Five Below is a popular discount retail chain that has gained a significant following in recent years, thanks to its reputation for offering a wide range of high-quality products at prices that are affordable for all. The company was founded in 2002 in Philadelphia and now operates over 1,000 stores across the United States. One question that many people may have is how much does Five Below pay their employees? In this article, we will explore the pay structure at Five Below and delve into the factors that can affect how much employees can earn.
Pay Structure at Five Below
According to Glassdoor, the average hourly wage for a Five Below employee is $10.09, which is slightly higher than the federal minimum wage of $7.25 per hour. However, this figure can vary depending on the employee’s position and level of experience.
Sales associates, who are responsible for assisting customers and performing basic retail duties, typically earn between $8 and $10 per hour, with an average hourly wage of $9.09. Assistant managers, who are responsible for supervising employees and managing store operations, earn an average hourly wage of $12.09. Store managers, who are responsible for overseeing all store operations and managing staff, can earn an average salary of $61,929 per year, which translates to roughly $29.78 per hour.
It is worth noting that these figures are based on self-reported salaries and may not accurately reflect the pay structure at every Five Below location. Additionally, the company’s pay structure may vary depending on the location and the local minimum wage laws.
Factors That Can Affect Pay at Five Below
Several factors can affect how much an employee at Five Below earns. These factors include:
- Location: The cost of living and minimum wage laws can vary significantly from state to state and even from city to city. For example, the minimum wage in California is currently $14 per hour, while the minimum wage in Mississippi is $7.25 per hour.
- Experience: Experienced employees may be able to negotiate higher wages based on their skills and previous work history.
- Position: As we mentioned earlier, different positions within Five Below have different pay rates. For example, store managers typically earn more than sales associates.
- Performance: Employees who perform well and exceed expectations may be eligible for bonuses or pay raises.
- Full-time vs. Part-time: Full-time employees may be eligible for benefits such as health insurance, paid time off, and retirement savings plans. However, they may also be expected to work longer hours and be more available to cover shifts.
Benefits and Perks for Five Below Employees
Five Below offers several benefits and perks to its employees, including:
- Employee Discount: Employees receive a 10% discount on all purchases made at Five Below stores.
- Flexible Scheduling: Five Below offers flexible scheduling options that can accommodate employees’ needs.
- Health and Wellness: Five Below offers health insurance, including medical, dental, and vision coverage, to eligible employees.
- Paid Time Off: Full-time employees may be eligible for paid time off, including vacation days and sick days.
- Retirement Savings: Five Below offers a 401(k) plan to eligible employees to help them save for retirement.
Conclusion
In conclusion, the pay structure at Five Below varies depending on the employee’s position, location, and level of experience. While the average hourly wage for a Five Below employee is slightly above the federal minimum wage, it is worth noting that these figures are based on self-reported salaries and may not accurately reflect the pay structure at every Five Below location. Additionally, Five Below offers several benefits and perks to its employees, including health insurance, paid time off, and retirement savings plans.
