Average Retention Executive Salary in Iceland for 2024

In this article, we will look at the average Retention Executive 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 a Retention Executive Make in Iceland?

A Retention Executive working in Iceland will typically earn around 10,391,200 ISK per year, and this can range from the lowest average salary of about 4,786,100 ISK to the highest average salary of 16,561,800 ISK.

Average Annual Salary
10,391,200 ISK
Average Monthly Salary
865,933 ISK

Lowest Annual Salary
4,786,100 ISK
Lowest Monthly Salary
398,841 ISK

Highest Annual Salary
16,561,800 ISK
Highest Monthly Salary
1,380,150 ISK

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

Retention Executive 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 Retention Executive Salaries in Iceland

So we've looked at the average salaries a Retention Executive will earn in Iceland. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Retention Executive can earn between 4,786,100 ISK and 16,561,800 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 a Retention Executive in Iceland is 11,232,800 ISK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 11,232,800 ISK, and 50% of the population earn more than 11,232,800 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 Retention Executive salary in Iceland, 25% of the population are earning less than 7,199,500 ISK while 75% of the population earn more than 7,199,500 ISK.

75% of the population earn less than 15,001,200 ISK, and 25% of the population earn more than 15,001,200 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.

Retention Executive 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 retention executive 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 Retention Executive in Iceland that has less than two years of experience can expect to earn somewhere in the region of 5,423,100 ISK.
  • 2 - 5 Years Experience. With two to five years of experience the average Retention Executive salary would increase to 7,246,500 ISK.
  • 5 - 10 Years Experience. From five to ten years of experience as a Retention Executive, the average salary would be 10,716,600 ISK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 13,079,500 ISK.
  • 15 - 20 Years Experience. A Retention Executive with 15 to 20 years of experience can earn an average of 14,280,500 ISK.
  • 20+ Years Experience. For a Retention Executive with more than 20 years, the expected average salary increases to 15,360,400 ISK.

Average Salary by Experience Chart

0-2 Years
5,423,100 ISK
2-5 Years +34%
7,246,500 ISK
5-10 Years +48%
10,716,600 ISK
10-15 Years +22%
13,079,500 ISK
15-20 Years +9%
14,280,500 ISK
20+ Years +8%
15,360,400 ISK

Retention Executive 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.

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

  • Certificate or Diploma. A Retention Executive in Iceland with a certificate or diploma education can earn an average salary of 6,193,900 ISK.

  • Bachelor's Degree. A Retention Executive in Iceland with a bachelor's degree education can earn an average salary of 9,720,400 ISK.

  • Master's Degree. A Retention Executive in Iceland with a master's degree education can earn an average salary of 16,320,700 ISK.

Average Salary by Education Chart

Certificate or Diploma
6,193,900 ISK
Bachelor's Degree +57%
9,720,400 ISK
Master's Degree +68%
16,320,700 ISK

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.

Retention Executive 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 retention executive will earn an average of 10,630,600 ISK, while a female retention executive will earn around 10,162,800 ISK.

This means that a male retention executive earns approximately 5% more than a female retention executive for performing the same job.

Average Salary by Gender Chart in Iceland

Male
10,630,600 ISK
Female -5%
10,162,800 ISK

Retention Executive 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 a Retention Executive in Iceland is around 7% 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 = ( 7 ÷ 30 ) × 12  = 3%

What this means is that a Retention Executive 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%

Retention Executive 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.

A Retention Executive 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 a Retention Executive

In the table below, we have salary information for jobs that are similar to a Retention Executive in Iceland.

Job Title Category Salary
Access Operation Team Leader Telecommunication 8,448,800 ISK
Audio Visual Installer Telecommunication 3,696,900 ISK
Broadband Technician Telecommunication 3,792,300 ISK
Chief Technology Officer Telecommunication 11,135,000 ISK
Customer Implementation Support Telecommunication 3,889,500 ISK
Fiber Optic Technician Telecommunication 4,019,900 ISK
Mobile Data Coordinator Telecommunication 4,320,200 ISK
OSP Site Supervisor Telecommunication 4,762,300 ISK
RF Engineer Telecommunication 6,997,000 ISK
Sales Director Telecommunication 12,121,000 ISK
Sales Engineer Telecommunication 7,655,900 ISK
Technical Support Engineer Telecommunication 6,648,800 ISK
Telecom Chief Engineer Telecommunication 7,693,200 ISK
Telecom Specialist Telecommunication 7,896,400 ISK
Telecommunication Consultant Telecommunication 9,421,200 ISK
Telecommunication Dispatcher Telecommunication 3,481,100 ISK
Telecommunication Equipment Engineer Telecommunication 5,880,300 ISK
Telecommunication Logistics Supervisor Telecommunication 5,461,900 ISK
Telecommunication Product Manager Telecommunication 8,123,400 ISK
Telecommunication Project Coordinator Telecommunication 4,690,500 ISK
Telecommunication Project Manager Telecommunication 8,554,100 ISK
Telecommunication Service Delivery Manager Telecommunication 10,116,200 ISK
Telecommunication Service Management Coordinator Telecommunication 8,149,100 ISK
Telecommunication Solution Architect Telecommunication 8,962,200 ISK
Telecommunication Surveyor Telecommunication 3,875,100 ISK
Telecommunication Team Leader Telecommunication 7,741,200 ISK
Telecommunication Technical Manager Telecommunication 8,159,800 ISK
Telecommunication Technician Telecommunication 3,469,900 ISK
Telecommunications Analyst Telecommunication 8,713,800 ISK
Telecommunications Assistant Manager Telecommunication 9,335,200 ISK
Telecommunications Chief Engineer Telecommunication 7,680,400 ISK
Telecommunications Engineer Telecommunication 7,331,800 ISK
Telecommunications Engineering Specialist Telecommunication 7,057,300 ISK
Telecommunications Equipment Installer Telecommunication 3,564,300 ISK
Telecommunications Facility Examiner Telecommunication 4,332,900 ISK
Telecommunications Line Installer Telecommunication 3,805,100 ISK
Telecommunications Manager Telecommunication 12,958,200 ISK
Telecommunications Network Engineer Telecommunication 7,477,100 ISK
Telecommunications Technician Telecommunication 3,601,500 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 11,974,500 ISK

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