Do you offer any kind of retirement savings program for your employees?
|If so, detail all that apply:|
|Stock purchase plan||1.6%|
|Simplified employee pension||3.2%|
What limits, if any, do you place on participation?
|Must work for designated period of time to be eligible to join||81.2%|
Offered to full-time employees only: 63.3%
What percentage of your employees participate?: 90% (median response)
Offered only to certain levels of employees (i.e., management, sales, etc.): 4.3%
|Source: September 2003 JCK Monthly Retail Panel with a 36% response rate—236 responses were received out of 683 sent; the universe of fine jewelers in the U.S. is 25,000, according to the Jewelers’ Board of Trade.|
|Must work for designated period of time to become vested||47.9%|
More jewelers are running stores without hired help. According to U.S. Census Bureau Nonemployer Statistics* (data on businesses that operate without payroll and are subject to federal tax) there has been a small but consistent rise in the number of jewelry-only stores that fall into the “no employee” category. In 1999, 23,175 jewelry-only nonemployer shops existed; that figure rose to 23,301 the following year, and grew to 24,291 in 2001.
* To be counted among the nonemployer ranks, stores must have no paid employment or payroll, have receipts of $1,000 or more, according to the government.
|Type of Jewelry-only Store||Number||Receipts|
|Source: U.S. Census Bureau|
|1999 Nonemployer Statistics|
|2000 Nonemployer Statistics|
|2001 Nonemployer Statistics|
These jewelry stores reveal a growing and important segment—the self-employed. With 28,336 jewelry-only businesses in the United States, according to the Census Bureau’s most recent figures (from 1997), nonemployers account for the bulk of jewelry-only businesses in operation.
The nonemployer trend isn’t exclusive to jewelry: In 1992, some 14 million nonemployer retail establishments existed in the United States, and five years later that number had risen to 17 million.
However, nonemployers account for only a fraction of jewelry sales in this country. In 2001, receipts for this group totaled slightly more than $1.4 billion, while sales at jewelry-only establishments with paid employees was $22.8 billion.