What is mean wage?
The mean wage is a calculation of taking the sum of all wages within the data system and dividing by the number of wages in the data.
Often it is known as the ‘average’ wage, however, it is commonly an over or under- estimation. This is because of the presence of extremes in the data systems.
It is said that the median wage is the more accurate estimate of the 'average' wage.
Mean wage is very important for job promoters and job seekers. This is because job seekers have an interest in the mean wages within the industry and can help them know what they are looking for in a job role.
For job promoters, HR, and employees it is key for them to have some knowledge of the mean wages for them to be able to write job descriptions etc.