Definition
The midpoint of earnings for individuals categorized by their employment class: private for-profit, private non-profit, government (federal, state, local), or self-employed (incorporated or unincorporated).
Why It Matters
Reveals how compensation differs across major employment types. It highlights economic distinctions between the private, public, and self-employed sectors, influencing strategies for business services and talent attraction.
Specific Relevance for Professionals:
Marketers
Enables targeted marketing for products or services designed for specific worker classes (e.g., benefits packages for government employees, business tools for the self-employed, professional development for non-profit staff).
Researchers
Fundamental for studying labor market structure, compensation disparities between public/private/self-employed sectors, and trends in workforce composition.
Consultants
Crucial for advising clients on talent acquisition strategies specific to different employment classes, or for assessing market opportunities for services tailored to government contractors, non-profits, or entrepreneurs.
Public Policy Workers
Important for informing public sector compensation policies, regulations affecting self-employed individuals, and understanding the economic landscape of different employment sectors within a jurisdiction.
