Average Salary in Grenada 2020
How much money does a person working in Grenada make?
LOW
860
XCD AVERAGE
6,320
XCD HIGH
28,000
XCD
A person working in Grenada typically earns around 6,320 XCD per month. Salaries range from 860 XCD (lowest average) to 28,000 XCD (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Distribution of Salaries in Grenada
The median, the maximum, the minimum, and the range
Salary Range
Salaries in Grenada range from 860 XCD per month (minimum salary) to 28,000 XCD per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 6,320 XCD per month, which means that half (50%) of the population are earning less than 6,320 XCD while the other half are earning more than 6,320 XCD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Percentiles
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of the population are earning less than 3,230 XCD while 75% of them are earning more than 3,230 XCD. Also from the diagram, 75% of the population are earning less than 17,100 XCD while 25% are earning more than 17,100 XCD.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
Salary Comparison by Years of Experience
How does a person's salary progress over time?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.
Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.
Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.
As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.
Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.
Salary Comparison By Education
How does the education level affect your salary?
It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.
Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.
Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.
Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.
Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in Grenada costs anywhere from 31,600 East Caribbean Dollar(s) to 94,800 East Caribbean Dollar(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Grenada earn 8% more than their female counterparts.
| Female | 6,030 XCD | |
| Male | +8% | 6,520 XCD |
Average Annual Salary Increment Percentage in Grenada
How much are annual salary increments in Grenada? How often do employees get salary raises?
Grenada
Employees in Grenada are likely to observe a salary increase of approximately 5% every 28 months.
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency
Annual Increment Rate By Industry 2019
| Banking | 5% | |
| Energy | 1% | |
| Information Technology | 6% | |
| Healthcare | 2% | |
| Travel | 7% | |
| Construction | 3% | |
| Education | 8% |
Listed above are the average annual increase rates for each industry in Grenada for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
Average Salary Increase Rate by Experience Level
| Junoir Level | 3% - 5% | |
| Mid-Career | 6% - 9% | |
| Senior Level | 10% - 15% | |
| Top Management | 15% - 20% |
The difference in increment rates is somehow justified because employers put more effort to retain more experienced staff since they are harder to acquire than less experienced ones.
Worldwide Salary Raises: All Countries and All Jobs
Bonus and Incentive Rates in Grenada
How much and how often are bonuses being awarded?
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65% of surveyed staff in Grenada reported that they haven't received any bonuses or incentives in the previous year while 35% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.
| Received Bonus | 35% | |
| No Bonus | 65% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
Bonus Rates Comparison by Career Field
| Finance | High | |
| Architecture | High | |
| Sales | High | |
| Business Development | High | |
| Marketing / Advertising | High | |
| Information Technology | Moderate | |
| Healthcare | Moderate | |
| Insurance | Moderate | |
| Customer Service | Moderate | |
| Human Resources | Moderate | |
| Construction | Low | |
| Transport | Low | |
| Hospitality | Low |
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Government vs Private Sector Salary Comparison
Where can you get paid more, working for a private company or for the government? Public sector employees in Grenada earn 7% more than their private sector counterparts.
| Private Sector | 6,060 XCD | |
| Public Sector | +7% | 6,510 XCD |
Salary Trend and Forecast in Grenada
How are Grenada salaries changing over time? The chart below shows the average salary change in the past few years.
| Average Salary 2016 | 5,710 XCD | |
| Average Salary 2017 | +4% | 5,920 XCD |
| Average Salary 2018 | +3% | 6,070 XCD |
| Average Salary 2019 | +1% | 6,150 XCD |
Salaries in Grenada are on the rise in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 1% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.
Salaries for popular jobs
| Job Title | Average Salary |
| Accounting and Finance | |
| Accountant | 3,960 XCD |
| Accounting Assistant | 3,760 XCD |
| Accounting Manager | 8,160 XCD |
| Bookkeeper | 3,140 XCD |
| Chartered Accountant | 5,250 XCD |
| Corporate Treasurer | 11,000 XCD |
| Financial Analyst | 6,030 XCD |
| Financial Manager | 11,400 XCD |
| Internal Auditor | 6,310 XCD |
Administration / Reception / Secretarial | |
| Administrative Assistant | 3,050 XCD |
| Office Manager | 4,070 XCD |
| Receptionist | 4,470 XCD |
| Secretary | 3,320 XCD |
Advertising / Grapic Design / Events | |
| Art Director | 5,630 XCD |
| Creative Director | 5,860 XCD |
| Graphic Designer | 4,100 XCD |
| Photographer | 3,910 XCD |
Airlines / Aviation / Aerospace / Defense | |
| Aerospace Engineer | 6,410 XCD |
| Air Traffic Controller | 5,880 XCD |
| Flight Attendant | 5,180 XCD |
| Pilot | 7,340 XCD |
Architecture | |
| Architect | 5,650 XCD |
| CAD Drafter | 4,460 XCD |
Automotive | |
| Mechanic | 3,230 XCD |
| Service Advisor | 4,710 XCD |
Banking | |
| Bank Branch Manager | 8,630 XCD |
| Teller | 3,990 XCD |
Bilingual | |
| Teacher | 4,700 XCD |
| Translator | 5,250 XCD |
Business Planning | |
| Business Analyst | 7,240 XCD |
| Business Development Manager | 8,680 XCD |
| Project Manager | 6,660 XCD |
Care Giving and Child Care | |
| Nanny | 3,630 XCD |
| Nursery Teacher | 4,370 XCD |
Construction / Building / Installation | |
| Civil Engineer | 5,220 XCD |
| Construction Project Manager | 7,080 XCD |
| Health and Safety Officer | 3,790 XCD |
Customer Service and Call Center | |
| Call Center Representative | 4,050 XCD |
| Customer Service Manager | 7,530 XCD |
| Customer Service Representative | 4,380 XCD |
Engineering | |
| Electrical Engineer | 5,990 XCD |
| Engineer | 5,380 XCD |
| Mechanical Engineer | 5,770 XCD |
Executive and Management | |
| Chief Executive Officer | 13,800 XCD |
| Chief Financial Officer | 12,000 XCD |
| General Manager | 10,000 XCD |
Food / Hospitality / Tourism / Catering | |
| Chef | 4,830 XCD |
| Executive Chef | 5,050 XCD |
| Hotel Manager | 8,670 XCD |
| Travel Agent | 5,000 XCD |
| Waiter / Waitress | 3,640 XCD |
Health and Medical | |
| Dentist | 14,400 XCD |
| Dietitian | 13,500 XCD |
| Laboratory Technician | 4,440 XCD |
| Nurse | 4,910 XCD |
Human Resources | |
| Human Resources Manager | 8,550 XCD |
| Human Resources Officer | 4,780 XCD |
Information Technology | |
| Computer Technician | 4,410 XCD |
| Database Administrator | 5,740 XCD |
| Developer / Programmer | 5,190 XCD |
| Information Technology Manager | 8,950 XCD |
| Network Engineer | 5,280 XCD |
Law Enforcement / Security / Fire | |
| Police Officer | 4,700 XCD |
Legal | |
| Attorney | 8,350 XCD |
| Legal Assistant | 4,080 XCD |
Media / Broadcasting / Arts / Entertainment | |
| Journalist | 5,640 XCD |
Pharmaceutical and Biotechnology | |
| Biomedical Engineer | 5,110 XCD |
| Pharmacist | 7,070 XCD |
Sales Retail and Wholesale | |
| Cashier | 3,320 XCD |
| Sales Manager | 9,510 XCD |
| Sales Representative | 3,900 XCD |
Teaching / Education | |
| Elementary School Teacher | 4,050 XCD |
| Secondary School Teacher | 5,110 XCD |
Average Hourly Wage in Grenada
36 XCD per hourThe average hourly wage (pay per hour) in Grenada is 36 XCD. This means that the average person in Grenada earns approximately 36 XCD for every worked hour.
The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
