Today PayScale released the first quarterly report on The PayScale Index. The PayScale Index tracks how the market price of workers, as represented by the wages they are paid, is changing over time. We believe The PayScale Index provides the most accurate view on changes in what employees are earning amidst this turbulent economy.
The PayScale Index follows changes in total cash compensation for full-time, private industry employees in the United States, and utilizes a unique approach to trend measurement. Unlike indices such as the Consumer Price Index, which measures the prices of certain goods and services (periodically updated to reflect changes in buying habits of Americans), The PayScale Index uses data on all private sector full-time employees working in a given time period.
In this post, after a brief summary of how The PayScale Index works, I will hit some of the most interesting results we found. Some you expect, e.g., Detroit pay has been collapsing for years; other findings may be more surprising, like wages nationally declined in 2009.
Knowing how pay is changing is useful, but knowing what you are worth is more important. Find out with PayScale's comprehensive and accurate salary survey.