2024 End-of-Year Report
Payscale’s 2024 End-of-Year Report looks at the state of the job market, the top 10 in-demand jobs by wage growth, the top jobs people are seeking to quit, and top jobs employers are trying to recruit in 2024.
Retail and Customer Service Compensation Management and Surveys
The labor market has become fiercely competitive, with many retail businesses struggling to staff enough service workers to assist customers in brick and mortar stores as well as the talent needed to support the surge in e-commerce and online shopping. Payscale delivers the salary data and software solutions that helps leading organizations in the retail and customer service industry build modern compensation programs to attract and retain talent.
Top Challenges for the Retail Industry
Hiring in a labor shortage
In the recovering economy, the retail industry is booming and employers are struggling to find qualified applicants for their open positions. Competitive wages and total rewards packages are essential to attract talent in a hot job market.
Planning for pay increases
After a rough two years of difficult working conditions during a pandemic in combination with rising inflation and increases in opportunity, employees are expecting higher than average pay increases to keep pace with the market.
Managing pay compression
In a hyperactive job market, you have to think about pay equity. Pay for new hires can outpace tenured employees, even managers, which can put you at risk of unmanageable turnover.
Training on pay communications
With all the challenges in the current job market, it is imperative for employees to understand pay policies and for managers to be trained on compensation.
Stop waiting on surveys
Payscale gives you access to current salary data that you can cut any way you like it — even by competitors! — so you can make pay decisions right now.
Learn more about our dataRetail salary data available from Payscale right now
1.56
Million incumbents - Peer
96
Participating orgs (2021) - Peer
30%
Participation growth - Peer
296%
Incumbent growth - Peer
175,992
Employee Reported profiles
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Payfactors brings together compensation data, job descriptions, and salary surveys into a single, comprehensive package. The ability to create a job description in a template using example language drawn from their library, route it to managers, HR Business Partners, and Compensation Analysts for editing and approval is great. Follow that up with the ability to price that same job description using multiple data sources as well as your own internal data and you have a massively time-saving solution!
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Doug L., Senior Manager, Retirement and Benefits, Southeastern Grocers
“I like the ability to get market values in real time with Peer. For some jobs, the data is continually changing, and it can be hard to get these recent changes from traditional surveys. We can always find a benchmark in Peer.”
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Erin Stoloff, Senior Manager, Human Capital Solutions, PetSmart, Inc.
“The best thing about Payfactors is that the system is easy to use and understand. I had used Payfactors at a prior company and recently implemented the system at my new company. For those who had never used it before, it was an easy transition. We are now able to look at all of our survey data in one place. We’ve been able to find market data within survey’s that we didn’t know had data for specific positions we’re looking for.”
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Jessica Melando, Compensation Analyst, Ross Stores
The best thing is the ease of use, especially for matching jobs to survey data. If you are looking for a way to better store salary survey data, and quickly match jobs to survey data then I would definitely recommend Payfactors. The system is very easy to use.
by
Jason W., Compensation Analyst, Enterprise Retail Organization
Payfactors is a great product with great service. Service is top notch, I always get the help I need and always get a response if not by the end of the day within 24 hours of my request.
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Celeste Templeton, Compensation Analyst, Nebraska Furniture Mart
Customer Stories
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Stay in the know with the Payscale Index
The Payscale Index tracks quarterly changes in total cash compensation for full-time, private industry employees and education professionals. In addition to a U.S. trends index, it includes separate indices for specific industries, metropolitan areas, job categories, and company sizes.
Explore compensation trends in retail and customer service
CBPR highlights: Food & Beverage Industry
Download the data sheet to explore in-depth insights and actionable strategies for optimizing compensation practices in the Food & Beverage industry.
SBS highlights: Food, Beverage & Hospitality
Our Salary Budget Survey features insightful analysis sourced directly from compensation professionals broken out across key firmographic and geographic segments.
SBS highlights: Technology (including software) Industry
Our Salary Budget Survey features insightful analysis sourced directly from compensation professionals broken out across key firmographic and geographic segments.
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