Who knew? Retail employees actually are happy with their jobs, according to recent a survey by an employee benefits company.
Purchasing Power interviewed 500 U.S. retail professionals last March for its Retail Financial Wellness Survey, exploring such topics as workplace benefits, the impact of labor shortages, advancement opportunities, and other issues.
Assad Lazarus, chief commercial officer at Purchasing Power, noted that while retail employees like their jobs, they believe employers should provide discounts on products or services (37%), employee purchasing programs (30%), and medical-deductible financing that would allow them to pay for deductibles over time (29%).
The survey also found that 89% of employees said benefits are just as important as salary, and 41% said they had to work additional hours because of staffing shortages, highlighting the impact of labor shortages and turnover rates.
“While retail employees are happy with their roles and industry, efforts to retain and recruit essential workforce are more important than ever. But this isn’t unique to just the retail industry. The surveys we’ve conducted have illustrated the need for both immediate and long-term approaches to financial wellness,” Lazarus said.
Lazarus said the retail industry has proved its resilience during the pandemic, handled the spike in inflation and survived cost-of-living hikes, along with efforts to raise the minimum wage.
The Great Resignation forced some business owners to ease back on managerial duties to staff retail counters themselves, and large employers were forced to slash hours or shut down some locations.
Data from Quinyx indicated 59% of retail workers at the time considered quitting with 20% saying they felt undervalued and 12% saying they didn’t see a way to advance.
Fast Company reported 649,000 retail workers quit their jobs in April 2021. A woman who had worked retail for 14 years told the publication working retail can be like living through an abusive relationship because of a lack of advance scheduling notice and the long hours.
A survey conducted by the consulting firm Mercer of 4,505 U.S. employees found retail workers felt more in control last year and were generally satisfied with compensation, benefits and career opportunities, an indication that companies have been listening. However, 40% said they are stressed and only 38% said they easily can take time off for life events. Fewer than half said they could decide when their workday begins.
Purchasing Power said retail employees now clearly are aware of their market value. At the same time, they worry about the longevity of their careers as automation and e-commerce continue to advance.
The National Retail Federation estimates 32 million Americans work in retail, with the industry representing 6.4% of gross domestic product.
The Food Institute Podcast
Tom Hamill, a food and beverage senior analyst for RSM US LLP, joined The Food Institute Podcast to recap the 2024 Summer Fancy Food Show. Hamill shares his thoughts on burgeoning trends from the show and how emerging specialty food brands can best navigate economic factors in the years to come.
