2017 Salary and Benefits Survey

8 November 2017

We asked Jet Business Network Facilitator and Interim NAJ Business Manager, Michael Donaldson to summarise the highlights of this year’s survey for The Jeweller, given his familiarity with collating JBN performance reports and surveys, including one on salaries in 2016.

I’m sure you’ve heard it before but “an opinion without data is just an opinion”, well now members who completed what is hoped to become an Annual Survey on Salaries and Benefits in the UK Jewellery Industry, probably have more information than they have ever enjoyed before; and with it the increased confidence of knowing what they should or should not be paying their employees.

If you didn’t participate in this year’s survey what follows is a taster of what you missed and hopefully the incentive to make sure you participate in the 2018 survey.

The survey genuinely reflects the entire UK Jewellery Industry, geographically, business sector, turnover and employee numbers with responses from Scotland, Northern Ireland, Wales and England - the south east of England generated 35% of the survey responses, which correlates with census data on the regions share of the UK population.

Whilst 68% of the respondents were retailers, the information supplied on salaries covered 48 different roles from: The Bench to the Boardroom; Accountant to Watchmaker; Goldsmith to Gemmologist; Marketer to Merchandiser; Retail Sales Assistant to Retail Sales Manager and ranged from £15,000 a year to over £100,000 a year.

Declared sales turnover ranged from under £75,000 to £20million, in businesses employing a couple of people to over a 1,000 people.

44% of respondents do not provide a performance related bonus, whilst of those that do, 58% provide it for all employees.

24% of businesses offer their staff career breaks and 46% offer flexitime, others select from a menu of benefits that include: life insurance, medical insurance, enhanced pensions, company cars, season tickets and staff discounts.

Ever wondered what you should be paying outworkers for “hands-on-bench-jobs”, well now those who completed the survey know; for those who didn’t completed the survey, piece rates paid to sub-contractors varied from under £3 up to £60 for everything from a quick “clean up” to a more demanding “diamond repolish”.

Survey participants even shared their anticipated pay awards “within the next year” with each other; with 40% planning no increase and the balance anything and everything between 1% to 4%.

The Salary Survey is an excellent example of how shared data can help others reduce the potential risks to their business by improving their decision making; and is something that is highly valued by the members of the Jet Business Network who share their knowledge, experience and expertise with one another, week in week out.

"The JBN provides our business an outlet and a platform to benchmark our business against similar forward thinking jewellers. Every meeting I have learnt something new that I have implemented into my business with almost immediate results." JP London

 

“If I hadn't seen the range of credit card transaction costs poll we did, I wouldn't have realised I was paying top end of the spectrum. By pushing back on “the supplier”, the saving made paid for

JBN membership last year”  Adam Jacobs – Jacobs Reading 

  

Return to news listings

Directory

© 2017
The National Association of Jewellers
Head Office: Federation House
10 Vyse Street
Birmingham, B18 6LT, UK

London Office: 45 Britton Street, London EC1M 5NA

Birmingham Office: 0121 237 1110
London Office: 020 7613 4445
General enquries: info@naj.co.uk
Education queries: education@naj.co.uk