I am being offered a Cost of Wage Differential in a job offer. Can anyone explain what this is and how to figure out if what I am being given is a fair offer?
Essentially, the offer is taking into account various aspects that differentiate you from your coworkers or other people in the same field. These aspects include things like educational background, work experience, geography (cost of living), etc.
Ultimately, only you can decide if the offer is a "fair offer". Do you feel that you are being offered enough to do the job or not? Do your research and figure out how much you think is fair and go from there.
The wage paid to workers varies greatly. These wage differentials are mostly the result of differences in worker ability and the workers' effort in performing the job. There are also wage differentials across occupations, because of differences in the demand and supply of laborers for particular job or occupation. These differences arise primarily because of differences in the amount of education or training required and in the desirability of the job itself. ~ http://thismatter.com/economics/wage-differentials.htm
Websites like salary.com also provide ways for you to evaluate a job offer and determine if it's a good fit for you.