Sunday, 15 July 2012

Retail salaries on the rise

There’s no denying that the current economic conditions, both locally and internationally, have affected the Retail industry.

Firstly the infamous Carbon Tax and then Fair Work Australia's (FWA) announcement of a 2.9% hourly rate increase. To top it off, the results of the 2012 Retail Salary Survey have shown an overall increase in salary brackets across the retail market.

But the news is not all grim, as Retailers develop new strategies to enhance their employment brand and create packages to entice top talent.

Taken from 2,943 data points, the Retailworld Resourcing salary survey has given insight into the retail labour market.

An average of a 5% increase in salaries has been seen nationally since 2011, with the main surge seen in store management positions in the luxury and large format sectors.

Middle management support office roles have taken the biggest hit with the largest number of redundancies due to restructuring.

On a state-by-state basis WA and QLD has seen the biggest salary growth, mainly due to the mining boom injecting cash into the local market and strong demand for the best talent.

Retailworld CEO John Caldwell commented that “as retail sales in most sectors remain steady to say the least, salary increases have remained fairly conservative; which is in line with expectations.”

“However, retailers are becoming more savvy with their total remuneration offer – offering more attractive rostering options, product discounts and performance based incentives  and a focus on career development and offering employees more responsibilities in their roles.”

“With the War for Talent, We’re also seeing an increase in counter-offers as employers attempt to retain high performers.”

Although retailers are continuing to be knocked about  with expenses, the increase in salaries despite the state of the economy, is a positive sign for the industry as retail develops it’s perception as a career of choice.