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This page is set up to give you the latest information on what’s happening in the hiring market right now, as well as the trends retailers, are facing when it comes to hiring. We have compiled the latest stats, arming you with all the data you need to make informed decisions when looking at your seasonal hiring plan.
As the Delta Variant takes hold and e-commerce continues to rise, so does employee turnover. In this competitive market, employees are searching for connection and recognition. Now is the time to consider a benefit that incentivizes your employees and creates a stronger, healthier, and more engaged workforce.
U.S. job openings surge to new record high as hiring increases almost 50%. Employers have struggled to quickly rehire workers to keep up with the speed from which the economy has emerged from the depths of the COVID-19 pandemic, which upended many businesses as restrictions and fears of the virus kept people home.
Source: Bureau of Labor Statistics
As Delta Variant hits, retail turnover has gone up 3%. Retail sales tend to vary from one day to the next. If the shopping-day pattern is not taken into account, retail turnover in July 2021 was 3.9 percent higher than in the same month last year. Online retail turnover was up by 11.1 percent year-on-year.
Note: Excludes gas stations and pharmacies
Staffing is a major pain point right now – it’s dangerous to work in grocery stores, many don’t have health benefits, worn out by constant cleaning and safety control measures, dealing with crazy non-compliant customers, scheduling is difficult for parents whose children are doing distance learning from home, switching roles to pickup and delivery, online orders, warehouse/stockroom work.
The average cost to replace a single employee earning less than $30,000 per year is 16% of their annual salary.
(A study from CAP)
This turnover can’t be boiled down to one thing, but the top two reasons for it are compensation (40%) and benefits (21%)
The average turnover rate in the retail space is 60% and staffing is a major pain point right now
Stressed employees are far less productive and provide lower levels of customer service which negatively affects an increasingly competitive industry.
“The biggest takeaway from 2020 is the shift to ecommerce; consumers have embraced online shopping with vigor and retailers have responded with the speedy rollout of new technologies, new apps and new ways of meeting shoppers’ needs. The words ‘contactless’ and ‘frictionless’ have quickly become part of the vernacular and companies that have managed to break the mold and adapt are winning.”
– Greg Petro, founder of First Insight, an experience management and digital testing firm for the retail industry, concurs in a recent Forbes essay, “Fewer stores does not mean fewer retail jobs.”
E-commerce sales in the second quarter of 2020, during the height of the pandemic, were $211.5 billion, an increase of 44.5% over the second quarter of 2019, despite a decrease of 3.6% for total retail sales.
Throughout the year and the pandemic, the most successful retailers have effective omnichannel sales models and communications in place the real winners in the industry also embraced harmonized human capital management (HCM).
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