Full-time manager employees in the Cape Coral-Fort Myers area bring home wages significantly higher than their full-time non-manager colleagues.
According to a new study by Smartest Dollar, a for-profit organization that allows users to receive what they call “honest and objective” reviews of financial products, advice, and services, that wage-earning difference is a median of 42.9% percent more between the two employee groups.
The study by Smartest Dollar determined that 76.7% of workers in the Cape Coral-Fort Myers area are non-manager employees. Their median annual wage of $40,000 varies vastly from the manager median annual wage of $70,000.
This number aligns closely with what Smartest Dollar determined to be the nation employee-manager wage gap of nearly 44%. That figure was determined from analysis of surveys from the U.S. Census Bureau and the Occupational Informational Network run by the U.S. Department of Labor.
The study also determined that a bigger disparity of 53.3% exists in the Naples-Marco Island area with managers making a median of $80,000 and non-managers making a median of $37,400.
According to Smartest Dollar, since 1979 economic productivity grew 64.6% while the compensation for non-manager employees grew only 17.3%. Despite this disparity, researchers expect to see this wage gap begin to close.
According to Smartest Dollar top employee occupations, however, have begun to exceed most manager positions. Occupations such as lawyers, judges, and magistrates often exceed typical manager salaries. Employees in science and engineering professions also tend to out-earn managers, typically making around six figures.
Following the COVID-19 pandemic, Smartest Dollar researchers expect to see this gap continue to close because the pandemic has created more job openings and the opportunity for low-income workers to obtain higher wages.
Smartest Dollar also conducts and includes what they believe is unbiased research regarding various financial topics on their website.
The company included several disclosures on their website regarding commission they may earn for certain products they may recommend but promise users that their recommendations remain objective nonetheless.
For more information, a detailed methodology, and complete results, you can find the original report on Smartest Dollar’s website: https://smartestdollar.com/research/cities-with-the-largest-employee-manager-wage-gap-2023
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