Retail
staff are likely to receive
an average salary increase of 2.8 per cent next year, according to a survey by
Mercer Human Resource Consulting. This rise is in line with actual increases
this year, but slightly lower than in 2002 when staff received 3.1 per cent pay
rises.
According
to the survey, the median base salary for chief executives surveyed in the
retail sector is now £256,000 a year. However, base pay can vary from around
£123,000 to £335,000 depending on the size of the organisation.
Distribution
directors hold the next best-paid positions, at a median salary of £121,400 a
year followed closely by finance directors who earn £120,000. Buying directors
can expect to be paid £102,800, while marketing directors earn £90,300.
Sales
supervisors are paid a median of £16,250 and sales assistants £12,250.
The
figures are based on results from Mercer’s 2004 Survey of Pay, Benefits and
Human Resource Policies in Retail. The survey covered 18 major UK
organisations, including food, furniture and fashion retailers, and some 7,000
employees.
David
Wreford, European principal
at Mercer, commented: "If interest rates continue to rise there could be
more pressure on companies to offer larger salary increases."
"It’s
particularly important for retail companies to ensure their pay structures are
regionally competitive, as they risk losing staff to other local
retailers," he added.
