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Guide to Retail Industry Salary Tools
How to set salary guidelines for the retail sectorSetting appropriate retail salaries can be helpful now and in the future, not only for landing extraordinary new hires but also to retain current workers. Numerous resources are available to help you accomplish this task. Retail industry salary information can include trends in salary demands.
Retail industry salary tools exist but you should also consider:
1. Retail industry compensation depends largely on the job requirements. Most selling positions in large retail outlets are based on commission.
2. Much weight in retail salary can be given to the individual's prior work history and experience.
3. Since working well with the public is a requirement, retail industry salaries should reflect the individual's salesmanship and courtesy to others.
Action Steps
The best contacts and resources to help you get it done
Research the going rates for retail salaries
Average salaries, compensation and benefits for retail jobs can be accessed online from a variety of sources. Retail salaries must strike a balance between being competitive enough to ensure top-notch hires and economical enough not to blast your bottom line.
I recommend:
Retail industry salary tools include employer salary reports which can be purchased from PayScale with options ranging from $99 to $349 depending on your access needs. Although basic, Simply Hired offers a graphic look at up-to-date retail salaries for free. The US Department of Labor provides detailed retail industry salary information.
Establish salary guidelines for the retail sector with software
Put technology to use by employing compensation software to help you in setting salaries. Depending on the software, you will at least get a pay range to work with. Keep the personalized aspect of analyzing the individual yourself and evaluating the pay wage accordingly. Be conscious that retail positions--as well as the people who fill them--vary widely.
I recommend:
Learn more about Halogen Software's eCompensation software. If interested, you can request a free trial, schedule a demo or get a product tour. Download a demo of salary survey software from the Economic Research Institute.
Stay informed on changes in the industry as they relate to retailer salary guidelines
Think of salaries as an investment. Along with training, you're building employees up to create personalized experiences for customers that in turn spur sales and profits. The retail industry changes constantly. To better manage your workforce (and investment), educate yourself on the latest trends.
I recommend:
Subscribe to The National Retail Federation's e-mail news service. Check out Plunkett Research for a number of issues pertaining to the retail industry.
Tips & Tactics
Helpful advice for making the most of this Guide- Brush up on your negotiation skills and be sure to sell the job candidate on the company. Mention other perks besides straight retail salary, such as commission, bonuses, paid vacation, retirement and insurance benefits and flexible time, among others.
