Last updated on August 29th, 2012 at 08:23 am
The National Grocers Association (NGA) and FMS have released the first edition of an in-depth, comprehensive study that compares a range of financial benchmarks at independent supermarkets across the country.
The 2012 Compensation and Benefits Study offers insight as it analyzes independent grocers’ finances pertaining to healthcare plans, benefits, retirement plans and pay increases (categorized by position). A 17-page questionnaire was sent to the NGA membership, FMS customer base, and additional grocery retailing companies from 68 companies across the country that represents 2,533 stores. This data will help establish the best standards and policies for independent grocers’ operating budgets.
“This study is an invaluable resource for grocers seeking to ensure their compensation and benefits for employees, across all departments, are competitive to attract and retain the best and the brightest. With almost 100 percent (98.7 percent) of the study’s respondents reporting that they offer at least one health plan option, it’s clear that employees are a grocers’ most valuable asset and they’re doing their best to continue providing great benefits during this economic downturn,” said NGA President and CEO Peter J. Larkin.
“From single store operators to multi-store operators, NGA and FMS compiled a strong sample of the country’s independent grocers located throughout the country—West, South, Northeast and Midwest,” added Larkin. “The 2012 Compensation and Benefits Study is an essential handbook for all independent grocers providing candid and extensive financial information on the independent grocery industry.”
“Independent grocers continue to feel the squeeze of a struggling economy,” said FMS President Robert Graybill. “This report will help businesses observe pay rates and benefits in regions around the country in order to remain competitive in retaining staff when the economy begins to turn around.”
Results representative of the study include:
• 98.7 percent of the respondents offer at least one health plan option;
• 60.7 percent of the respondents offer a PPO (Preferred Provider Organization)—most common;
• 67.2 percent of the respondents offer dental;
• 92.7 percent offer one or more retirement plan options;
• 40.3 percent offer Wellness Programs (for example: free flu shot, smoking cessation incentives, weight watchers membership, etc.); and
• Median pay increase in 2011—3 percent.