b'CONNECTINGMedian Salary: How to Price Jobs CompetitivelyWritten by Salary.com StaffPaying above the Median Salary for a specific job title and industry can encourage your employees to stay in your organization.When job seekers are looking forHOW DO YOU CALCULATE industries to start their careers, salaryTHE MEDIAN SALARY?is a crucial consideration to them.In a list of salaries for a given job ti-Before they browse job openings,tle, if the total number in the data set they might turn to reports on theis an odd number, you simply have to usual income in a particular job toarrange the figures in numerical or-estimate their earning potential. Thisder, from the smallest to the highest will tell them what job families canpay, and identify the middle point to pay high and which companies aredetermine the Median Salary. leading the job market in terms ofFor example, data collected for compensation. A reliable report onthe annual wages of a Production the usual earnings that an employeeRevenue Accountant I are as follows: can get in a given field is the Median$52,071, $56,547, $61,463, $67,038, Salary. and $72,113. The median would be In this article, we will learn how$61,463 because exactly half of the to calculate the median salary andsalaries are lower than the median how it can help companies price a joband the other half are higher.that will be attractive to employees. However, when the total num-WHAT IS A MEDIANber in a data set is an even number, SALARY? you simply take the two middle The Median Salary is the amountfigures, add them together, and that falls in the middle when youdivide by two. Lets say, the aggregate arrange all salaries of a certain jobdata collected of OR Nurses annu-title or industry in numerical order,al incomes in the US are $68,636, from lowest to highest. In a group of$76,630, $85,410, $94,420, $102,623, employees with similar job titles, theand $144,110, the Median Pay will be median salary is the midpoint figurecomputed by arranging the list from where half of the sample in the grouplowest to highest pay, getting the two falls below the amount and the othermiddle figures, adding them together, half earns higher pay. It gives youand then dividing them by 2. We will an estimate of the general wage thatget $89,915 as the Median Pay, an your employee is earning, consider- amount in the middle of the list of ing that they all have the same levelOR Nurses annual incomes.of work experience. Salary.coms Salary Wizard is a tool that helps you see how much 14ILLINOIS BUSINESS LEADER'