Retail companies are constantly striving to offer a great customer experience. However, if they’re struggling to hire employees, they may not be able to deliver a seamless and enjoyable experience.1
To ensure retail companies are setting themselves up for success, they must hire and maintain exceptional staff members.
Overcome Hiring Challenges
Nearly 90% of 1,200 employers surveyed by SHRM in July 2021 stated they were having issues filling positions, and 73% saw a decline in applications for “hard-to-fill positions.”2
According to the U.S. Chamber of Commerce Analysis from November 2022, 60% of job openings remain unfilled in the wholesale and retail trade industry.3 In order to achieve their business goals, retailers must focus on recruiting and investing in personnel.
Employers should align their offerings with employees’ needs and expectations. This can include enticing employees with benefits other than increased pay, as the proposed federal minimum wage of $15/hour is still not attractive enough to entice applicants to open jobs, according to Mercer.4
Retail employers can continue to meet business goals by re-evaluating recruitment strategies, investing in skills training and value-based benefits for their employees.
Fill Open Positions by Focusing on the Employee Experience
To address these challenges, retail employers should focus on how they can improve the overall employee experience, leading to better customer service.
Financial wellness benefits like on-demand pay can help retail employers to stand out amongst the competition to hire and retain highly skilled staff members.
On-demand pay may be a differentiator for retail companies. According to a DailyPay sponsored survey done by the Mercator Advisory Group, the average tenure of employees who used DailyPay increased by 27% over non-DailyPay users. This 27% increase in tenure translates to 39 additional days on the job.5
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1 https://www2.deloitte.com/us/en/pages/consumer-business/articles/retail-distribution-industry-outlook.html:DailyPay, 2020
2 https://www.marshmclennan.com/insights/publications/2021/september/retail-talent-shortage-or-labor-shift.html:DailyPay, 2020
3 https://www.uschamber.com/workforce/understanding-americas-labor-shortage-the-most-impacted-industries:DailyPay, 2020
4 https://www.marshmclennan.com/insights/publications/2021/september/retail-talent-shortage-or-labor-shift.html:DailyPay, 2020
5 EWA Report, Mercator Advisory Group commissioned by DailyPay, 2021:DailyPay, 2020