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A Workstream hiring specialist can help you identify high impact ways to improve your applicant experience, and even help you determine what is a good hourly wage for your location and business.
The minimum wage in Oklahoma is $7.25 per hour, which is the same as the federal minimum wage set by the Fair Labor Standards Act. However, some cities and counties in Oklahoma have passed their own minimum wage laws that set a higher minimum wage for employees within their jurisdiction. For example, Oklahoma City has a minimum wage of $11.50 per hour for employees who work within the city limits, and Norman has a minimum wage of $12.00 per hour for employees who work within the city limits. It's important for employees and employers to be aware of the minimum wage laws that apply to them, as they may vary depending on location.
It's worth noting that discussions and debates surrounding the Oklahoma minimum wage have occurred, with calls for potential increases in recent years. Changes to the minimum wage in Oklahoma would require legislative action, and any adjustments would be influenced by factors such as economic conditions, political considerations, and public opinion on the importance of fair wages.
The average wage in Oklahoma varies depending on the occupation and industry. As of 2023, the average hourly wage in Oklahoma is $19.89 per hour, and the average annual salary is $41,371. However, this varies significantly depending on the occupation. For example, the average hourly wage for a retail salesperson in Oklahoma is $11.81, while the average hourly wage for a registered nurse is $28.79.
In general, the highest paying industries in Oklahoma include healthcare, finance, and energy. For example, the average annual salary for a healthcare administrator in Oklahoma is $89,000, while the average annual salary for a financial analyst is $74,000. On the other hand, the lowest paying industries in Oklahoma include retail and food service.
It's important to remember that the Hourly Wage Index data above reflects gross wages, or the amount of money an employee earns before accounting for payroll deductions like taxes, benefits, or wage garnishments. Due to variability in tax rates across locations, slightly lower gross wages in a certain location might result in higher take home pay, or vice versa.
This question is a difficult one to answer, as a "good hourly wage" is highly subjective according to experience, work responsibilities, cost of living, and other factors. We recommend using Hourly Wage Index data as a starting point. Once you have established a baseline for certain positions, do further research into similar businesses in your area.
Lastly, consider surveying your employees. They're the best resource to help you know what is a good hourly wage, what competitive pay looks like in your location, and how competitive wages change in your industry over time.
We know that getting applicants to pay attention to your business can be extremely challenging, and that offering competitive pay is a huge part of that. Wages aren’t everything, however! Applicant experience is another important factor that can help set you apart from your competition. A few examples include: