Typically the higher paying jobs are in very high cost of living areas
This can’t be understated. Companies like Google, Microsoft, and Amazon can pay their entry level engineers in the US around $120k/year, but some sources state that the bare minimum salary to be happy in places like Seattle, where these engineers need to be located, is around $117k/year.
but some sources state that the bare minimum salary to be happy in places like Seattle, where these engineers need to be located, is around $117k/year.
Those sources also state that worldwide the number to be minimally happy is $95k. I’m going to assume Europe is at least at the global average and likely a bit above since the US on average is at $105k. So if you go by those studies then the new grad in Seattle making $120k is minimally happy while the seasoned engineer in Germany making $90k is not. Not that I agree but if we’re going by the study you mentioned then that’s the conclusion.
So if you go by those studies then the new grad in Seattle making $120k is minimally happy while the seasoned engineer in Germany making $90k is not.
Not really, that would be a silly comparison. Income influences happiness because it determines how/where you live, what you can afford in terms of basic needs, what’s your disposable income, etc. Some countries, due to the way their society is organized, offload more living expenses to their citizens and ultimately lead low earners to simply not afford some basic services. One example is of course access to healthcare. In Germany you have access to public health care and employers are required to pay social security contributions consisting of a percentage of what they pay you, and in turn you have far more affordable and accessible healthcare. Consequently, the $90k you’d get paid in Germany will ensure you have a better quality of life right from the start by the simple fact that a single trip to the doctor won’t bankrupt you.
Apple earns $2.4m per employee per year… and most of their employees are sales/support staff. They don’t have hundreds of thousands working in R&D. The other big tech companies earn less, but still well above the salary for any employee except for C-level executives.
The reality is they should probably pay even more than they are. Every small tech company I’ve worked for spends nearly 100% of their revenue on salaries (without paying well compared to the big tech companies).
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This can’t be understated. Companies like Google, Microsoft, and Amazon can pay their entry level engineers in the US around $120k/year, but some sources state that the bare minimum salary to be happy in places like Seattle, where these engineers need to be located, is around $117k/year.
Those sources also state that worldwide the number to be minimally happy is $95k. I’m going to assume Europe is at least at the global average and likely a bit above since the US on average is at $105k. So if you go by those studies then the new grad in Seattle making $120k is minimally happy while the seasoned engineer in Germany making $90k is not. Not that I agree but if we’re going by the study you mentioned then that’s the conclusion.
Not really, that would be a silly comparison. Income influences happiness because it determines how/where you live, what you can afford in terms of basic needs, what’s your disposable income, etc. Some countries, due to the way their society is organized, offload more living expenses to their citizens and ultimately lead low earners to simply not afford some basic services. One example is of course access to healthcare. In Germany you have access to public health care and employers are required to pay social security contributions consisting of a percentage of what they pay you, and in turn you have far more affordable and accessible healthcare. Consequently, the $90k you’d get paid in Germany will ensure you have a better quality of life right from the start by the simple fact that a single trip to the doctor won’t bankrupt you.
Apple earns $2.4m per employee per year… and most of their employees are sales/support staff. They don’t have hundreds of thousands working in R&D. The other big tech companies earn less, but still well above the salary for any employee except for C-level executives.
The reality is they should probably pay even more than they are. Every small tech company I’ve worked for spends nearly 100% of their revenue on salaries (without paying well compared to the big tech companies).