If you have worked for many years in the same organization, most likely you have heard about the midpoint of the salary range. The midpoint of a salary range is the numerical value that is in the middle of the salary range. It is often used as a benchmark or target figure for other jobs in the same organization. In this article, we will learn how to calculate the midpoint of a salary range in Excel.
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3 Simple Methods to Calculate Midpoint of Salary Range in Excel
In this section of the article, we will learn 3 simple methods to calculate the midpoint of a salary range in Excel. Let’s say we have the Salary Structure of ABC Company as our dataset. In the dataset, we have the minimum value (Min) and maximum value (Max) of the salary range. Our goal is to calculate the midpoint of the salary range from this data set. Now let’s explore 3 convenient methods to do this.
1. Using AVERAGE Function
Using the AVERAGE function is one of the smartest ways to calculate the midpoint of a salary range in Excel. The AVERAGE function simply returns to us the average of a selected data range. Now, let’s follow the steps outlined below to do this.
Steps:
- Firstly, use the following formula in cell G5.
=AVERAGE(E5:F5)Here, the range E5:F5 indicates the first cells of the Min and Max columns.
- Following that, press ENTER.
Consequently, you will have the midpoint of the salary range for Haney in cell G5.
- Now use the AutoFill feature of Excel to obtain the remaining outputs as shown in the following picture.
Read More: How to Make Salary Sheet in Excel with Formula (with Detailed Steps)
2. Applying Mathematical Formula
Applying the mathematical formula is another effective way to calculate the midpoint of a salary range in Excel. Let’s use the steps mentioned below to do this.
Steps:
- Firstly, use the following formula in cell G5.
=(E5+F5)/2Here, cell E5 represents the Min value of the salary range, and cell F5 indicates the Max value of the salary range.
- After that, press ENTER.
As a result, you have the following output in cell G5 as marked in the following image.
- Finally, use the AutoFill option of Excel to get the remaining Mid Points.
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3. Utilizing AutoSum Feature of Excel
Utilizing the AutoSum option of Excel is one of the easiest ways to calculate the midpoint of salary range in Excel. Let’s follow the instructions outlined in the following section to do this.
Steps:
- Firstly, select the cells of the Mid Point column.
- After that, go to the Home tab from Ribbon.
- Then, click on the AutoSum option from the Editing group.
- Now, choose the Average option from the drop-down.
That’s it! You can find the midpoint of the salary range marked in the following picture.
Read More: How to Calculate Gross Salary in Excel (3 Useful Methods)
How to Calculate Midpoint Progression Salary Range in Excel
While working in Excel, sometimes we need to calculate the midpoint progression of a salary range. It gives us an idea about the salary structure of an organization. A good salary structure has a competitive Growth rate. In this section of the article, we will discuss how we can calculate the midpoint progression of salary range in Excel.
Steps:
- Firstly, use the formula given below in cell G6.
=(D6/D5)-1Here, cell D6 indicates the Mid Point for the Executive Position, and cell D5 refers to the Mid Point for the Jr. Executive Position.
- Then, hit ENTER.
As a result, you will have the following output in cell G6.
- Now, use the AutoFill feature of Excel to get the rest of the Growth rates.
Here, you can see that the Growth rates are not evenly distributed throughout different Positions. Let’s use the following instructions to create an even Growth rate and Mid Point progression that is evenly distributed.
- Select the cells of the Mid Point, Min, and Max columns as shown in the following image.
- After that, go to the Home tab from Ribbon.
- Then, choose the Fill option from the Editing group.
- Now, select the Series option from the drop-down.
- Following that, select the Growth option in the Series dialogue box.
- Then, check the box of Trend.
- Finally, click OK.
Consequently, you will have the following Growth rates and the Mid Point progression as demonstrated in the following picture.
Read More: How to Calculate Monthly Salary in Excel (with Easy Steps)
Practice Section
In the Excel Workbook, we have provided a Practice Section on the right side of the worksheet. Please practice it by yourself.
Conclusion
These are all basic, easy, and convenient techniques you can apply anytime in spreadsheets to calculate the midpoint of a salary range in Excel. I hope this article has helped you to learn all the methods to count cells with texts. If you have any questions or feedback, then please leave a comment here. You can also have a glance at our more interesting and informative articles on Excel functions and applications on this website.
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