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. |
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| 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. |
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| 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. |
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| 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%). |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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% |