FMS Releases 2024 Compensation and Benefits Study for the Grocery Sector

2024 FMS Comp and Benefits Report Cover

FMS Solutions is excited to announce the release of its 2024 Compensation and Benefits Study, a comprehensive analysis tailored specifically for the independent grocery sector. This year’s study offers an in-depth look into current compensation trends and benefits packages across the industry, providing crucial insights for grocery store owners and managers.

Key Findings of the Study
The 2024 FMS Compensation and Benefits Study comprehensively examines wages—including hourly pay, salaries, and bonuses where applicable—for 30 roles ranging from store manager to bagger. One highlight of the report reveals that both exempt and non-exempt employees received an average wage increase of 4.9%, primarily driven by cost-of-living adjustments rather than performance-based raises. The raises for nonexempt employees closely mirrored those awarded to exempt staff, and 90% of the surveyed grocers have allocated budgets for employee raises in 2024.

Insight on the Current Labor Market
“In today’s challenging labor market, understanding the complexities of compensation has never been more critical,” said FMS Solutions President and CEO Robert Graybill. “Our latest study provides the grocery sector with the essential data needed to navigate these times, ensuring that they are equipped to attract and retain the top talent necessary for sustained competitiveness.”

The Importance of Strategic Compensation Management
This comprehensive dataset is especially valuable for grocers committed to adapting their strategies to meet market demands and employee expectations in a period marked by significant upheavals in the labor market. “As we look to the future, the ability of grocers to effectively manage their compensation strategies in alignment with evolving market conditions will be a defining factor in their success,” added Graybill. “This study serves as a vital tool in that effort, offering critical insights into the current economic climate.”

Get Your Copy Today
The 2024 FMS Compensation and Benefits Study is available for purchase now.

Get your copy here!

Engage with Us
We value your feedback and participation. Share your thoughts on how this study has helped your business and join the conversation on how we can continue to serve the industry. Leave a comment or contact us!