All Work and No P(l)ay This Summer? Korn Ferry Hay Group Analyzes Positions, Pay and the Cost of Summer Pastimes
Los Angeles. July 12, 2016
LOS ANGELES, July 12, 2016 – Thinking, dreaming about summer delights and your pay? How many days must you work to afford a sporty convertible, throw a pool party or pay for a wedding? The Hay Group division of Korn Ferry (NYSE: KFY), has broken down how many days people with different jobs would need to work to earn some of summer’s favorite pastimes.
Using the company’s proprietary PayNet, the world’s largest salary database, the researchers analyzed the base salaries of 24 job titles across several functions. They determined how many days it would take someone with each of those job titles to purchase the average-priced:
- New Convertible
- In-ground swimming pool
- Week-long family vacation for 4
- Set of golf clubs
- Backyard barbecue for 20
The priciest item on the list, the average convertible costs $33,560. A public relations assistant making $50,000 annually would need to work for 175 days to pay for it. A junior accountant who makes on average $58,000 a year would have to work 150 days, and a vice president of finance making on average $239,000 would need to work 37 days to pay for the car.
Saying “I do” is pricey these days, with the average wedding costing $26,444. It would take 181 days for a machine operator at a production plant making $38,000 a year to pay for the celebration. For an IT application developer with a $76,000 salary it would take 90 days, and the head of marketing who makes $370,000 could have it paid for with19 days on the job.
In-Ground Swimming Pool
A retail assistant buyer making $50,000 annually would have to work for 114 days for a pool, a pharmacy manager making $142,000 could pay for it in 40 days, and an attorney with a salary of $182,000 could afford that cool swim after 31 days.
Relaxation comes with a price tag. A weeklong family vacation for 4 costs on average $4,300. An IT support assistant making $47,000 would have to work 24 days to pay for it, a paralegal making $66,000 would be able to pay for the trip in 17 days, and a chief actuary making $266,000 could pay for vacation in 4 days.
The head of a research and development function making on average $219,000 annually could pay for a nice set of clubs after less than a day on the job. A senior retail buyer making $125,000 annually could pay for the clubs in 1.7 days, and for an HR generalist making $61,000, the clubs could be his after working for about 3.5 days.
Backyard Barbecue for 20 Guests
Nothing says summer like brats, chips and cool beverages with friends. A sales representative making $49,000 annually could pay for the festivities with just over 2 day’s salary. The head of IT systems making $199,000 annually could make the celebration happen with what she makes in half a day, and a chief actuary in the financial services industry making $266,000 could pay for the party in 3 hours.
“Compensation will vary due to the size and scope of the job, education, experience, accomplishments, and tenure in an organization or a field,” said Benjamin Frost, Korn Ferry Hay Group Global Product Manager, Pay. “But whatever position someone has, thinking about making those ‘dream’ purchases can make even tough days at the office more palatable, because employees can envision the fruits of their labor.”
About Korn Ferry
Korn Ferry is the preeminent global people and organizational advisory firm. We help leaders, organizations, and societies succeed by releasing the full power and potential of people. Our nearly 7,000 colleagues deliver services through our Executive Search, Hay Group and Futurestep divisions.