A majority, 87%, of retail employees enjoy their job and working in their current role and 46% report their employer is dealing with a labor shortage and 41% are working more hours to deal with the lack of staff.
Those are top findings from a survey from Purchasing Power, a financial wellness voluntary benefits company, called 2024 Retail Financial Wellness eBook, according to a press release.
The survey reveals employees are aware of their market value, yet they expressed concern about labor shortages, salaries, technology advancements and the value that additional benefit options could provide to the longevity of their careers. In fact, nine in 10 (89%) survey respondents cite benefits as being just as important as salary.
"The retail industry has clearly shown its ability to weather a number of storms," Assad Lazarus, chief commercial officer at Purchasing Power, said in the release. "It showed resiliency during the pandemic, lumbered through record-breaking inflation and is surviving cost-of-living price hikes — the likes of which we haven't seen in decades. 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."