Retail workers in the East Midlands are each earning an average of £2,039 a year more than the typical salary for the region, according to research conducted by global recruiter, Randstad.
The recruitment firm analysed over 870,000 CVs and salaries across a variety of industries – including more than 17,500 from the retail sector – to compare them to average wages in each region. This enabled Randstad to establish which areas were the most lucrative or unprofitable for different professions when compared to the regional average wage.
The research found that the average yearly salary of a retail worker in the East Midlands amounted to £27,059. This equates to a comparative salary premium of 6.8%, which adds up to £2,039 per annum in cash terms.
Ruth Jacobs, Managing Director of Randstad Business Support, said: “When it comes to retail sector salaries, the East Midlands is definitely bucking the trend. Out of the 11 regions surveyed, nine reported that the average salary for someone working in retail is lower than the average salary across all sectors, with one region even showing that retail workers earn an average salary which is more than 14% below that region‘s overall average.
“Therefore, the fact the East Midland‘s retail workers are being paid so much more than the average salary there is fairly anomalous. But it‘s hardly surprising – East Midlanders are big spenders. The UK‘s 8th and 16th largest shopping centres are in the region – Highcross and Intu Derby – attracting more than 45 million shoppers yearly, indicating retail outlets are doing very well there. The success of such outlets will inevitably feed through to their employees, who will be awarded with above-average salary increases as a result.”
Retail salary highest in London
The research also highlights that, on average, the highest-paid retail workers were in London, where workers in that sector netted £31,945. By contrast, the East Midlands was the third highest-paying place for retail workers out of the 11 regions.
However, the average retail salary in the East Midlands outstripped the region‘s average salary by 6.6%, whereas the average retail salary in London represented a discount of 1.1% on the capital‘s all-sector average salary.
Jacobs, added: “It‘s no surprise that London‘s retail workers command a well-above-average salary – the capital is home to some of the world‘s biggest, and most expensive, retailers, and those working for them are likely to be well compensated for their time. However, given the high cost of living in the capital many retail workers may decide that their salary will stretch further elsewhere in the UK, even if it‘s somewhat lower in real terms.
“While it‘s fairly unrealistic to assume that retail workers from across the UK will suddenly relocate to the Midlands to benefit from the sizeable salary premium enjoyed by the sector there, workers may make small geographic moves to gain a larger salary. For example, a West Midlands retail worker, whose salary is distinctly average in relative terms, may consider relocating to the East Midlands, where the average retail salary is over £1,700 higher annually. Small, smart moves like this could become common as workers – increasingly conscious of how their wage packet compares to their regional and sector peers – seek to get the best salary they can for their time and labour.”