24 Seven and Women's Wear Daily's 2012 Salary Survey Unveils A Disconnect Between Manager and Talent Priorities. Digital Talent Still In Greatest Demand Within the Industry
Job satisfaction, a lack of employee loyalty and a strong emphasis on compensation are at the forefront of the job market in retail and fashion, according to 24 Seven's Sixth Annual Salary Survey. The survey, conducted in collaboration with Women's Wear Daily, queried more than 1,700 professionals across the U.S. in all sectors including design and technical development, sales and marketing, merchandising, product development, operations, e-commerce, wholesale and store level.
"The fashion and retail job market is experiencing a period of disconnect, and talent is restless," said Celeste Gudas, CEO and Founder of 24 Seven, Inc. "As employees are becoming more and more willing to leave for a better offer, companies must create the most appealing employment brand to engage and retain game changing talent. Developing an attractive company culture and competitive compensation package will give companies the edge in today's unsettled market."
Key findings unveiled in the survey include:
* Loyalty is at an all-time low. 90% of employees are willing to consider changing jobs, with unsatisfied employees eleven times more likely to move to a new organization in the next year.
* There is a disconnect relating to talent retention strategies. 40% of executives surveyed feel under pressure to attract and retain talent, yet only 20% surveyed report that their company has a formalized retention strategy in place. Importantly, for those with a formalized plan, 69% have created customized strategies and are able to retain top talent.
* There is also a disconnect pertaining to career-pathing. Managers believe there is a clear career path for talent, yet talent would disagree. According to the survey, having a distinct career path in place ranks the highest among employee concerns.
* Digital talent is in high demand. This job category has seen the highest increase in salary and there is zero unemployment as it relates to digital talent. Most sought out positions include e-commerce, social media and mobile marketing expertise.
* Compensation is king. According to the survey, salaries rose a meager 3.9%. That said, companies need to evaluate their compensation package as the survey found that 66% of employees are expecting raises in 2012, and a higher base salary is the #1 reason to leave their current job. The survey also found that 12% of respondents are in new roles and reported a double-digit salary increase from the previous year.
* Talent expects unlikely rewards. Soft, or non-traditional benefits, are highly valued among employees, but employers are not aware of their worth. While summer hours and comp time rank as top priorities for employees, only 38% are receiving them. On the other hand, almost 60% receive free/discounted merchandise, but only 9% value this benefit.
* The Freelance lifestyle is becoming more appealing. With a greater work-life balance, nearly 50% of freelancers love the freedom and flexibility the lifestyle affords. In fact, the longer someone is a freelancer, the less likely they are to accept traditional employment.
* Job satisfaction is fading. Only approximately half of those surveyed are satisfied with their current position. This figure is down from last year when 60% of respondents reported being satisfied. Interestingly, only 10% of Millennials are highly satisfied with their jobs as compared to 25% of Baby Boomers.
Notes on Survey Methodology and Analysis
24 Seven, Inc. and Women's Wear Daily surveyed more than 1,700 fashion and retail professionals across the U.S. The survey examined the current state and prevailing attitudes of the employment market in the fashion and retail industry and the impact of compensation and benefits on overall job satisfaction. Of those surveyed 72% were female, 28% male with a median annual salary of $70,000; 44% of respondents worked for a company with 1,000 or more employees and 79% were GenXers. Industry segments of those surveyed included: Design & Technical Development; Production/Sourcing & Product Development; Planning & Merchandising; Sales, Marketing/Creative and Advertising; Store Level and Field Retail; Wholesale; Corporate Retail; Operations/IT; E-commerce; Retail Environment Design and Architecture. For a copy of the survey, please visit: http://www.24seventalent.com/2012salarysurvey.
About 24 Seven, Inc.:
As a strategic resource for talent management, 24 Seven helps creatively-driven global brands identify, recruit and secure game changing talent. The firm's innovative approach combines global reach, industry expertise and market intelligence to deliver top performers that advance the unique business goals of their clients.
24 Seven is the go-to talent source supporting the world's top teams in Fashion, Retail, Marketing, Advertising, Interactive/Digital, E-commerce, Design, Beauty, Events and Sports/Lifestyle. The firm's strategic recruiting professionals have either personally worked in or recruited exclusively for the industry practice they serve. Their hands-on experience makes them experts at perfectly matching candidates to clients. For more information, visit http://www.24seventalent.com.
24 Seven is headquartered in New York, and has offices in the US, Canada and Europe, including Los Angeles, San Francisco, Chicago, London, Paris, Toronto, Seattle, Portland (OR), Santa Monica, Orange County (CA), Philadelphia, Atlanta and Miami.