How Experience Affects Retail Executives’ Salaries
As part of our continuing coverage of Total Retail's Salary Benchmark Report, this week we examine what impact, if any, experience level has on retail executives’ salaries. As a reminder, the Salary Benchmark Report was produced after an online survey was sent to Total Retail's audience over a two-week period in late June. The survey resulted in 660 responses, which the analysis contained in the report is based upon.
As the above chart shows, more experience typically equates to more money — as one might expect. Respondents to the survey with the highest annual salaries had the most experience. Of those respondents who make $501,000 to $1 million a year, for example, 75 percent have more than 20 years of experience. Likewise, the majority (55 percent) of respondents making from $250,001 to $500,000 a year also have experience that spans more than 20 years.
Therefore, it makes sense that the respondents with the least amount of experience make the least amount of money. Thirteen percent of respondents who make less than $35,000 annually have one year to two years of experience. Across all experience levels, the most common salary range for survey respondents was $100,001 to $150,000, with 22 percent of respondents falling into this segment.
For more of these valuable insights into retail executives’ salaries, download Total Retail's Salary Benchmark Report today! This comprehensive research report can help you maximize your earning potential, as well as enable employers to benchmark their compensation packages against the rest of the marketplace.
Joe Keenan is the executive editor of Total Retail. Joe has more than 10 years experience covering the retail industry, and enjoys profiling innovative companies and people in the space.