Income Level Factors
Income Level Factors
✓ There are many factors that affect a persons’ level of income
✓ Some factors are related to the person, and others are related to the business
Factors Affecting Employee
Education
✓ Higher education doesn’t always translate into more money, but it drastically increases the chances of success
✓ The average starting salary increases an average of 15% each level of education you obtain
✓ Most jobs currently require a minimum of a post secondary (college, university) degree
Experience
✓ The more experience you have, the more valuable you are to an employer
✓ People who have experience in a field often begin at a higher salary
✓ The phrase “salary commensurate with experience” in an advertisement means if you have experience you can expect a higher salary
Personal Performance
✓ Promotions usually occur from personal performance
✓ Emotional quotient is a factor in personal performance
✓ It includes self-awareness, altruism, personal motivation, empathy and the ability to love and be loved
✓ Higher EQ people usually have more rewarding and successful careers
Uniqueness of Abilities
✓ If you have a unique ability, you have an opportunity to make more money
✓ Professional athletes make more because of their abilities
✓ Entertainers make more as well because of their abilities
Factors Related to Business
Type of Business
✓ Some people doing the same job may earn more because of the company they work for
✓ It may also depend on the area people live in
✓ Big city jobs tend to make more than smaller city jobs because of the standard of living
Success of Business
✓ You income is usually directly related to the success of your business
✓ The better your business does, the more money you can earn
Economic Conditions
✓ Depends on where the economy is in the business cycle
✓ Supply and demand also affect earnings
Other Job Benefits
Self-Fulfillment
✓ Not true for all jobs, but if you find a job you love, it makes work easier
Skill Development
✓ You need to continually improve in life to succeed
✓ Different jobs allow you to learn different skills that are relevant to life
Employer Benefits
✓ Pension – CPP or job related pension
✓ Health Insurance – dentistry, eyeglasses, prescriptions
✓ Other Benefits – Christmas bonus, extended holidays for experience
Stock Options
✓ Companies may give employees the ability to purchase stock in company on top of salary
✓ Gives them the ability to make more at year end
✓ May also improve employee motivation
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