Retail is facing multiple challenges. Focus has shifted from product to customer experience, emerging markets have created uncharted forms of competition, and ecommerce has created a need for new positions, skills, and departments. All of these shifts leave employee satisfaction hanging in the balance. As a result, the industry is experiencing lackluster employee engagement levels and retailers are facing record-high turnover rates.
According to the Bureau of Labor Statistics, over 15 million people work in the retail sector. Retail sales occupations make up the second largest job growth projections in the country, according to The Guardian. Meanwhile, the Bureau also reports that retail is among the top five industries with the highest turnover rate. In fact, a Hay Group survey found that retailers averaged 67% turnover for part-time employees and 26% retailers said turnover costs have increased.
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