Study Reveals What Salary Level Equals Success

How much do you need to earn to be successful? A new study from CareerBuilder finds that for U.S. workers lofty salaries aren’t always part of the definition.

In a survey of 5,700 workers across industries, the vast majority (75%) said they don’t need to earn six figures in order to be successful. Twenty-eight percent said they would feel successful earning between $50,000 and $70,000, while 23% reported they would feel successful earning less than $50,000. One in ten need to pull in $150,000 or more.

Most workers reported they currently earn either their desired salary (23%) or are close to it (45%). Nearly one-third (32%) said they are not anywhere near their target pay level.

Men were twice as likely as women to say they would need to earn six figures to be successful: 32% of men compared to 17% of women. Looking at salary levels, men were twice as likely as women to actually earn $100,000 or more.

The definition of success in relation to salary varied among industries. Workers in information technology (48%), sales (38%), and financial services (37%) were the most likely to report they would need to earn six figures to feel successful. Workers in retail (36%), hospitality (33%), and manufacturing (22%) were the most likely to report they would feel successful earning less than $50,000.

As companies recover and rebuild post-recession, workers are reporting significant gaps between raises. Forty-nine percent of workers reported they have not had a merit raise since 2010. Twenty-five percent have not had a merit increase since before 2008.

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Take our brief compensation survey and receive copies of the 29th and 30th editions at no charge. The 29th edition includes jobs not covered in this year’s questionnaire. Please contact Phillip Montgomery (phillip.montgomery@cbia.com; 860.244.1982), director of compensation services, for more details.