Total Retail Launches 2018 Salary Benchmark Report
I’m thrilled to announce that Total Retail has just released its 2018 Salary Benchmark Report, a comprehensive guide comprised of data that analyzes key statistics on retail executives’ salaries and other financial benefits, as well as their views on career growth potential. In addition to sharing the data, we identify trends to emerge from the survey as well as offer next steps for retail employees and employers now armed with this valuable information.
For the retail salary guide, Total Retail surveyed its audience of retail industry executives over a two-week period earlier this year to gather data about their salaries, financial benefits, and views on their career status. We asked questions about executives’ total compensation packages, retail salaries, gender, age, title, organizational department, and geographic region. A total of 424 responses were collected.
What resulted from the survey data is a series of charts and analysis that make up Total Retail's 2018 Salary Benchmark Report. This valuable resource can be of help to both retail employees as well as employers as they look to negotiate fair and competitive compensation packages.
Emerging Trend: Disparity in Compensation Between Males and Females
A key finding from this year's report was that the average retail salary for women retail executive respondents was more than $11,000 less than what it was for male retail executive respondents. In addition, and perhaps informed of this wage gap, women retail executives are much more likely than their male counterparts to believe that they’re not being paid fairly by their employer. Thirty-six percent of women respondents said they’re either “not so fairly” or “not at all fairly” compensated from a market-level perspective vs. 21 percent of men who feel the same way. Furthermore, women are more distrustful of their employers than men are when it comes to organizations’ transparency about future compensation opportunities. Forty percent of women feel their company is either “not so transparent” or “not at all transparent” with them about future compensation opportunities vs. 28 percent of men that feel the same way.
Retail Salary Survey Findings
Here's a look at a few additional findings from the retail salary survey and ensuing report:
- vice presidents’ average compensation of $164,010 was the highest of any group based by title;
- respondents who work for an omnichannel retailer have the highest salaries, over $12,000 more than the next closest segment (wholesaler/distributor);
- respondents who identified their department as supply chain had the highest average annual salary ($145,724); and
- women received, on average, $3,445 more in non-salary compensation last year than men.
The 2018 Salary Benchmark Report is a tool that can help you measure the value of your current compensation package against peers that fit your profile. Use this resource to be prepared for your next salary review — and maximize your earning potential.
Furthermore, C-suite executives who are trying to attract and retain top talent at their organizations can use this report to benchmark whether they're offering fair and competitive compensation packages.
Total Retail's 2018 Salary Benchmark Report is available to download for free. Take advantage of this resource to maximize your earning potential.
Related story: Total Retail's 2016 Salary Report