JCK’s Annual Salary Survey

The 2007 JCK Annual Salary and Job Satisfaction Survey drew the highest number of respondents ever, 782, from both online e-mail and mail surveys to the JCK Retail Panel. In addition to retailers, the 2007 survey is JCK’s first to include data for suppliers and other sectors of the trade as well as job satisfaction overall. Retail jewelers still account for the bulk—63 percent—of respondents. Twenty-five percent are suppliers (including manufacturers, designers, importers, and wholesalers), and 12 percent represent other industry jobs.

This year’s report uses mathematical averages, whereas previous reports used medians. (Both are valid survey methodologies. Typically, medians are used for disparate numbers and/or small samples, while averages are used for closer numbers and/or larger samples.) Interestingly, however, this year’s averages were often similar to last year’s medians.

Here, the results of the 2007 JCK Salary and Job Satisfaction Survey.

Retailer | About Your Company

Annual Revenue All Retailers Northeast South Midwest West
Less than $100,000 9% 11% 5% 12% 10%
$100,000–$299,999 10% 9% 11% 12% 8%
$300,000–$699,999 11% 9% 14% 8% 12%
$700,000–$999,999 11% 8% 11% 12% 11%
$1 million–$1.9 million 14% 17% 12% 16% 16%
$2 million–$4.9 million 16% 14% 19% 15% 13%
$5 million and more 29% 33% 29% 25% 30%
Average annual sales: $2,654,000 $2,845,000 $2,710,000 $2,376,000 $2,620,000

Title Average Base Salary
Total all retailers $72,400
(NET) Owner/Chairman/Executive management $88,304
Owner/Partner $86,544
Chairman/CEO/COO/President $93,705
Executive $95,767
Treasurer/Controller/Bookkeeper/Accountant $43,543
Director/Manager/Supervisor $52,793
Buyer $71,370
Marketing/Sales $39,457
Gemologist/Appraiser $46,746
Designer $49,182
Office admin $32,750
Other $48,598

Title Average Total Compensation
Total all retailers $97,044
(NET) Owner/Chairman/Executive management $124,528
Owner/Partner $120,843
Chairman/CEO/COO/President $147,060
Executive $115,658
Treasurer/Controller/Bookkeeper/Accountant $48,890
Director/Manager/Supervisor $67,961
Buyer $77,196
Marketing/Sales $44,869
Gemologist/Appraiser $48,941
Designer $53,909
Office admin $33,513
Other $54,093

1 store 67%
2–3 stores 12%
4–5 stores 1%
6 or more 20%

1–5 employees 36%
Average # of staff per retailer: 9
Retailers in the Northeast on average seem to have the most employees with 11 per company. Meanwhile companies in the rest of the country have an average of 8 staff per company.
6–20 employees 33%
21–100 employees 11%
More than 100 employees 20%

&$1 Million in $1 Million+ Salary Expectation Total Annual Sales in Annual Sales Northeast South Midwest West
Retailers who work for larger companies and those from the Northeast are more likely to have a raise in 2007.
Retailers from the South are least likely to receive a raise in 2007.
Increase 34% 29% 37% 41% 29% 36% 33%
Average % increase 13% 22% 8% 9% 15% 11% 17%
No increase or not sure 66% 71% 63% 59% 71% 64% 67%

All &$1 Million in $1 Million+ Salary Comparability Retailers Annual Sales in Annual Sales Northeast South Midwest West
Small retailers (53%) are more likely to say their salary is below the industry average than larger retailers (43%).
Additionally, close to 6 in 10 retailers from the Midwest say their salary is below industry average. Close to half of the retailers from the Northeast and South say their salary is lower than the industry average of the same job.
Total % say lower 46% 53% 42% 47% 48% 56% 37%
Significantly lower 22% 30% 17% 22% 20% 31% 17%
Slightly lower 24% 23% 25% 25% 28% 24% 20%
About the same 24% 24% 24% 24% 22% 19% 32%
Total % say higher 14% 6% 21% 16% 14% 12% 16%
Slightly higher 12% 6% 17% 12% 11% 11% 15%
Significantly higher 2% 4% 4% 3% 1% 1%
Don’t know 15% 17% 14% 13% 16% 14% 15%

2006 Salary Change All Retailers &$1 Million in Annual Sales $1 Million+ in Annual Sales
Among all retailers, close to half (45%) say they didn’t have a raise in 2006 while one-third did.
Larger retailers (38%) were more likely to get a raise in 2006 then small retailers (28%).
Increase 34% 27% 38%
Average % increase 11% 13% 10%
No increase 45% 54% 39%
Pay was cut 14% 12% 15%
Not sure 12% 10% 13%

Less than 40 hours 13%
Average # of hours worked: 48
Retailers in general don’t work the 9 to 5, 40-hour work week. Retailers tell us they work an average of 48 hours a week.
40–49 hours 43%
50–59 hours 28%
60 hours or more 16%

Satisfaction Level All Retailers &$1 Million in Annual Sales $1 Million+ in Annual Sales &11 Years of Experience 11+ Years of Experience Males Females
Retailers across the board in general are satisfied with their jobs.
Interestingly, retailers who work for smaller companies and those who are more experienced are more likely to say they are extremely or very satisfied with their jobs than the other demographic groups.
Total % satisfied 93% 93% 92% 90% 93% 93% 91%
Extremely satisfied 33% 36% 31% 25% 35% 37% 27%
Very satisfied 36% 39% 34% 36% 36% 34% 37%
Somewhat satisfied 24% 18% 27% 30% 22% 22% 27%
Total % not satisfied 7% 7% 8% 10% 7% 7% 9%

Retailers in general say feeling of accomplishment is the primary factor that most affects their job satisfaction. It’s interesting to note that salary is not the top mention.
Feeling of accomplishment 50%
Relationship with customers 36%
Flexible time/hours 30%
Company’s financial stability 28%
Salary 27%
Relationship with colleagues 22%
Job security 22%
Feeling of recognition 19%
Benefits 15%
Advancement opportunities 10%
Travel 9%
Workload 4%
Managing people 5%
Tuition reimbursement 1%
Other 7%

Benefit All Retailers &$1 Million in Annual Sales $1 Million+ in Annual Sales
The top 3 benefits retailers receive are paid vacation/sick days (87%), medical/dental insurance (77%), and merchandise discounts (82%). Not surprisingly, larger companies in general offer a wider variety of benefits than the smaller companies.
Total % have paid vacation/sick days 87% 72% 95%
Paid vacation 86% 70% 95%
Paid sick days 71% 51% 83%
Total % have medical/dental insurance 77% 51% 92%
Medical insurance 77% 51% 92%
Dental insurance 40% 19% 52%
Merchandise discounts 82% 73% 88%
401(k) plan 44% 13% 63%
Life insurance 39% 15% 53%
Educational financial support 44% 34% 51%
Disability insurance 31% 13% 42%
Paid maternity leave 20% 8% 27%
Pension plan 17 7% 23%
Other 13% 14% 12%

Job Concern (Check only one) All Retailers &11 Years of Experience 11+ Years of Experience
A company having sufficient operating budget is the biggest job concern for all the retailers.
Retailers with few years of experience tend to be more concerned about management support and lack of training while retailers with more experience are most concerned about their company having an operating budget.
Sufficient operating budget 32% 21% 35%
Keeping current with technology 18% 16% 19%
Management support 13% 21% 11%
Job security 9% 9% 9%
Lack of training/education support 7% 14% 4%
Company merger/acquisition 4% 3% 5%
Outsourcing 3% 2% 2%
Other 14% 14% 14%

Pros
Rewarding; Fulfilling; Personal satisfaction; Fun; Good future 28%
Great product; (Jewelry) product that makes memories; Glamorous 26%
Able to express creativity/my passion; Joy in selling/giving 24%
Like/love it; Retail is the best!; Great/wonderful/stable career/business/industry 23%
Fascinating; Always changing/learning/new; Challenging 20%
Great/pleasant people; Work with people; Great career for social person 20%
Rewarding to own my own business; Family business; Tradition 17%
Good money; Pleasant way to make money 12%
Good, clean working conditions 4%
Recognition; Benefits 3%
Other positives 4%
Cons
Retail is hard business; Challenging; Competitive; Overseas; Internet; Network 46%
Low pay; Too many better-paying jobs; Not enough return on investment; Cash flow hard to manage 41%
Poor economy; Slow growth; Changing; Unpredictable; Declining; No future 27%
Time consuming; No family time; Terrible hours 22%
No longer fun; Have to love it 13%
Need multitalent; No room for error; No appreciation for skilled labor 11%
Customer expectations 6%
Too much stress; Pressure; Too many headaches 4%
Safety; Security due to crime 2%
Other negatives 7%

Job Seeking Status All Retailers &11 Years of Experience 11+ Years of Experience Males Females
Most retailers (75%) are happy with their current jobs.
Retailers with less experience and who are female are more likely to seek out better opportunities.
I’m always open to better opportunities 24% 31% 21% 20% 29%
I’m happy where I am 76% 69% 79% 80% 71%

Total % graduated college 56%
Postgraduate 12%
Some postgraduate 13%
College graduate 31%
Some college 38%
High school graduate or less 6%

Jewelry Education Level Total &11 Years of Experience 11+ Years Experience
Total % don’t have jewelry specific education 83% 65% 88%
Some GIA, DCA, AGS, or other gemological courses 40% 33% 42%
JA Counter-Intelligence or other general/sales courses 4% 2% 5%
Some appraisal education 6% 2% 7%
G.G. diploma or C.G. certification 25% 25% 26%
CGA or other appraisal certification 6% 1% 7%
Apprenticeship in goldsmithing/diamond cutting/lapidary/other manufacturing 3% 3% 3%
Journeyman goldsmith/cutter/manufacturer 2% 4%
Master goldsmith/cutter/manufacturer 6% 7%
None 17% 35% 12%

Average age: 48
Less than 25 years 1%
25–34 years 11%
35–44 years 21%
45–54 years 37%
55–64 years 24%
65 years or older 6%