Average Loss Control Specialist Salary in Guinea for 2024

In this article, we will look at the average Loss Control Specialist salary for 2024 in Guinea 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 Guinean franc. To keep things simple, we are using the GNF currency code instead of the currency symbol Fr.

How Much Does a Loss Control Specialist Make in Guinea?

A Loss Control Specialist working in Guinea will typically earn around 75,479,500 GNF per year, and this can range from the lowest average salary of about 36,960,300 GNF to the highest average salary of 117,841,300 GNF.

Average Annual Salary
75,479,500 GNF
Average Monthly Salary
6,289,958 GNF

Lowest Annual Salary
36,960,300 GNF
Lowest Monthly Salary
3,080,025 GNF

Highest Annual Salary
117,841,300 GNF
Highest Monthly Salary
9,820,108 GNF

These are average salaries for a Loss Control Specialist in Guinea and include benefits such as housing and transport. It's also possible for a Loss Control Specialist to earn more or less than the average salaries shown above.

Loss Control Specialist 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 Loss Control Specialist Salaries in Guinea

So we've looked at the average salaries a Loss Control Specialist will earn in Guinea. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Loss Control Specialist can earn between 36,960,300 GNF and 117,841,300 GNF on average in Guinea. 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 a Loss Control Specialist in Guinea is 77,041,100 GNF. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 77,041,100 GNF, and 50% of the population earn more than 77,041,100 GNF.

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 Loss Control Specialist salary in Guinea, 25% of the population are earning less than 51,361,500 GNF while 75% of the population earn more than 51,361,500 GNF.

75% of the population earn less than 99,358,600 GNF, and 25% of the population earn more than 99,358,600 GNF.

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.

Loss Control Specialist Salary by Experience Level in Guinea

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 loss control specialist 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. A Loss Control Specialist in Guinea that has less than two years of experience can expect to earn somewhere in the region of 43,921,700 GNF.
  • 2 - 5 Years Experience. With two to five years of experience the average Loss Control Specialist salary would increase to 56,401,100 GNF.
  • 5 - 10 Years Experience. From five to ten years of experience as a Loss Control Specialist, the average salary would be 77,758,500 GNF.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 96,358,400 GNF.
  • 15 - 20 Years Experience. A Loss Control Specialist with 15 to 20 years of experience can earn an average of 103,201,100 GNF.
  • 20+ Years Experience. For a Loss Control Specialist with more than 20 years, the expected average salary increases to 110,158,800 GNF.

Average Salary by Experience Chart

0-2 Years
43,921,700 GNF
2-5 Years +29%
56,401,100 GNF
5-10 Years +38%
77,758,500 GNF
10-15 Years +24%
96,358,400 GNF
15-20 Years +7%
103,201,100 GNF
20+ Years +7%
110,158,800 GNF

Loss Control Specialist Salary by Education Level in Guinea

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.

In our research, we looked at the average salary for a Loss Control Specialist in Guinea based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Loss Control Specialist in Guinea with a bachelor's degree education can earn an average salary of 54,719,600 GNF.

  • Master's Degree. A Loss Control Specialist in Guinea with a master's degree education can earn an average salary of 87,838,100 GNF.

Average Salary by Education Chart

Bachelor's Degree
54,719,600 GNF
Master's Degree +60%
87,838,100 GNF

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 Guinea is around 35,000,000 to 105,000,000 GNF 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.

Loss Control Specialist 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 Guinea, a male loss control specialist will earn an average of 78,838,900 GNF, while a female loss control specialist will earn around 70,318,900 GNF.

This means that a male loss control specialist earns approximately 12% more than a female loss control specialist for performing the same job.

Average Salary by Gender Chart in Guinea

Male
78,838,900 GNF
Female -12%
70,318,900 GNF

Loss Control Specialist Average Pay Raise in Guinea

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 a Loss Control Specialist in Guinea is around 6% every 29 months.

The national average pay raise across all professions and industries in Guinea 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 = ( 6 ÷ 29 ) × 12  = 2%

What this means is that a Loss Control Specialist in Guinea can expect to receive an average pay raise of around 2% every 12 months.

Annual Pay Raise by Industry in Guinea for 2024

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

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

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Loss Control Specialist Bonus and Incentive Rates in Guinea

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.

A Loss Control Specialist is a low bonus based job, with 38% of employees reporting at least one bonus in the last 12 months.

62% 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 3% to 6%.

Received Bonus
38%
No Bonus
62%

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 Guinea earn approximately 11% more than private sector employees in the same role.

Public Sector
87,358,200 GNF
Private Sector -11%
78,960,300 GNF

Salaries for Jobs Similar to a Loss Control Specialist

In the table below, we have salary information for jobs that are similar to a Loss Control Specialist in Guinea.

Job Title Category Salary
Actuarial Analyst Insurance 108,119,100 GNF
Actuarial Assistant Insurance 75,360,300 GNF
Actuarial Specialist Insurance 75,721,000 GNF
Actuary Insurance 103,201,100 GNF
Adjustment Insurance Clerk Insurance 30,360,800 GNF
Assistant Broker Insurance 50,759,100 GNF
Assistant Claims Manager Insurance 87,481,900 GNF
Associate Insurance Representative Insurance 42,601,100 GNF
Auditing Insurance Manager Insurance 119,998,200 GNF
Broker Insurance 77,758,500 GNF
Claim Advocacy Professional Insurance 83,521,700 GNF
Claims Adjuster Insurance 29,761,800 GNF
Claims Analyst Insurance 41,280,700 GNF
Claims Examiner Insurance 40,921,600 GNF
Claims Manager Insurance 110,040,100 GNF
Claims Processor Insurance 28,679,900 GNF
Claims Representative Insurance 34,919,600 GNF
Claims Resolution Specialist Insurance 88,921,600 GNF
Claims Supervisor Insurance 83,759,700 GNF
Complaints Specialist Insurance 73,081,700 GNF
Compliance Examiner Insurance 76,560,700 GNF
Compliance Officer Insurance 67,200,800 GNF
Compliance Reviewer Insurance 74,879,200 GNF
Consultant Insurance 80,520,300 GNF
Eligibility Interviewer Insurance 88,081,100 GNF
Eligibility Specialist Insurance 84,121,400 GNF
Insurance Account Manager Insurance 101,281,000 GNF
Insurance Accounts Executive Insurance 90,599,800 GNF
Insurance Adjuster Insurance 74,161,900 GNF
Insurance Agent Insurance 48,239,000 GNF
Insurance Analyst Insurance 81,240,300 GNF
Insurance Appraiser Insurance 81,719,100 GNF
Insurance Claims Clerk Insurance 30,001,600 GNF
Insurance Examiner Insurance 73,319,100 GNF
Insurance Investigator Insurance 74,639,200 GNF
Insurance Manager Insurance 136,800,100 GNF
Insurance Operations Manager Insurance 133,198,700 GNF
Insurance Policy Processing Clerk Insurance 29,161,000 GNF
Insurance Pricing Assistant Insurance 63,120,600 GNF
Insurance Program Manager Insurance 106,921,000 GNF
Insurance Project Manager Insurance 102,718,900 GNF
Insurance Quality Assurance Agent Insurance 67,200,800 GNF
Insurance Sales Agent Insurance 46,319,900 GNF
Insurance Sales Director Insurance 130,799,600 GNF
Insurance Sales Manager Insurance 109,079,600 GNF
Insurance Sales Representative Insurance 40,079,600 GNF
Insurance Team Leader Insurance 85,681,300 GNF
Insurance Underwriter Insurance 61,919,600 GNF
Loss Prevention Investigator Insurance 80,520,300 GNF
Loss Prevention Manager Insurance 111,720,700 GNF
Loss Prevention Specialist Insurance 89,518,100 GNF
Marine Underwriter Insurance 62,879,900 GNF
Medical Auditor Insurance 80,759,700 GNF
Monitoring and Performance Officer Insurance 58,441,700 GNF
Payment Services Specialist Insurance 77,641,200 GNF
Policy Change Director Insurance 128,400,500 GNF
Policy Change Supervisor Insurance 87,960,300 GNF
Policy Change Technician Insurance 39,119,300 GNF
Risk Analyst Insurance 88,560,900 GNF
Risk Management Director Insurance 152,398,600 GNF
Risk Management Supervisor Insurance 97,321,300 GNF
Risk Manager Insurance 144,001,700 GNF
Risk Modeling Manager Insurance 157,201,600 GNF
Title Insurance Typist Insurance 65,998,100 GNF
Training Manager Insurance 88,560,900 GNF

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