By Michael Somerville - 04:59PM - Wed 21st August 2013
Annual bonuses in the retail industry have significantly risen over the past year, according to the Office of National Statistics (ONS).
Employees in the Retail Trade and Repair sector saw a bonus rise of £0.28bn between May 2012 and April 2013 as UK sales grew by four per cent.
Marco Forato, Chief Marketing Officer at Unum, commented: “We must remember that an integrated employee benefits package is typically worth between 20-40 per cent of salary – much more than the average bonus.
“Staff will always welcome a cash reward for their hard work. But savvy employees increasingly value the long-term financial security offered by a comprehensive benefits package that meets their needs today. This would include perks like medical insurance or Income Protection which pays a regular monthly income to staff if they are off sick for more than six months.
“For retailers, it’s these benefits that help to attract the best people, who in turn provide a competitive level of customer experience.”
This year, sportswear company Sports Direct paid out a £126m bonus to staff in July as shares rose by over 40 per cent. And employee owned John Lewis also paid its 84,700 staff a bonus worth 17 per cent of their salary in an increase worth £210m.
Financial and Insurance services are the top industry for bonuses, with employees pocketing an average of £11,900 a year, while workers in the Information and Communication sector saw an average bonus of £4,400. But Education and Public Administration workers got the lowest bonuses, with just £100 received on average in the financial year.