VR has released a new wage calculator which allows members to view information about the salaries of different jobs. The calculator is powered by a statistical prediction model which VR has built and takes a greater number of factors into account which can explain differences in salary than previous wage surveys. It is now possible to enter information about job titles, sector, age, job experience, education and managerial responsibility into the wage calculator and receive an accurate prediction for a likely salary range.
It is important to bear in mind that the wage calculator‘s predictions can give a good idea about what a reasonable salary range would be for the information given. The calculator does not return actual averages for different groups but rather uses machine learning methods to identify statistical patterns in the salary distribution of VR members. In this way, the model can identify the ways in which different factors (like age, education, job title, etc.) influence salary levels.
VR encourages all members to try the new wage calculator, which is available on My Pages.