Energy industry salaries must be competitive in order to keep the employees you value and recruit new staff. But what is the average energy industry salary? Obviously, starting salaries for oil industry jobs will be less than the pay given to seasoned professionals, but it’s also important to determine average energy industry compensation for similar positions at other companies in your area.
If you’ve been lucky enough to have had the same energy career professional at your company for years and years, you may have an especially difficult time determining a fair energy business salary. As a business owner, you’ll want to have accurate, up-to-date energy industry salary information and the following resources will help:
1. Use salary tools for energy industry employment to help you hire new employees at a fair rate.
2. Use salary tools for energy industry employment during staff reviews and promotions.
3. Use salary tools for energy industry employment to help you determine employee benefits packages.
Action Steps
The best contacts and resources to help you get it done
Determine fair energy industry salaries before hiring new employees
Energy industry salaries run the gamut due to several factors, including job type, experience level, company size and location. Deciphering what a specific position is worth can be dizzying. Fortunately, there are a variety of energy industry salary tools available that are easy to use and typically provide current information on energy industry compensation.
I recommend: Yahoo! HotJobs has a free salary calculator that uses job title and location to calculate energy industry salaries. Hiring a new energy industry professional from a different state? See how energy industry compensation compares between two locations with Salary.com’s
Cost-of-Living Wizard.
Stay up-to-date on energy industry salaries to keep employees happy
Offering a competitive energy industry salary to a new employee is imperative, but it's also important to regularly provide fair salary increases to staff members that have stayed, even if they are not getting promoted, to make sure they don't look elsewhere for a pay boost. At the very least, all employees should get a cost-of-living increase at review time.
I recommend: Compensation.BLR.com takes the energy salary calculator one step further by offering a salary report to employers to help you make sure your energy industry salaries are competitive.
SalaryExpert offers affordable energy industry salary surveys to assist you during review time.
Keep employee benefits in mind when establishing energy industry salaries
An energy industry salary is not the only thing that will attract and keep employees. Benefits such as medical and dental insurance, vacation pay, life insurance, flexible hours, casual dress and more are factors for many workers. Keep all benefits in mind when coming up with energy industry compensation.
I recommend: Purchase one of the
Compensation Market Studies at Salary.com, which provides relevant compensation and benefits data from quality sources for its energy industry salary surveys. Sign up for a
Vault Gold membership to see this site’s collection of
Compensation & Benefits Surveys.
Tips & Tactics
Helpful advice for making the most of this Guide
- If you're a small business that is having a hard time matching the energy industry salaries of larger companies, tout more responsibility and room for growth to prospective employees. Offer impressive titles as another benefit.
The official source of Salary Tools for Energy Industry Employment is
the Salary Tools for Energy Industry Employment page at Business.com
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