Definition
The midpoint of earnings for individuals in a specific occupation during a defined period (e.g., past 12 months). Half of the workers in that occupation earn more than this amount, and half earn less.
Why It Matters
Provides a clear benchmark for the typical compensation within various professions. This helps understand the economic value and purchasing power associated with different job roles, influencing career choices and market segmentation.
Specific Relevance for Professionals:
Marketers
Enables precise targeting for products or services (e.g., financial planning, professional development courses, lifestyle brands) that align with the typical income level and needs of individuals in specific occupations.
Researchers
Fundamental for studying wage disparities across professions, the economic returns of different career paths, and labor market trends related to compensation within occupations.
Consultants
Crucial for advising clients on talent acquisition strategies (e.g., competitive salary benchmarking), workforce compensation planning, or assessing the economic viability of industries based on their typical occupational earnings.
Public Policy Workers
Important for informing minimum wage policies, occupational training programs, and economic development strategies aimed at improving earnings within specific job sectors.
