Management

There's a saying that you don't have a business until your staff is making you money, Here we look at pay rates, benefits and expectations.

Published

4 years ago

October 18, 2021

INSTORE Staff Instore November 2021 Issue

62. How much do you expect a sales associate in your store to be able to sell in a normal year?

Up to $200,000
38%
$200,000-$300,000
21%
$300,001-$400,000
13%
$400,001-$500,000
10%
$500,001-$750,000
11%
$750,001-$1 million
6%
Over $1 million
1%

63. What do you think should be the minimum wage?

Note: Most jewelers are clearly on board with a basic wage that is higher than the federal minimum ($7.25 per hour). Twenty-five states raised their minimum in 2021, led by New York and Oregon, which mandated the highest basic wages of $15.00 and $14.00 (Portland Metro Area). At the other end of the spectrum, the lowest minimum wage rates of $5.15 are paid in Georgia and Wyoming (although most employers are still subject to that federal minimum of $7.25 per hour).

65. None of us are truly rational thinkers. What bias or logical fallacy most often trips you up as a business owner/manager?

The Big Survey 2021: Management

66. How many of your staff do you think would leave for a 15 percent pay increase from another store?

None
54%
One or a few
34%
About half
7%
Most
4%
All
1%

67.How do you pay your sales staff?

Hourly
37%
Salary
16%
Hourly plus commission
35%
Salary plus commission
10%
100% commission
1%

68. On average, what percentage of the total on your sales associates’ W-2 is commissions or bonus?

0%
26%
1-10%
35%
11-20%
17%
21-30%
9%
31-40%
6%
41-50%
4%
More than 50%
4%

69. Salaries by State

The Big Survey 2021: Management

70. Salaries By Region

The Big Survey 2021: Management

71. Check off the benefits you provide to staff:

The Big Survey 2021: Management

72. Salaries by Market Type

The Big Survey 2021: Management

73. If you’ve ever asked a job candidate to tell you their biggest weakness, what was the most surprising answer?

Our jewelers provided scores of great examples of unguarded comments. Among the best:

“I need multiple smoke breaks.”
“I’m not good with people.”
“I don’t like jewelry. It’s a waste of money.”
“Talking on the phone.”
“Getting up on time.”
“I’m late to everything.”
“Mental health.”
“I lose stuff.”
“I’m lazy.”
“I don’t really like to work.”
“Alcoholism.”
My last interview ended with them telling me they were a child-sex crime felon. I haven’t interviewed anyone since.
I have never asked that. I ask, “If you could be a tree, what would you be?”

Honoring a Legacy: How Smith & Son Jewelers Exceeded Every Goal With Wilkerson

When Andrew Smith decided to close the Springfield, Massachusetts location of Smith & Son Jewelers, the decision came down to family. His father was retiring after 72 years in the business, and Andrew wanted to spend more time with his children and soon-to-arrive grandchildren. For this fourth-generation jeweler whose great-grandfather founded the company in 1918, closing the 107-year-old Springfield location required the right partner. Smith chose Wilkerson, and the experience exceeded expectations from start to finish. "Everything they told me was 100% true," Smith says. "The ease and use of all their tools was wonderful." The consultants' knowledge and expertise proved invaluable. Smith and his father set their own financial goal, but Wilkerson proposed three more ambitious targets. "We thought we would never make it," Smith explains. "We were dead wrong. We hit our first goal, second goal and third goal. It was amazing." Smith's recommendation is emphatic: "I would never be able to do what they did by myself."

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The Big Survey 2021: Management

Management