The typical retail salary in the UK grew faster than the national average over the last year, according to new research.
A National Management Salary Survey by the Chartered Management Institute (CMI) and XpertHR shows that the average salary across all industries grew by 2.2 per cent, but in retail this figure was an impressive 2.8 per cent.
Data from the study also indicates that retail has one of the lowest labour turnovers, with fewer people retiring or being made redundant, and this comes despite the sector being one of the lowest payers on average.
Salaries in real terms were found to be among the lowest of all surveyed, with the average salary for a retail executive reported at £33,912, which is £2,500 down on the national average and lower than the typical public sector pay package.
The findings paint a picture of a content retail industry workforce, and perhaps provide more evidence of the important role retail plays in the overall economy.
Retail’s representative group the British Retail Consortium (BRC) has regularly lobbied the government to ensure the sector is not burdened with new regulations, calling for a reduction in red tape to boost growth and employment levels nationwide.
Following this month’s Budget, BRC Director General Stephen Robertson said the organisation was looking forward to see burdens removed in legislation that has a real impact on business in order to generate significant cost reductions.
If these goals are achieved, the retail industry could be in a better position to employ even more people in the year ahead.
Commenting on the CMI study, the institute’s CEO Ruth Spellman said: “It’s reassuring that employers have been able to offer modest pay rises, something we hope indicates that the era of pay freezes may be about to thaw.
“It is good news that the retail profession is showing above average salary growth as retail salaries are traditionally some of the lowest.
“Of course, no one should believe that the only way to retain employee loyalty is by throwing money around. It’s not practical in the current climate and wider evidence exists to show that money is not the main motivator.”