What does competitive salary mean?
Do you see the phrase ‘competitive salary’ everywhere? And are you wondering what in the world it means? Then you’ve come to the right place! On this page, you will find out what a competitive salary is, an explanation of DOE salary and what the meaning of a minimum sought salary is.
What is a competitive salary?
So what is a competitive salary? It’s the wage or income that makes you feel like a baller, but also doesn’t break the bank for your employer. It’s a delicate dance between what you think you’re worth and what the market is willing to pay for your talents. A competitive salary is the sweet spot that attracts top talent and keeps them motivated to perform their best.
In other words, a competitive salary is an income or wage that is comparable to what other employers are paying their employees for similar roles in a particular location or industry. Your salary does however depend on industry, location, economic factors and company size.
What does DOE salary mean?
DOE stands for “depends on experience” – the holy grail of salary negotiations. It’s like a choose-your-own-adventure book for compensation: the more experience, skills, and qualifications you bring to the table, the more money you can make.
Employers love DOE salaries because it allows for flexibility with their compensation packages, while employees love them because they can negotiate a fair and competitive salary based on their expertise.
An example of this is that a company might offer a higher salary to a candidate with more qualifications and experience, while less experienced other candidates may receive a lower salary. This means that when applying for a position, you can determine your salary based on your own background and expertise. This is also a great way to negotiate your salary, read about other ways of negotiating your salary in this guide.
What is the meaning of compensation?
Compensation is the total package of rewards and benefits that you receive for your hard work at a company. It’s like getting a diploma when rounding off your studies, except the diploma is your paycheck (and hopefully a few other perks, too) and your work doesn’t end like your studies, you can keep getting more and more ‘diploma’s’.
Other perks can be things like bonuses, benefits, commissions, and other non-monetary rewards like a company bike or extra days off. A good compensation package is designed to attract and retain the best employees, and is the ultimate employee satisfaction tool, because who doesn’t love getting rewarded for a job well done?
If you need some help finding the best career for you, check out this guide to find out which career is right for you.
Minimum salary sought meaning?
The minimum salary sought is the bare minimum amount of salary that you’re willing to accept for a job. This can be based on your financial needs, market research on the typical salary range for the position, or level of experience you have. It helps to establish a baseline for discussions about your salary and helps you to find out whether or not you’re wasting your time, like setting a low bar for a first date.
You may communicate your minimum salary sought during the job application or negotiation process, but keep in mind that it’s just a starting point. You don’t have to keep to this number and can probably go up from here, you never know, you may end up negotiating for a salary that exceeds your wildest dreams.
Competitive salary for jobs in the UK vs. The Netherlands
Below we list a number of examples of competitive salaries for jobs in the Netherlands and the UK.
As a consultant, there are a lot of different available jobs, both in the UK and in the Netherlands, but it does ofcourse have to float your boat. There are also many different types of consultant that you can become, such as: business consultant, strategy consultant, management consultant and many more.
When entering the job market as a consultant, you can earn an average of £39,993 per year in the UK and €46,377 per year in the Netherlands. These salaries are approximately the same when looking at the exchange rate between pound and euro.
Looking for a job as a consultant? Check out the jobs available on Magnet.me here.
2. IT and AI
In the past years, the artificial intelligence and IT sectors have had an increase in popularity, this can be seen in both The Netherlands and The UK. The highest paying junior career in this sector – in the UK – is software engineer, with an average salary of £46,300 per year. For the Netherlands this is also software engineering, but with an average total salary of €51,460 per year as a junior.
3. Project Manager
There are also a lot of companies looking for those who can take on the task of Project Manager, in both the Netherlands and the UK. As a junior Project Manager, you can make approximately €74,773 per year in the Netherlands and £48,454 per year in the UK.
4. Financial Analyst and Investment Banking Analyst
If you’re looking for a job in the finance industry, a job as financial analyst is a great option in terms of competitive salary. As a Financial Analyst you can earn on average €61,179 per year in the Netherlands and £54,549 per year in the UK.
Another finance job that pays generously is the Investment Banking Analyst role, for which you can earn an average of €62,009 per year in the Netherlands and £60,939 per year in the UK.
Are you looking for a job in the finance industry? Find the actual jobs in finance here on Magnet.me.
What does annum mean?
Annum is Latin for “year”, and is often used in finance and economics to refer to an annual period. It’s like a fancy way of saying “once a year”. An annual salary is the total amount of money you make over the course of a year, while interest rates on loans or investments may be quoted on an annual basis. It’s a word that makes you feel smarter just by saying it, so go ahead and use it in your next conversation with your finance-savvy friends.
Frequently asked questions
Below you will find a quick overview of frequently asked questions about competitive salaries.
What is a competitive salary?
It’s a delicate dance between what you think you’re worth and what the market is willing to pay for your talents. A competitive salary is an income or wage that is comparable to what other employers are paying their employees for similar roles in a particular location or industry. Read more on what a competitive salary is…
What does DOE salary mean?
DOE stands for “depends on experience” – the holy grail of salary negotiations. It’s like a choose-your-own-adventure book for compensation: the more experience, skills, and qualifications you bring to the table, the more money you can make. Read more on what a DOE salary means…
Magnet.me x FSR partnership
Magnet.me is an online network for students and graduates that makes it easier to find a job or internship you love. You can discover relevant vacancies based on your profile and likes, and build your professional network by connecting with companies that are interested in you. Companies send their likes and connections messages, instead of spamming cold reach outs. This results in an easy process that gets the right people in the right jobs!
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