How do you calculate your annual salary
How much salary is possible? This tool calculates your maximum
Employees in Germany achieve their maximum salary around the middle of their career: men on average at 52, women at 41. This was the result of analyzes by the Stepstone job exchange.
The individual salary maximum can now be determined using a computer from the company.
Above all, gender, industry, region and the degree of responsibility determine the salary development. But the starting salary also counts.
A lot of experience, a lot of salary? Basically that's true. After all, many people earn their highest salary after decades in the profession. But that is not the rule. In the free economy, the highest wage is not the same as the maximum of professional experience. Instead, employees reach their maximum wages in the middle of their careers, according to analysts from the online job exchange Stepstone *. After this point, salaries stagnate or begin to decline slightly by the time you retire.
Accordingly, women achieve their salary at the age of 41: an average of around 50,500 euros a year. In contrast, the salary of men continues to rise up to the age of 52, when they achieve their maximum salary of around EUR 62,500 on average. At this point it is 25 percent higher than that of women. The data is based on an evaluation of the average wages of a good 250,000 Stepstone users between January 2019 and September 2020.
If you want to determine your own maximum salary, you can use a tool developed by Stepstone, the "salary potential calculator". He can be fed with information about age, gross annual salary and industry and calculates when in relation to the hours worked the highest salary in the career beckons. In addition, your own wages can be compared with the remuneration in other industries, occupational fields, locations and degrees. "We want everyone to know at all times what salary they can achieve in the course of their working life," says André Schaefer, salary expert at Stepstone.
When starting a career, the wage gap is small, and later it becomes larger
The calculator reveals what determines the earnings above all in the course of a career: the industry, the work region, the degree of responsibility, the educational qualification and the starting salary. But above all, and this is not surprising, it is gender.
At the start of their careers, women and men still earn a comparable amount. At the age of 21 it is an average of EUR 31,800 gross per year for women and EUR 32,500 for men. The gender pay gap is already visible, but not yet pronounced.
This requires other influencing factors such as working in a lucrative industry. Women choose this less often than men. “For example, men often work in the well-paid automotive industry,” says salary expert Schaefer. They are also more likely to resort to power - HR responsibility is another key to making more money. The wage gap then continues to rise until retirement.
The educational qualification also influences the salary development. In this way, people with a diploma reach their maximum salary eleven years earlier than people with a qualification. Many of them are drawn to the public service, observes Schaefer. "There, wage increases are regulated by collective agreements and are usually not as rapid as in the private sector." The wages of employees rise more slowly and only reach their peak at the end of their working lives.
More money: through salary negotiations, further training, personnel responsibility
Those who work in a high-wage industry reach the maximum salary earlier: in the banking industry, on average, at the age of 48. "Above-average paid financial experts get very high salaries early on here," says Schaefer. For example in investment banking.
But even if women choose industries that pay lower wages, there are ways to get more wages out. "The analyzes show that women's salary expectations are often significantly lower than those of men," says salary expert Schaefer. “And with the same qualifications.” He attributes this to cultural reasons, among other things.
So if you want to make sure that you are doing everything possible to get a top salary, you should know the market salaries in your industry - and renegotiate the salary. "If you want to earn more, we recommend that you continue to train yourself or take on personal responsibility," says Schaefer. "A job change also usually pays off financially."
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