I was listening to the radio yesterday and it was reported that the average wage in Canada was something like $42,500. That got me thinking, are you above the average or below the average? I am personally above the average. I also found it strange that this number was reported with data on the richest people in Canada. The report on the radio was talking about the upper echelon of wage earners. They claimed that the richest among us made a few million dollars last year. That got me thinking, am I listening to some left-wing blue-collar radio program? does it matter if the upper tiers of our work force made so much money? I also started to wonder if this was more fall out of the recent economic crisis that we have seen around the world.
Back when GM, Ford and Chrysler were looking for a bail out, the CEOs flew to Washington to seek this money. The Optics were very bad for them. Here they were talking about cut backs for the assembly line worker, the closure of plants and the general hardship their employees were about to face and at the same time they were flying on private jets to come talk to congress about these issues. What a mistake that was. It wasn’t entirely their fault. Thats the way CEOs get around to meetings. They received such bad press about it because the financial industry, which got bailed out first, still paid out massive bonuses even as the companies were going bankrupt. This year they stood to do the same thing. The taxpayer was, I think, fed up with having to bail out private companies and then watch as the top dogs padded their pay cheques with the money.
So this radio program I’m listening to is talking about how much money the top CEOs made last year. It was on average a few million dollars. The number really isn’t important. The real question I wondered about, was are they entitled to this? It would seem that the radio program I was listening to, thought that it was excessive, they referred to how much the average Canadian made and the fact that these CEOs were paid so much more than the average. I think the question is should we each settle for average? Once I make $42,500 should I stop working for the rest of the year? Should I take a paid cut and only make $42,500 for all the work I do for the full year? Averages are great, they show you where you stand with respect to the rest of the country. But they can also be bad. If you get locked into a mindset that you are average, that you only deserve the average and that you don’t want to work for more than the average, all these things can hinder your ability to produce the maximum income you can.
Yes, CEOs make way more than the average. But it’s not important to look at them. The real question is where do you stand and are you happy with it? If you are not happy with where you stand in respect to the average, what are you going to do in 2010 to change where you stand with respect to the average?
Stat’s are often very misleading as well. Looking at the ‘Average’ may include all those folks on EI, or making no money as well as those that pull the millions a year… so there can be huuuge outliers that affect the information. When looking at data, I try to find the Median – which gives you the middle number…it’s often more helpful.
That said, I’m marginally above the average you mentioned (I’m at 47K) – I’m happy with it right now – but am looking at a raise in April, 2010. To get this? I’m excelling in my role, taking on new challenges, and impressing the socks off of my team.
Nah they earn their money as well. They worked hard to get where they are (in most cases I hope at least). I think it would be generous of them to donate more since they are able to, but they shouldn’t be REQUIRED to. They are still spending money and those taxes help us average Joes. Well I’m actually a below average. Wayyy below, less than half of what the “average” is. Can only go up from here right?
I’m about 10K above average but once I leave my current job and move to my new one next week, I will be almost 2x above the average. Working hard, persevering, and at the same time being on the lookout for job opportunities (internally or externally) has contributed to my career advancement. I am not a job hopper or a kiss-up
, but instead I have created a great reputation for myself in my 10+ years of working FT by giving it my all and keeping my goals in mind.
I have learned that although I have worked for some great companies, waiting for your annual raise will not change where you stand. Set career goals (re: salary, position, new skills, education, etc.) that are measurable and achievable, just like when you are planning your budget. Do your best to meet/exceed those goals and it will happen – but not always the way you thought!
Yah, and did you hear how much some of those CEOs made? Geez…. I’m not there!
I’m with Ace82 – same dollar terms too. Sadly, and maybe it’s just me, it doesn’t seem like 50K gets you far. By no means is it a scrimping lifestyle, but it’s not as luxurious as I would have once thought. In between rent, savings, etc, there isn’t much for fun trips or anything, but maybe I’m just too tight of a saver. *shrug*
As Ace82 said, the only way to get money is hop from one position to another because waiting for raises won’t get you anywhere. Heck, my annual raise doesn’t even match proportionately to my rent increase. Sad.
Haha, shouldn’t you be cahrging for that kind of knowledge?!