Salary Factors: Here’s How Your Employer Decides How Much You Get Paid

What goes into determining how much money you make? In most organizations, salaries are determined by mapping roles and job descriptions with similar organizations (competitors) through a third-party compensation and benchmarking service. A typical job is broken down into its responsibilities, criticality, complexity, and market availability to name a few crucial factors. Based on these factors, the range for a job is arrived upon.

University President Shares Salary With School’s Lowest Paid Workers

It’s not everyday that a college president decides to take a $90,000 pay cut for the benefit of low-wage workers. Last week however, Raymond Burse, interim president of Kentucky State University, did just that. His decision sets a new precedent amongst presidents and CEOs to raise the bar on livable wages for employees.

How Much Money Do You Need to Make, in Order to Feel Like a Success?

Whoever said money doesn't buy happiness never tried to pay their mortgage armed with only a positive attitude. Most of us need a certain amount of financial security in order to be satisfied. A recent CareerBuilder survey translates that into dollars and cents: $75,000, it turns out, is the magic number. But this doesn't mean earning that salary will necessarily make all workers feel successful.

5 Jobs That Pay Well, But May Not Be Fulfilling

Some jobs don’t offer warm fuzzies, but they do give you a fat paycheck. If having that comfortable income is a priority for you, and you can find meaning in other aspects of your life, then here are some careers you might want to consider.

Wealthy College Presidents May Be the Reason You’re Broke [infographic]

A recent report released by the Institute for Policy Studies finds that student debt and low-wage faculty labor are rising faster at state universities with the highest-paid presidents. Usually those three hotly debated issues: student debt, increased use of part-time faculty, and inflated executive pay are discussed as separate issues, but researchers wondered if the three were related. What they found shows that all three are connected in ways worthy of a Charles Dickens novel.

Why Is Median Better Than Mean for a Typical Salary?

In a previous post, I commented that PayScale's Salary Survey preferentially reports typical salaries based on the median instead of the arithmetic mean (average).

Why is the median better than the mean for measuring "typical" values? The best way to understand what is wrong with the mean is to look at how both behave in answering a simple question: how well have Stephon Marbury's Lincoln High School basketball teammates done in their careers in the last 10 years?