With the rise of inflation, many Americans find their dollar doesn’t stretch as far today. Employers can make an impact by providing a living wage to their team. What is a living wage, and how is it calculated? Here is a formula for determining wages in the DFW-Arlington area for the various available positions and what you should know about providing a living wage.
A living wage is how much money someone should earn to meet their basic needs including food, clothing and shelter, without the need to rely on government programs for additional income. The living wage for a single adult with no children in the DFW area is $17.03 per hour. For two working adults with three children, that number jumps to $27.10. Over the last several years, the market in our area adjusted pay rates, typically meeting or exceeding living wage for most workers. Therefore, the definition of a living wage is what it takes to bring qualified candidates on board.
Average Pay Rates in DFW
For most jobs in our sector, such as accounting, administrative, and customer service, the average salaries have reflected increased pay rates over the last several years. For example, an experienced administrative assistant can earn as much as $20 or more in the Dallas-Fort Worth area, according to Salary.com. Unlike the federally established minimum wage, the real minimum wage for businesses in the area is what’s required to hire quality employees and what an employee needs to earn to meet their basic needs.
Calculator for DFW-Arlington Area
For hiring managers, the balance comes between paying a fair and living wage for employees while still being competitive in the market. A helpful tool is this calculator that allows you to make that determination. However, a living wage doesn’t mean the maximum, either. Evaluating salaries based on the location, typical pay rates for similar roles and the skills the employee brings to the table is critical for every decision. We are happy to play a part in matching qualified employees to great companies throughout DFW-Arlington.
Do you want to hire top talent in the DFW-Arlington area? Contact the team at CornerStone Staffing to learn more today.