HIGH POINT — Satisfaction with compensation and benefits is relatively high among employees of retail and furniture manufacturing companies, according to the first-ever salary survey conducted by Strategic Insights for Accents for the home today and sister publication Furniture today.
Nearly 70% of retail staff and 62% of manufacturing staff in positions ranging from salespeople to middle managers to CEOs said they were “very” or “somewhat” satisfied with their current compensation, while only 16% of those in retail roles and 22% of their manufacturing counterparts expressed dissatisfaction with their combined compensation and benefits package.
Longevity, often seen as another mark of satisfaction, is quite common in the furniture industry, with 51% of retail employees and 42% of industrial employees having been with their current employer for 15 years or more.
Looking specifically at wages, 23% of those in retail and 20% of those in manufacturing received between $75,000 and $99,999 in annual salary, the highest of all wage distributions. .
Overall, respondents in the manufacturing sector reported higher earnings, with 63% of them earning between $100,000 and $500,000 compared to 45% of those in the furniture retail occupation for the house in the same salary range. Respondents in retail (20%) also had a higher rate of reporting a salary of $50,000 to $74,999 than those in manufacturing, at just 8%.
Among survey respondents, having a university degree was the norm for the majority in both streams. However, 22% of those working in retail versus 7% in manufacturing said they had no post-secondary education, and twice as many people working in manufacturing had at least some additional education. , including college, trade or technical school, or an associate’s degree. Manufacturing personnel also held a slight advantage over master’s degrees: 12% versus 9%.
More than 80% of people in retail and manufacturing jobs have health insurance from their employer, followed by 60% or more receiving a year-end bonus and a 401(k) plan with a form of corporate contribution. Less common benefits included an employer-sponsored 401(k), membership in an on-site gym or health club, and a paid sabbatical. Only 1% of retailers surveyed said they had access to on-site childcare or received reimbursement for childcare costs.
Despite reports of overall satisfaction with their compensation, 44% in retail and 34% in manufacturing said their company did not have a process for determining annual salary increases. About a quarter of each group receives a pay rise based on an annual review, followed by a pay rise based on achieving certain measures (12% in retail and 13% in manufacturing). An increase in the cost of living was more common in manufacturing (10%) than in retail (4%).
The impact of COVID-19 on the layout of retail workplaces was minimal, with 65% of respondents saying they had no change in work-related layouts compared to 43% on the manufacturing side . The most significant change cited for either group was the shift to a hybrid work-from-home/office format, which was adopted by 21% of those working in retail and 31% in the manufacturing industry.
Strategic Insights’ proprietary Home Furnishings Industry Salary Survey was conducted in February and March 2022 and is based on responses from over 330 respondents among Accents for the home today and Furniture today readers.
This included nearly 125 furniture, bedding and home accessories manufacturers and more than 200 retailers representing full-line, specialty and manufacturer-brand furniture stores; discount and traditional department stores; and bedding and home furnishings stores.
Due to the sample size, the findings in this report are qualitative in nature and should be considered descriptive rather than explanatory.