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Tag Archives: Salary

When Your Company Can’t Get Any Leaner!

Has your company’s overhead suddenly become a problem? Have your sales declined so much that your current cost structure simply isn’t sustainable? More importantly, have you decided to reduce costs, but are unsure of how to proceed, or where to focus your efforts? Well, you’re not alone. In what many economists now call the “Great Recession,” companies everywhere are scrambling to reduce expenditures. It’s a reality of today’s business environment; companies must reduce costs or suffer the consequences. It really is that simple. However, what can companies do when they’ve exhausted all options? What can they do when they simply can’t squeeze anymore? In a world where enterprises are touting the benefits of being lean, what can companies do when they just can’t get any leaner?

Should We Use Layoffs or Reduce Salaries?

Given this most recent recession, most companies have done their best to reduce expenses. However, at some point, these companies face the ultimate decision: should they pursue layoffs, reduce salaries, or both? Unfortunately, there really isn’t a definitive answer as to which strategy is best. Some argue that companies should focus on making deep cuts to their workforce, deep enough that they can immediately return to profitability. Others argue that companies should instead focus on across the board salary cuts. Yet, others claim that a combination of layoffs and salary cuts works best. Unfortunately, all of these actions inevitably lead to a substantial decrease in service capabilities. So what can companies do when they must reduce costs but are reluctant to go with these aforementioned options?

•             Outsource Payroll

Today’s companies save a tremendous amount of money by outsourcing their payroll to corporate payroll services firms. For instance, UK employers must meet stringent PAYE requirements. In Canada, there are a different set of rules pertaining to the Canada Revenue Agency, and how employers should be compliant when withholding taxes. In the United States, it’s the IRS. Each agency has a different set of rules governing how employees are paid. Each has a different set of rules on how corporations pay taxes. Finally, each has different criteria concerning withholding amounts. It can become a recipe for disaster. However, it’s less of a concern when using an outside payroll firm. In addition, outsourcing can save a considerable amount of capital.

•             Work Share Models

Most countries have provisions that allow employers to benefit from work share models. Employees work a reduced number of days. On those days where the employee doesn’t work, he or she receives unemployment insurance. The company is able to reduce its costs, while employees are able to retain their jobs. Work share models allow companies to retain high value employees without fear or concern that those employees will leave. This practice is often welcomed by both employer and employee. The impact in lost revenue is often made up by the unemployment benefits the employee receives. Work share programs are also ideal for companies who operate in cyclical and seasonal markets. These programs allow companies to match their workforce levels to their market’s business volumes. Meanwhile, employees are confident that their workload will increase once the market rebounds.

This recession has certainly taken its toll. Companies are understandably apprehensive about the future. As such, they have downgraded their forecasts and have adjusted expectations to coincide with this new reality. Outsourcing payroll management is one option that reduces costs without resorting to salary reductions and layoffs. Work share programs are also a proactive means of reducing costs. Both are solid options for today’s enterprises.

This guest post was written by independent journalist Patrica H. Hugley who frequently blogs about company finances and payroll services.

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Top 5 Highest Paying Professions 2012

Many people think that to earn enormous amounts of money one needs to be a super star. An actor, a rock star or even a business mogul that created an innovative and life changing product. It is good to note that in this article, where we list the top 5 highest paying jobs, none of these professions are listed. We will evaluate these professions and take a look at what the general salary is and what exactly it is they are. It is also good to note that the highest paying professions from 2010 have not changed to 2012 explaining a somewhat sustainable career path.

The top 5 highest paying professions in the world

5.  Dentist

The highest salary of a dentist can be up to $132,660. Although this, one of the highest paying health professions has had a negative stigma attached to it for being incredibly boring, it seems that with a pay check as high as this, it should ease the boredom somewhat. The studying time to become a dentist is about 8 years and it entails receiving a bachelor’s degree and then being accepted into dentistry school. You are able to further specialize into different field of dentistry and many dentists opt to have a private general practice.

4.  Airline pilot

This is one highest paying profession that inspires awe from both small children dreaming big and adults alike. The highest salary can be up to $134,090. It is an incredibly responsible job as you have an entire plane full of lives in your hands. Pilots need to be very focused and be highly knowledgeable about aviation. The stresses are evident and that may also add to the high pay check. The studying time of a pilot can be between 5 to 10 years depending on what airplane you would like to fly and if you would like to become a pilot. There is also much flying time needed before you can take on becoming a commercial pilot.

3.  Engineering manager

Engineering managers are mostly involved in determining technical or scientific goals and are sometimes involved in the financial aspect of a project. An engineering manager, someone who one of the highest has paid professions, can get a salary of up to $140,210. The studying process is quite a long one and can be between 6 to 7 years. One will have to complete a bachelor’s degree and then further specialize in an MBA, a Master of Science or a doctorate.

2.  CEO

This has not come as a shock as one of the highest paid professions. To be a CEO (chief executive officer) holds much responsibility. They are the highest ranking person within a company and oversee the company as a whole with the board of directors. The highest salary a CEO can acquire is around $140,880. Although there is no set degree to become a CEO, knowledge on business and entrepreneurship is key.

1.  Surgeon

This is the highest paid medical profession. An acclaimed surgeon can make up to $181,850. There are many different fields a surgeon can practice in but all of these avenues take up to 10 to 15 years of training and studying. The road is long but in the end it is worth it and not only would you have the honor of receiving the title win of the highest paid professions but it is a well respected career.

Jemma Scott is an avid writer of topical news from around the world and different careers.

Her interest stems from her experience working in serviced offices Edinburgh and serviced offices Leicester.

 

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11 Highest Paying Jobs

A quick glance at the highest paying jobs in the United States proves that this country values its health care, technology and public administration jobs the most. Surgeons and other health professionals top the list, which also contains specialists in software and networking. Engineers and academic deans also do well.

1. Anesthesiologist

With a median salary of $290,000 and a top end salary of $393,000 per year, anesthesiologists easily top the list when it comes to salaries. They receive high compensation for the hours they spend making sure that patients sleep comfortably and safely through all different kinds of surgeries.

2. General Surgeon

The surgeon performing the actual operation earns high pay as well. The median salary for a general surgeon is $260,000, while top surgeons can bring in as much as $412,000 per year. The job requires years of training, but the payoff can be worth it in the end.

3. Obstetrician/Gynecologist

These physicians work long and varied shifts based on the whims of unborn babies. They have to carry high malpractice insurance because of the unpredictable nature of their work. The median salary for an obstetrician is in the $210,000 range.

4. Psychiatrist

Psychiatrists have a higher earning potential because of their years of medical training. The median salary hovers near the $185,000 mark. Psychiatrists have the ability to prescribe medication for mental illness, which sets them apart from other mental health professionals.

5. Academic Dean

Deans make about $150,000 per year, according to the Bureau of Labor Statistics. They are the educational administrators of colleges and universities, providing the school’s vision and direction. The dean represents all that the school wishes to project to students and the public.

6. Product Management Director

These technology specialists are behind many of the technological advances we use on a daily basis. With a median salary near $148,000, they can afford to spend their days helping to drive the invention of new gadgets for companies around the globe.

7. Software Engineer

Software engineers help create the programs that make it possible for people to use computers effectively. They are extremely vital to our current computer-driven business world, and their median salary of around $144,000 proves it.

8. Dentist

Keeping a nice, healthy smile is an important part of overall good health. Dentists can expect to earn a median salary of $142,000 per year, with top end jobs paying as much as $237,000.

9. Airline Pilot

We trust airline pilots to deliver us, our friends, and our families to the air and back to the ground safely day in and day out. The expertise and high stress involved in flying an airplane for a living is tempered by the nice paycheck, which is usually around $134,000 per year.

10. Actuary

Actuaries receive high pay because they are responsible for weighing each financial decision made by a business. Their expertise allows them to bring home a median salary of $133,000 per year, with top positions paying as much as $222,000.

10. Electrical Engineers

We need electrical engineers and electronics specialists to make sure that we always have the least expensive power available at all times. Engineers are constantly working to make power development and consumption more efficient. For their efforts and for the years of necessary training, these specialists can expect to earn around $112,000 per year.

Jessica Bosari writes about careers for Education-Colleges.com, a site offering tips and information for those considering careers in education and looking for education colleges.

 

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Negotiate for What You’re Worth

Discussing salary can make even the most confident person cower in the corner. Money can be an incredibly uncomfortable topic and negotiating for a better salary can be intimidating. If you have recently graduated with your MBA and find yourself in the competitive job market, it is in your best interest to know what you’re worth. Here are some great tips for negotiating the best possible salary right out of school:

Average Salary

There are several sites online that you can use to research the average salary for the position you are interviewing for. This will give you an idea if the salary you are being offered is fair or if you are being low-balled and have room for negotiation. Check out http://www.payscale.org and http://www.vault.com to research thousands of positions.

Talk to People

One of the best ways to get a feel for a great offer is to talk to others in the same position in similar companies. If you find out that people are making more elsewhere, you have opened the door to negotiating with the human resource manager. Explain to them that you have researched other companies and what they are offering and ask if they can better their offer.

Start Higher

Many companies have wage scales in place for the various levels or grades within their company. If you can’t negotiate a better salary, try to negotiate a better starting level. If you can perform the job there is nothing wrong with asking to start at a higher grade. Not only will this net you a better starting salary but it will also give you a leg up on those that came in on the ground floor.

Your Personality

While it may be surprising to you, your personality has quite a bit to play in the salary you are offered. People that will mesh well with the company culture are often offered more in the way of wages than those that won’t. Do your research and apply to companies that have a culture you are well suited for. For instance, if you are type-A in overdrive, you don’t want to apply for a company that has a laid-back culture. Not only will they not be the right company for you, you will not be the right employee for them.

Time it Right

The time to start talking about salary is not at the beginning of the interview or even at the end. The best time to negotiate is after you have been given a firm job offer. At that point, negotiations are wide open. The proper approach to negotiating after a job offer is to take your time. Don’t jump at the offer, instead, schedule a meeting to discuss the offer, cement your job responsibilities and negotiate a better salary if warranted.

Be Flexible

A company may not be able to offer you more in the way of salary but they may be able to sweeten your benefits package. Weigh your options! You may be better off taking a lower salary with a great company than a higher salary in a less desirable position. If the company you want to work for can’t offer you more money, ask if they can offer you better health insurance coverage, more time off or anything else that you think would benefit you. It doesn’t hurt to ask; these are negotiations after-all.

Andy Anderson is a career counselor who writes for BusinessMBA.org, a site featuring extensive information and listings for the best accounting MBA programs available.

 

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