Nearly three quarters (71.4%) of retail professionals believe they are underpaid, according to new research from the CV-Library.
The study surveyed 1,200 working professionals and also found that over a third (37.7%) work one to three hours extra per week, amounting to 96 hours per year and meaning retail professionals are missing out on £1,359.36 unpaid overtime.
Despite 63.9% of retail professionals working more hours than they’re contracted to, over two-thirds (67.6%) said they struggle to make “ends meet” at the end of each month.
The study also found:
- 73.9% of retail professionals go into their overdraft before the end of the month
- 43.5% struggle to pay off their credit card each month
- 43.9% think that colleagues at a similar level earn more than them
- Aside from living costs, the top three expenditures of retail professionals are groceries (52.1%), eating out (34.1%) and entertainment (24.4%)
Lee Biggins, founder and CEO of CV-Library, said: “We’ve certainly built a reputation for ourselves in the UK for working overtime, with full time employees working two and a half weeks more than the EU average. Of course, we all have stressful days which cause us to work longer than we’re contracted to. This is especially true of the retail industry, where employees are often required to work anti-social hours to prepare for sales and seasonal demand.
“However, if you’re continuing to go the extra mile, without your efforts being recognised, then something’s gone wrong. It’s unfair for managers to expect you to give up your valuable time without financial recognition. Know your worth and don’t settle for any less. It’s highly demotivating to feel like you’re putting in extra hours, without reaping the rewards. So, if you think you deserve it, don’t be afraid to ask for a pay review. It will do wonders for your motivation and productivity to have your boss acknowledge your hard work.”