Do Retail Execs Feel They're Being Compensated Fairly?
This week’s coverage of Total Retail’s first annual Salary Benchmark Report provides insight into how fairly retail executives — CEOs/presidents/founders; chief marketing officers; C-level execs other than CEOs and CMOs; and vice presidents — feel they're being compensated by their employers. This encompasses base salary, financial perks (e.g., stock options, profit sharing) and benefits (e.g., health insurance, life insurance, dental insurance) as part of an employee's overall compensation package.
The Salary Benchmark Report was produced based upon the responses to an online survey that was sent to Total Retail’s audience over a two-week period last summer. Survey questions asked respondents about their salaries, benefits (financial and nonfinancial), opinions on their career paths and compensation fairness, as well as demographic information. The survey resulted in 660 responses; the C-suite respondents accounted for 182 responses.
Here are some of the key findings to emerge from the data:
- C-suite retail executives overwhelmingly believe they're being somewhat or very fairly compensated for their work, with vice presidents leading the way (89 percent), followed by chief marketing officers (88 percent), C-level execs other than CMOs and CEOs (84 percent), and CEOs/presidents/founders (77 percent)
- Interestingly, more CEOs/presidents/founders believe they're being compensated "extremely fairly," despite lagging behind the other three segments when combining the next two answer options — very fair or somewhat fair.
- Thirteen percent of both CEOs/presidents/founders and CMOs believe they're being compensated not so fairly or not all fairly, higher than C-level execs other than CMOs and CEOs (8 percent), and vice presidents (8 percent). However, CMOs were by far the leader in responses for not being fairly compensated at all, expressing the most frustration with their employers amongst the C-suite.
- Likewise, no CMOs responded that they felt they were being compensated extremely fairly, and only 3 percent of vice presidents said they were.
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 — a critical component to acquiring and retaining valuable executive talent.
