What is Mid-range Wage?
‘Mid-range Wage’ is the set of 50% of wage values in an ascending wages data set which starts from the 25% mark and ends at the 75% mark.
‘Mid-range’ is a concept used in statistics to estimate the center of a uniform distribution. Hence, applying the same concept to the wages helps estimate the range of salary values near the middle of a wage scale.
Understanding and calculating the mid-range wage helps companies and HR in applying the same in statistical analysis of compensation provided to the employees. When combined with median wage and mean wage, it helps them understand the actual salary to be provided for any position in the company.