuss some reasons why there is a tremendous difference between the wages within the same occupation.
1. Credentials
The workers who are well educated compared to others naturally have a higher salary. For example, if you hold a certificate course or degree course in a stream, then you can earn more compared to one with high experience.
Therefore you need to look at how much you can earn with a certain degree of experience. Remember that recruiters are always looking for degrees, which are the yardstick of trust and credibility.
2. Experience And Skills
Employees who have spent a lot of time naturally gain a higher salary than new people. This is because the experienced employees have observed downfalls and failures. They learnt from their mistakes, and consequently and now they are better equipped to handle challenges.
They can handle the company challenge much better compared to that of the young and inexperienced ones. They also know different approaches to solving problems. As an employer, you look for experienced candidates.
3. Performance
All individuals are not of the same capabilities, so the salary varies according to the output. Different types of work require different capabilities.
For example, some musicians in the industry are well known for their tremendous skills and competency, unmatched by others. Therefore quite naturally, these groups of individuals are destined to get a higher salary than others. If your performance is consistent, you can get a higher salary than your peers.
4. Advertisement And Branding
This is the age of social media marketing, and everyone is trying to attain competency via advertisement. Some professionals have much bigger earnings than others in industries like music and sports.
These professionals use extensive marketing to increase their fan following and brand value. If you compare the net worth of the top ten musicians globally, there are more than hundreds of other artists. Branding and marketing have helped professionals earn much more.
5. Geographical Location
In some geographical areas, you have higher salaries and earnings than others. There you can see the income disparity among people of the same occupation.
If you compare an IT engineer from New York compared to that of Mexico and Argentina, the geographical location becomes the factor to increased salary or earnings.
6. Various Job Description And Responsibilities
Even in the same occupation, some workers may have varying responsibilities. There the professional with high responsibility earns a higher salary than those with lesser responsibility.
Individuals who have multi-tasking capabilities can be better leaders. They can handle situations far better compared to that of others.
Putting The Discussion To A Close
The global community is trying its best to bring in a policy of equity. Even with the implementation of steps, the solutions to it remain unresolved.
So you need to work on your strength and utilise your ability. This will enhance your acceptance. So prepare yourself persistently and ensure that you get better opportunities.
