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Why compare salary to hourly?
Comparing salaries and hourly pay is useful to get a better understanding of your income. Both have pros and cons and appeal to us differently based on our individual financial obligations. The aim is to give you a better understanding of how to make the best decision, taking into account all obligations when looking for your next job!
Why convert from salary to hourly?
It's important to understand the difference between salary and wage for hourly jobs as it may impact your decision about employment. Some people prefer job security over potential income, and when comparing salaries vs hourly pay, there is no clear winner between the two. This is because everyone has different wants, needs, and desires.
An easy way when comparing your salary to hourly rate is to use a salary to hourly calculator. Enter the basic details, then it will return the results instantly.
Can I get a salary increase after taking a job?
One of the pitfalls with a regular 9-5 job is that there is a cap on your earning potential. The thing about this is that you basically have control over how much you make. You can either raise your own salary by moving to a new company or transitioning between positions at the same company, mainly because you are handling more responsibilities.
If for example, you consistently provide the same results at your job and are not putting in more time or effort, it may be tough to ask for a pay raise because the company doesn't see that you're adding anything different to their process or product. If salary increases are based on how well your company is doing financially then this is definitely the opportunity to prove to your manager that you deserve more money every year.
Show that you are an efficient, well-rounded employee who can handle more responsibility. If your employer knows what resources they can lean on and how to work with your strengths - they're more likely to invest in you and offer you a salary increase.
Should I switch to hourly pay or is a salary better?
You might be wondering, how does an employee actually advance in their career? There are more and more people who are changing jobs more frequently nowadays than in the past , especially younger generations who want to take their career path in a direction they feel will bring them the most happiness. Whether or not you pursue advancement within your own company depends a lot on your personal circumstances as well as other priorities such as time management and work-life balance.
This is why knowing how much you're worth on an hourly basis can be a good guide as to how much you should be getting paid in salary because it helps you determine if the path you've taken is the right one for your future.
Pros and cons of hourly pay and a salary?
There are pros and cons in both hourly pay and salary. If you were working on hourly pay, you'd get paid for your exact hours. Some people like the fact that they don't have to worry about making mistakes or that they have to work extra hard to get more hours.
On the other hand, these people would also have to deal with their hourly earnings going down when they have a bad day. Hourly pay also makes it harder to manage your finances because you don't always know what your finances are going to be like on any given month. Salary is easy to deal with because you know exactly how much you're getting paid and what your take-home pay is going to be no matter what.
Salary can also make it more difficult to balance your finances because you can end up having money coming in that you don't necessarily want to spend.