Gender Influences Retail Execs’ Views on Compensation Fairness
When asked in a recent survey to choose the answer that most closely aligned with how fairly they believed they are compensated from a market-level perspective, more than one-third of female retail executives chose either "not so fairly" or "not at all fairly." That compares to just 21 percent of male respondents who chose those same answers (see chart below for further details).
This difference of opinion between the two genders regarding compensation fairness was just one of many key findings to emerge from Total Retail's 2018 Salary Benchmark Report, which included the results of an online survey sent to the brand's audience earlier this year.
The unhappiness of female retail executives with their compensation packages isn't without merit. According to our survey, women retail executives are making $11,000 less than what men are. Women polled earn, on average, $135,130, compared to $146,201 for men.
The differences in opinion between the two genders aren't limited to their views on current compensation. When asked to choose the answer that most closely aligned with their belief about their company's transparency into future compensation opportunities (e.g., raises and promotions), 32 percent of men said their company is “extremely transparent” with them, compared to just 17 percent of women who feel the same way. Furthermore, 40 percent of women feel their company is either “not so transparent” or “not at all transparent” with them about future compensation opportunities. This compares to just 28 percent of men that feel the same way.
What this data tells us is that retail organizations need to do a better job of communicating with their employees, particularly when it comes to their career development paths. Be open and honest with employees about their performance, including areas of strength and weaknesses, as well as what's necessary for them to prove in order to move up the corporate ladder (and to a bigger salary). Have managers and team leaders schedule regular employee reviews — whether that be monthly, quarterly, every six months —to create open lines of communication. Fostering stronger relationships between employees and managers/executives ultimately can lead to better performance.
For more valuable retail salary data, both for employees looking to maximize their earning potential as well as for employers looking to attract and retain top talent at their organizations, Total Retail's 2018 Salary Benchmark Report is available to download for free.
Related story: Total Retail's 2018 Salary Benchmark Report