Want a six-figure job? You might want to think about a career as a retail buyer.
Nearly 60% of those with 10 or more years of experience make more than $100,000 per year, according to a survey recently conducted by retail executive search firm Career Management.
Many buyers are making well over $100,000. Of those surveyed, 43.8% earn a base salary of $100,000-$150,000; 11.4% make in the $150,000 to $200,000 range; and 4.2% haul in more than $200,000.
At the lower end of the scale, 24% of the buyers polled make $80,000 to $100,000; 5.2% are in the $70,000 to $80,000 range; and 11.4% earn less than $70,000.
But that doesn’t include the bonuses. For 24.2%, the amount earned from bonuses is up to 10% of the annual salary; for 39.6% it’s 10% to 20%; for 25% it is 20% to 30%; for 5.6% it is 30% to 40%; and for another 5.6% it is more than 40%.
Lloyd A. Lippman, president and CEO of Career Management, said in a statement that the current salary levels “point to a highly competitive market.”
“Retailers have found that it’s very difficult to attract and keep the right buyers,” he said. “At the same time, though, more and more chains are giving incentives to buyers tied to individual and company performance.”
Lippman noted that all of this is occurring at a time when the buyer has taken on “a far more specialized role in larger retail organizations.”
He added: “Years ago, buyers were involved in everything from product design, development and sourcing, to the allocation of goods to the stores. Today, a number of those functions are handled by other departments, with the buyer essentially responsible for coordinating the efforts of all those teams while understanding the needs of the store’s customers.”
To see the survey results, click here.