Average Industrial Organizational Psychologist Salary in Iceland for 2024

In this article, we will look at the average Industrial Organizational Psychologist salary for 2024 in Iceland and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Icelandic króna. To keep things simple, we are using the ISK currency code instead of the currency symbol kr.

How Much Does an Industrial Organizational Psychologist Make in Iceland?

An Industrial Organizational Psychologist working in Iceland will typically earn around 11,113,100 ISK per year, and this can range from the lowest average salary of about 5,111,100 ISK to the highest average salary of 17,640,500 ISK.

Average Annual Salary
11,113,100 ISK
Average Monthly Salary
926,091 ISK

Lowest Annual Salary
5,111,100 ISK
Lowest Monthly Salary
425,925 ISK

Highest Annual Salary
17,640,500 ISK
Highest Monthly Salary
1,470,041 ISK

These are average salaries for an Industrial Organizational Psychologist in Iceland and include benefits such as housing and transport. It's also possible for an Industrial Organizational Psychologist to earn more or less than the average salaries shown above.

Industrial Organizational Psychologist salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Industrial Organizational Psychologist Salaries in Iceland

So we've looked at the average salaries an Industrial Organizational Psychologist will earn in Iceland. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Industrial Organizational Psychologist can earn between 5,111,100 ISK and 17,640,500 ISK on average in Iceland. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for an Industrial Organizational Psychologist in Iceland is 11,998,600 ISK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 11,998,600 ISK, and 50% of the population earn more than 11,998,600 ISK.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Industrial Organizational Psychologist salary in Iceland, 25% of the population are earning less than 7,703,700 ISK while 75% of the population earn more than 7,703,700 ISK.

75% of the population earn less than 16,079,800 ISK, and 25% of the population earn more than 16,079,800 ISK.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Industrial Organizational Psychologist Salary by Experience Level in Iceland

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average industrial organizational psychologist salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. An Industrial Organizational Psychologist in Iceland that has less than two years of experience can expect to earn somewhere in the region of 5,806,300 ISK.
  • 2 - 5 Years Experience. With two to five years of experience the average Industrial Organizational Psychologist salary would increase to 7,750,400 ISK.
  • 5 - 10 Years Experience. From five to ten years of experience as an Industrial Organizational Psychologist, the average salary would be 11,459,800 ISK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 13,919,600 ISK.
  • 15 - 20 Years Experience. An Industrial Organizational Psychologist with 15 to 20 years of experience can earn an average of 15,238,200 ISK.
  • 20+ Years Experience. For an Industrial Organizational Psychologist with more than 20 years, the expected average salary increases to 16,439,200 ISK.

Average Salary by Experience Chart

0-2 Years
5,806,300 ISK
2-5 Years +34%
7,750,400 ISK
5-10 Years +48%
11,459,800 ISK
10-15 Years +22%
13,919,600 ISK
15-20 Years +9%
15,238,200 ISK
20+ Years +8%
16,439,200 ISK

Industrial Organizational Psychologist Salary by Education Level in Iceland

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

The data we have below is combined across all professions. To view the most accurate data possible, you can select a specific job from the list below.

Employees that have earned a certificate or diploma from a post-secondary program can expect to earn approximately 17% more than those who only completed high school level.

If you have a bachelor's degree, you can expect to earn approximately 25% more than those who only completed to a certificate or diploma level.

For professionals reaching the master's degree level, your salary would be around 30% higher than those with a bachelor's degree.

If you are able to achieve a PhD, you can expect to earn approximately 22% more than those with a master's degree for the same job role.

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Iceland is around 3,440,000 to 10,300,000 ISK and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Industrial Organizational Psychologist Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Iceland, a male industrial organizational psychologist will earn an average of 11,365,600 ISK, while a female industrial organizational psychologist will earn around 10,861,800 ISK.

This means that a male industrial organizational psychologist earns approximately 5% more than a female industrial organizational psychologist for performing the same job.

Average Salary by Gender Chart in Iceland

Male
11,365,600 ISK
Female -5%
10,861,800 ISK

Industrial Organizational Psychologist Average Pay Raise in Iceland

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for an Industrial Organizational Psychologist in Iceland is around 8% every 30 months.

The national average pay raise across all professions and industries in Iceland is around 4% every 29 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 8 ÷ 30 ) × 12  = 3%

What this means is that an Industrial Organizational Psychologist in Iceland can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Iceland for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Iceland.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
9%
Energy
9%
Information Technology
9%
Healthcare
9%
Travel
9%
Construction
9%
Education
9%

Industrial Organizational Psychologist Bonus and Incentive Rates in Iceland

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

An Industrial Organizational Psychologist is a low bonus based job, with 42% of employees reporting at least one bonus in the last 12 months.

58% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 2% to 7%.

Received Bonus
42%
No Bonus
58%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Iceland earn approximately 25% more than private sector employees in the same role.

Public Sector
9,154,500 ISK
Private Sector -25%
7,331,800 ISK

Salaries for Jobs Similar to an Industrial Organizational Psychologist

In the table below, we have salary information for jobs that are similar to an Industrial Organizational Psychologist in Iceland.

Job Title Category Salary
Benefits Administrator Human Resources 5,111,100 ISK
Benefits Analyst Human Resources 6,118,800 ISK
Benefits Manager Human Resources 10,333,800 ISK
Benefits Specialist Human Resources 6,289,900 ISK
Chief Human Resources Officer Human Resources 12,600,600 ISK
Chief People Officer Human Resources 12,481,200 ISK
Compensation Analyst Human Resources 6,109,700 ISK
Compensation and Benefits Manager Human Resources 10,057,900 ISK
Compensation and Benefits Officer Human Resources 4,282,500 ISK
Compensation and Benefits Specialist Human Resources 6,289,900 ISK
Compensation Manager Human Resources 10,306,800 ISK
Corporate Director of Human Resources Human Resources 12,958,200 ISK
Corporate Recruiter Human Resources 8,758,900 ISK
Corporate Trainer Human Resources 6,263,400 ISK
Director of Talent Acquisition Human Resources 11,580,300 ISK
Employee Benefits Administrator Human Resources 7,416,400 ISK
Employee Benefits Consultant Human Resources 9,215,300 ISK
Employee Benefits Coordinator Human Resources 3,984,100 ISK
Employee Communications Manager Human Resources 8,868,100 ISK
Employee Development Specialist Human Resources 8,460,900 ISK
Employee Engagement Specialist Human Resources 8,578,600 ISK
Employee Health and Wellness Administrator Human Resources 8,149,100 ISK
Employee Performance Specialist Human Resources 6,311,900 ISK
Employee Relations Analyst Human Resources 8,689,800 ISK
Employee Relations Manager Human Resources 8,845,500 ISK
Employee Relations Practitioner Human Resources 8,891,600 ISK
Employee Relations Representative Human Resources 6,395,900 ISK
Employee Relations Specialist Human Resources 8,689,800 ISK
Employee Services Manager Human Resources 8,833,600 ISK
Employee Services Specialist Human Resources 8,758,900 ISK
Employee Wellness Officer Human Resources 6,587,900 ISK
Employment Advice Worker Human Resources 4,116,600 ISK
Employment Interviewer Human Resources 6,156,100 ISK
Employment Relations Officer Human Resources 4,152,200 ISK
Employment Service Specialist Human Resources 5,063,200 ISK
Employment Services Coordinator Human Resources 5,698,400 ISK
Enrollment Counselor Human Resources 8,149,100 ISK
Equal Opportunity Representative Human Resources 6,300,400 ISK
Executive Human Capital Management Human Resources 12,841,200 ISK
Executive Recruiter Human Resources 8,785,800 ISK
Expatriate Administration Manager Human Resources 8,626,600 ISK
Expatriate Administration Supervisor Human Resources 5,868,200 ISK
Global Mobility Manager Human Resources 10,966,400 ISK
Head of Human Resources Human Resources 11,712,900 ISK
Headhunter Human Resources 8,545,000 ISK
Health Benefits Coordinator Human Resources 5,063,200 ISK
HRIS Analyst Human Resources 4,654,300 ISK
HRIS Manager Human Resources 7,441,400 ISK
HRIS Officer Human Resources 3,601,500 ISK
HRIS Supervisor Human Resources 4,270,100 ISK
Human Resources Administration Specialist Human Resources 4,777,400 ISK
Human Resources Administrative Assistant Human Resources 3,733,300 ISK
Human Resources Administrative Coordinator Human Resources 4,822,700 ISK
Human Resources Administrator Human Resources 5,232,400 ISK
Human Resources Advisor Human Resources 8,508,800 ISK
Human Resources Analyst Human Resources 6,911,700 ISK
Human Resources Assessor Human Resources 4,799,700 ISK
Human Resources Assistant Human Resources 3,132,800 ISK
Human Resources Assistant Manager Human Resources 9,361,300 ISK
Human Resources Associate Human Resources 3,481,100 ISK
Human Resources Consultant Human Resources 9,409,200 ISK
Human Resources Coordinator Human Resources 3,490,200 ISK
Human Resources Data Analytics Manager Human Resources 7,488,800 ISK
Human Resources Deputy Manager Human Resources 8,926,700 ISK
Human Resources Development Manager Human Resources 10,739,300 ISK
Human Resources Director Human Resources 12,958,200 ISK
Human Resources Executive Human Resources 8,134,400 ISK
Human Resources Generalist Human Resources 6,587,900 ISK
Human Resources Manager Human Resources 11,688,600 ISK
Human Resources Officer Human Resources 4,654,300 ISK
Human Resources Recruiter Human Resources 8,352,700 ISK
Human Resources Representative Human Resources 4,585,100 ISK
Human Resources Section Head Human Resources 8,267,800 ISK
Human Resources Services Manager Human Resources 9,863,700 ISK
Human Resources Specialist Human Resources 5,998,900 ISK
Human Resources Superintendent Human Resources 4,332,900 ISK
Human Resources Training Executive Human Resources 8,267,800 ISK
Human Resources Vice President Human Resources 12,239,700 ISK
Job Evaluation Specialist Human Resources 8,004,700 ISK
Labor Relations Director Human Resources 9,744,400 ISK
Labor Relations Manager Human Resources 9,731,500 ISK
Labor Relations Specialist Human Resources 4,369,800 ISK
Learning and Development Manager Human Resources 10,907,900 ISK
Occupational Health and Safety Officer Human Resources 4,594,300 ISK
Organizational Development Consultant Human Resources 9,493,400 ISK
Organizational Development Manager Human Resources 10,475,000 ISK
Organizational Development Specialist Human Resources 5,172,800 ISK
Payroll Assistant Human Resources 4,056,200 ISK
Payroll Supervisor Human Resources 4,883,400 ISK
People Development Officer Human Resources 6,469,100 ISK
Personnel Officer Human Resources 3,648,200 ISK
Personnel Recruiter Human Resources 8,362,500 ISK
Records Clerk Human Resources 3,132,800 ISK
Records Manager Human Resources 5,099,700 ISK
Recruiter Human Resources 8,701,100 ISK
Recruiting Coordinator Human Resources 4,297,400 ISK
Recruiting Manager Human Resources 11,352,300 ISK
Recruitment Consultant Human Resources 8,017,000 ISK
Recruitment Officer Human Resources 4,548,600 ISK
Recruitment Supervisor Human Resources 6,721,800 ISK
Research Associate Human Resources 4,067,600 ISK
SAP Resource Manager Human Resources 8,401,800 ISK
Talent Acquisition Manager Human Resources 11,844,700 ISK
Talent Acquisition Specialist Human Resources 7,057,300 ISK
Talent Management Officer Human Resources 5,531,100 ISK
Technical Recruiter Human Resources 5,531,100 ISK
Training Administrator Human Resources 4,609,700 ISK
Training and Development Manager Human Resources 10,092,500 ISK
Training and Development Section Head Human Resources 8,626,600 ISK
Training Executive Human Resources 10,044,200 ISK
Training Manager Human Resources 10,057,900 ISK
Training Officer Human Resources 4,019,900 ISK
Training Specialist Human Resources 6,241,000 ISK

Salary Comparison by City

If you want to compare salaries with different cities in Iceland, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Reykjavik 11,712,900 ISK

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