Industry Employment Satisfaction (part 1)
We recently conducted a study of fashion industry professionals and their various levels of satisfaction with their current or most recent employers. With over 800 responses, we asked people how satisfied, for example, they were with their company and how well it paid, the benefits, company leadership, advancement, etc…
For all of the questions, respondents were asked to score their employer on a scale of 1 to 5 with 1 being the lowest and 5 the highest.
This week’s post will deal with monetary compensation. Next week we will share our findings on Work Environment satisfaction.
What is the overall satisfaction with your current (or most recent) employer?
As you can see, almost 60% of fashion industry professionals rated their employers as below average (2) or well below average (1). Only 21% rated their employers as above average (4) or well above average (5).
How satisfied are you with your total monetary compensation?
For the most part, fashion industry professionals are happy with their pay.
How satisfied are you with your company’s benefits package?
Similar to monetary compensation, most fashion industry professionals are satisfied with their company’s benefits package.
How satisfied are you with your company’s perks?
It seems that most fashion industry job seekers are dissatisfied with their company’s perks. The crash in 2009 wiped-out a lot of perks offered by fashion companies and the more recent, Retail Apocolypse wiped-out most of the rest. Sorry kids, these aren’t the good ‘ole days.
How satisfied are you when it comes to Performance-Based Rewards and Advancement?
68% of respondents rated the meritocracy of their company as below average or well below average with the latter being almost 50%.
My advice to employers would be to put more emphasis on achievement and reward that achievement when it is surpassed.
Stay tuned. Next week we will share our findings as they relate to Work Environment satisfaction.