Pay Matters by David Weaver

Author:David Weaver
Language: eng
Format: epub
Publisher: BookBaby
Published: 2020-10-02T23:14:14+00:00

Try It Yourself

Here’s an exercise to try aging on your own to see how well you have it down.

You’ve gotten survey data for an entry-level customer service position.

Salary: $40,000

Salary effective date: April 1 of this year

Projected increase: 3 percent per year

You aren’t using the data until January 1 of next year.

Using aging, what is the salary rate as of January 1 of next year?

The answer: January 1 is nine months after April 1.

And your annual increase is 3 percent, which is divided by 12 months = 0.25 per month. If you multiply that 0.25 monthly increase rate by the 9 months from April 1 to January 1, you get 2.25 percent.

$40,000 x 1.0225 = $40,900, which is your aged market rate.

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