Tuesday, 24 September 2013

Be Ready for Your Hefty Pay Cheque in Retail!!!

 Till now if you ask a young boy or girl in 11th or 12th standard or may be in the final year of graduation about their career goals, most of them would say doctor, engineer, consultancy or so but very few would talk about a career in retail. When it comes to retail, the job has been stereotyped as sales job only, where the person has to stand at the counter to do sales. Also, another major factor for hesitation towards a career in retail is the so called ‘package’ factor. The general perception is that only FMCG or consulting or engineering, etc., fields are good pay masters.

Yes it is true that until recently the salary structure was not really very attractive in retail as compared to the other sectors. It was also due the fact that the retail sector was not as organised as it is today. Also, there wasn't as such any specific qualification required to do job in retail. Further to add to it, the sales sector is any how not a preferred choice for majority of people, whereas, the truth is that maximum jobs are a kind of sales job only. But, the counter attack for this logic many people give is that, if at all I have to sell something I would prefer to go to that place where I will earn more.
So here is what this blog is all about. Are you ready for your hefty pay check in retail? The retail sector is getting more and more organised. Many big firms have entered into this segment after evaluating the potential in retail. India is one of the biggest consumer market in the world and hence, the most attractive destination for international players as well. With the increase in competition among the giants, the competition to hire best talent has also intensified. Therefore, today retail firms are open to pay good money to attract the valuable talent pool. And with the entry of foreign players the expectations have become even better. Not only this, the organised retail sector has shifted its focus from only profit making to the career development of its employees.
A luxury brand pays to its entry level sales executive anywhere from 25k to 40k. This is at par with what any engineering student, from an average to good college, gets as a starting package. Similarly, the package for a store manager ranges from 15k to 1 lac plus per month depending upon national to international players. Now you imagine yourself the packages of area managers, regional managers and so on. The retail sector is not constrained till sales jobs only (the biggest myth among most of us). It is a vast field which requires talent in both front and back end. There are jobs in merchandising, procurement, designing, marketing, branding, IT, finance, HR, etc. All these are quite highly paid jobs.
Candidates with good retail knowledge are getting preferred more and therefore companies are routing towards colleges providing specific courses in retail and recruiting them at a very competitive packages. With the specific retail oriented courses the entry barrier is also becoming high.
With the determination of government to clear FDI in retail, the prospects are looking brighter and the hope that soon retail will be among the top career choices for today’s youth will soon be a reality. As stated above, the retail sector is getting more and more organised and within next few years we will see an altogether different retail sector in terms of business model and also in terms of career growth. Hence, those who will join this field today with a clear and focused mind set are definitely going to see a turnaround in their career in next 2-3 years.

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