Wednesday, July 28, 2021

Retail offers most lucrative pay increase of any job

Working as a retail representative offers the best pay increase opportunity of any job, according to a new study by Glassdoor.

Retail ranked the second highest in terms of workers on minimum wage last year, according to the Office of National Statistics (ONS), with over 50 per cent of retail jobs paying below the Living Wage. Yet new data has found those who stick with their job for a significant period stand to cash in on their loyalty.

A retail representative who stays in their role for eight years, could receive a pay jump of 247 per cent earning a median salary of £52,000 per year. This is the highest pay increase of any job sector.

This comes above jobs such as an account executive and an auditor which have potential pay increases of 171 per cent and 105 per cent respectively. Although the entry level wages and top end rates both surpass retail, the potential for growth outweighs any other job on the market.

READ MORE: The changing face of the retail industry

“During these times where change is  the only thing that is constant, Retail HR Directors have worked tirelessly to create dynamic and positive places to work,” retail recruitment specialist Quest’s managing consultant Richard Ashcroft commented. 

“The number of roles based in retailers has decreased over the years, due to the rise and accessibility of online, but the requirement to have knowledge and passion for the industry has increased for those based in stores as the pressure to improve customer experience is another constant.

“The skills that are now required to work in retail are constant evolving as technology continues to impact this fast paced and exciting industry.

“Many of the most prominent CEOs have done their time “at the coalface” and businesses continue to celebrate this growth and loyalty in a big way.”

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