If You Want To Get Rich, Work For These Companies
Posted on March 24, 2014
From 24/7 Wall St.: Median income for Americans was $34,750 in 2012. At some companies, however, the median is more than five times the national number. Based on figures provided by Glassdoor, 24/7 Wall St. examined the highest-paying companies in America.
The companies that pay their employees the most fall primarily into two industries: management consulting firms and tech companies. These companies employ graduates of elite schools who have skills that are in high demand and have high salary expectations to match.
Consultancies can afford to pay high salaries. Generally, they are high-margin businesses, relying on a relatively small workforce to generate revenues. McKinsey & Co. and Boston Consulting Group, two consultancies that pay big salaries, continue to draw interest from business school students as they compete with some of the nation’s largest public companies to recruit top performers. According to Forbes, 2013 revenue at McKinsey & Co. was $7.8 billion, generated by only 17,000 employees.
For tech companies, maintaining the talent pool requires paying very high salaries to bring in software developers and engineers. According to a study by Glassdoor published last year, the six companies that paid engineers the most included Juniper Networks, LinkedIn, Yahoo!, Google, Twitter and Apple — all of which were among the top 15 highest-paying companies overall.
Many of the highest-paying companies in America are also listed in Glassdoor’s 2014 Best Places to Work. Most notably, LinkedIn, Twitter and Google are all among the top 15 paying companies, as well as among the top 10 places to work based on employee reviews. Apple, Salesforce.com, Chevron, Riverbed Technology and eBay are also among the 30 best-paying companies and the top 50 places to work.
Many of the companies paying the highest salaries are headquartered in some of the wealthiest metro areas in the country. Boston, the fifth-wealthiest metro area by median income, is home to Boston Consulting Group. San Francisco, the nation’s fourth-wealthiest such area, is home to four of the top payers, including both design and engineering software-maker Autodesk and social networking company Twitter.
But no metro area is home to more top-paying companies than the San Jose area, where Apple, Google, LinkedIn, Yahoo! and Juniper Networks are all headquartered. San Jose topped the nation with a median household income of $79,841 in 2012.
To identify the companies paying employees the most, 24/7 Wall St. reviewed data from Glassdoor on median annual salaries by company, as well as job reviews and average salaries for specific positions. We also examined Glassdoor’s 2014 study on the Best Places to Work. In addition, we reviewed 2012 median salaries by occupation from the Bureau of Labor Statistics (BLS).
Douglas A. McIntyre, Alexander E.M. Hess, Thomas C. Frohlich and Vince Calio