A payroll coordinator is a professional that is in charge of ensuring that employees are paid correctly and on schedule. They work in an organization’s human resources or finance department and are in charge of processing payroll, calculating taxes, and assuring compliance with employment rules and regulations. Let us know ‘Salaries For Payroll Coordinator’.
Salaries For Payroll Coordinator
Their responsibilities may include keeping employee payroll records, calculating salaries and wages, processing payroll deductions, preparing and distributing pay checks, and responding to payroll-related employee inquiries. They may also be in charge of monitoring and reconciling payroll accounts, creating payroll reports, and assuring payroll data correctness.
A payroll coordinator is responsible for processing employee pay checks and ensuring that employees are paid correctly and on time in any business. The income of a payroll coordinator might vary depending on industry, region, amount of experience, and education. In this article, we will look at the usual compensation range for a payroll coordinator, as well as the elements that influence their income and the abilities needed to succeed in this profession.
Payroll Coordinator Salaries
According to PayScale, the typical compensation for a payroll coordinator in the United States is $49,855 per year. Nevertheless, this figure might change based on a number of circumstances. The lowest 10% of earnings in this sector make less than $35,000 per year, while the wealthiest 10% earn more than $66,000 per year.
Salaries Based on
- Salary by Experience
Experienced payroll coordinators typically make more money. PayScale reports that Payroll Coordinators with 1-4 years of experience make an average income of $46,000 annually, compared to those with less than a year of experience at $42,000. The average salary for individuals with 5 to 9 years of experience is $51,000, while the average salary for those with 10 to 19 years of experience is $54,000. Payroll coordinators with more than 20 years of expertise can make up to $60,000.
- Salary by Education
Although a degree isn’t necessarily necessary to work as a payroll coordinator, possessing one in business, accounting, or a closely related profession might boost your earning potential. PayScale reports that the average income for Payroll Coordinators with a bachelor’s degree is $50,000 annually, while the average compensation for those with a master’s degree is $56,000 annually.
- Salary by Sector
The income of a payroll coordinator may vary depend on the sector in which they operate. The BLS estimates that Payroll Coordinators in the financial and insurance sectors make a median annual salary.
Salary Bargaining for a Payroll Coordinator
The wage range for a payroll coordinator might vary based on a number of variables, but it’s crucial to remember that you can always negotiate your pay. Research the market worth of the position before pay negotiations by looking into the sector, region, and job specifications. Highlighting any relevant education or experience might also be useful in proving your worth to a potential employer. Yet, it’s crucial to approach compensation talks politely and professionally.
What Determines the Payroll Coordinator’s Salary?
Industry: A payroll coordinator’s remuneration might vary widely depending on the sector in which they operate. For instance, payroll coordinators in the financial and insurance sectors often make more money than those in the healthcare or retail sectors.
Location: Payroll coordinator salaries might differ greatly based on the workplace. Generally speaking, larger cities provide higher wages than smaller towns or rural locations. For instance, a payroll coordinator in San Francisco may anticipate making more money than one in Topeka, Kansas.
Experience: Like other occupations, payroll coordinators tend to earn more the more experience they have. Payroll coordinators with less experience than you may anticipate making less money.
Education: While a bachelor’s degree in accounting, finance, or a related discipline isn’t usually necessary, it might raise a payroll coordinator’s earning potential. Moreover, earning a professional certification like the Certified Payroll Professional (CPP) title may result in a raise in pay.
Payroll Coordinators’ Industry-Specific Salaries
The income of a payroll coordinator can be significantly influenced by industry. Based on information from PayScale, the following industries and their related typical salaries for payroll coordinators are provided:
Insurance and Finance: $53,714
$48,869 in manufacturing
$48,662 for health care
$44,682 in retail
It’s crucial to remember that these are only averages and that wages can vary widely depending on a person’s region, level of experience, and other factors.
Payroll Coordinator geographical salaries
A payroll coordinator’s income may be impacted by location in addition to other significant factors. According to information from PayScale, the following cities and their accompanying typical wages for payroll coordinators are some examples:
$59,000 in New York
$52,147 in Chicago
$51,758 in Los Angeles
$49261 in Houston
In Atlanta: $46,845
Remembering that these are averages and that pay may differ depending on the sector, experience level, and education is crucial.
Payroll Coordinator Perks and Benefits
Payroll coordinators could also get bonuses and benefits in addition to money. Health insurance, retirement plans, paid time off, and chances for professional advancement are a few examples. Moreover, some employers provide benefits like tuition reimbursement, wellness programmes, or flexible work hours. It’s critical to weigh income and perks when evaluating job offers in order to assess the position’s total worth.
The timely and proper payment of employees is the responsibility of a payroll coordinator. They are responsible for processing payroll, figuring taxes, adhering to rules, and answering questions from employees. Pay scales vary depending on experience, education, sector, and region. The average yearly compensation for a payroll coordinator is $49,855. Payroll coordinators with more than 20 years of experience may earn up to $60,000 yearly. Bachelor’s degree holders make an average of $50,000, while holders of master’s degrees get an average of $56,000.
Payroll coordinator wages vary depending on location, from $59,000 in New York to $46,845 in Atlanta, and range from $42,080 in the non-profit sector to $53,714 in the insurance and banking sectors. Payroll coordinators may also get incentives, perks including health insurance, retirement plans, and chances for career promotion, in addition to their base compensation.
Question And Answer
- How much does a payroll coordinator make on average?
PayScale data indicates that the typical annual compensation for a payroll coordinator in the United States is close to $50,000. Yet, it may differ based on things like the industry, the region, the person’s background, and their level of education.
- How can I haggle over my wage as a payroll coordinator?
To determine the market worth of the position while negotiating a payroll coordinator’s wage, it’s critical to examine the field, the location, and the role’s specifications. In order to prove your worth to a potential employer, you should also emphasise any relevant experience or education. It’s crucial to enter compensation talks with professionalism and respect.