Construction Industry Salary Tools Key Terms
Some key terms for establishing compensation with construction industry salary toolsAny business within the construction industry deals with setting wages for various workers and job positions. The method for acquiring pay rates and salaries for jobs can be complex, with factors including location, average compensation, job skills and credentials, and qualifications that workers bring to the table. Knowing about some handy key terms for setting construction industry salary tools will help a business navigate this potentially troublesome task and get fair compensation for all of the workers on a construction project.
Cost of living
Median salaryThe median salary is an average salary that someone makes for a specific job position. Median salaries for construction jobs help managers find specific rates for an open position.
Prevailing wageThe prevailing wage is a term used for a similar idea to establishing the median salary. Many government contracts for construction require a prevailing wage should be set, to be sure that workers receive fair compensation.
Davis-Bacon. For more details on the prevailing wage, see this glossary from the California state government.
BLS StatisticsThe U.S. Bureau of Labor Statistics, an arm of the U.S. Department of Labor, compiles statistics for the public that are helpful in nearly any field that Americans labor in. These demographics provide vital information for salary setting tools and more.
U.S. Bureau of Labor Statistics for more information.
Salary estimateA salary estimate is an approximate salary range. Some agencies use salary estimates for grouping job positions together by range of compensation in public job boards or other resources.
Construction professional associationsTrade groups and associations can be a big help in identifying skill sets, salary rates and more for construction job roles. Trade organizations can provide background on the type of job being researched, as well as common standards and salary or qualifications information.
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