In this handy guide, we’ll take a look at how much the average worker in the construction industry makes.
How much does someone working in construction make?
In Australia, a person working in construction earns roughly 53,400 AUD per year on average. Salaries range from 23,000 to 155,000 Australian dollars.
This is the annual average pay, which includes housing, transportation, and other perks. As the above data indicates, the range of salaries is quite diverse depending on the job itself and the responsibilities associated with it. . See below for salaries for individual job titles if you’re interested in learning more about a certain job.
The median annual pay in construction is 53,400 AUD, which means that half of those employed in the industry earn less than 53,400 AUD, and the other half earn more. The middle wage value is represented by the median. In general, you want to be on the right side of the median value.
Two values are closely related to the median: the 25th and 75th percentiles. According to the pay distribution map, 25% of persons working in construction earn less than 34,400 AUD, while 75% earn more. According to the data, 75 percent of persons working in construction make less than 104,000 AUD, while 25 percent earn more.
What is the difference between the average and median salary?
They both provide you with an insight into where your earnings sit in comparison to what other people are being paid. You’re doing well if your pay is higher than both the average and the median. If your pay is lower than both, many other construction workers are making more money than you, and you have the potential to grow. Things can get difficult if your wage falls anywhere between the average and the median.
Can working as a self-employed construction worker increase your salary?
Self-employed construction workers are typically paid higher rates than those who are paid by organizations. However, self-employed construction staff will also have costs that their employed counterparts do not. For instance, if you work for yourself, you may need to put insurance for contractors in place. This will be necessary to cover any expenses you may encounter if you cause accidental damage or injury during the course of performing your duties.
How does experience impact wage in the construction industry?
The most important factor in determining the salary is the level of experience. Naturally, the higher the wage, the more years of experience you typically have.
Across all industries and disciplines, employees with two to five years of experience earn 32% more than freshers and juniors.
Professionals with more than five years of experience earn 36 percent more on average than those with less than five years of experience.
Salary progression based on experience varies greatly from one location to the next and is also highly dependent on the career field.
When you reach the ten-year mark, your salary increases by an average of 21%, with an additional 14% for those who have reached the fifteen-year mark.
What effect does construction workers’ education have on their pay?
Higher education is well known to result in a higher salary, but how much more money can a degree add to a construction worker’s earnings? We compared the salaries of professionals at the same level but with different levels of college degrees across a variety of jobs.
We found that salary changes based on education vary greatly from one location to the next and are also highly dependent on the career field.
Workers who have earned a certificate or diploma earn 17 percent more than those who have only completed high school.
Employees with a Bachelor’s Degree earn 24% more than those with only a certificate or diploma.
Professionals with a Master’s Degree earn 29% more than those with only a Bachelor’s Degree.
Finally, while doing the same job, PhD holders earn 23% more than Master’s Degree holders on average.
Is it worthwhile to pursue a master’s degree or an MBA? Should you continue your education?
In Australia, a Master’s degree program or any post-graduate program costs between 37,800 and 114,000 Australian Dollars and lasts approximately two years. That is a significant investment.
If you already have a job, you shouldn’t expect any salary increases during your studies. A salary review is usually conducted once education is completed and a degree is obtained.
Many people pursue higher education as a means of advancing their careers and earning more money. The numbers appear to back up this strategy. When changing jobs, the average increase in compensation is about 10% higher than the standard salary increase.
The decision is based on a variety of factors, including your situation and prior experience. Putting all other factors aside, if you can afford higher education, the return on investment is unquestionably worthwhile. In a year or so, you should be able to recoup your expenses.
Do male construction workers earn more than female workers?
Despite the fact that gender should have no bearing on pay, it often does. So, who makes more money, men or women? The bad news for female workers: Male construction workers in Australia earn on average 4% more than their female counterparts.
What are the annual salary increases for construction workers in Australia?
Professionals in the construction, building, and installation industries in Australia can expect a salary increase of about 7% every 17 months. Employees in all professions receive an average annual raise of 8% every 16 months in the United States.
The term ‘Annual Salary Increase’ usually refers to an increase over a 12-month period, but because salaries are rarely reviewed exactly at the one-year mark, knowing the frequency and rate at the time of the increase is more useful.
What is the formula for calculating the salary increment percentage?
In a calendar year (12 months), the annual salary increase can be easily calculated as follows: Increase Rate x 12 Increase Frequency = Annual Salary Increase