How satisfied are retail employees?

Purchasing Power, a financial wellness voluntary benefits company, recently released the 2024 Retail Financial Wellness e-book, which provides HR professionals in the retail industries with actionable steps to take to successfully attract, hire and retain employees. 

The survey reveals overall optimism and high job satisfaction across the sector. 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,” said Assad Lazarus, chief commercial officer at Purchasing Power. “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. We saw this sentiment across all of our recent research with manufacturing, healthcare and public sector workforces. The surveys we’ve conducted have illustrated the need for both immediate and longterm approaches to financial wellness.”

Additional key insights from the survey include:

•  87% of retail employees enjoy their job and working in their current role. They also would recommend their employer to a friend or family member. This indicates that overall, retail employers are fostering a positive working environment in which employees feel proud to be associated with the company and its brand.
• Retail employees feel good about not only their jobs but also their employers. However, nearly a third are keeping their options open to other industries, which indicates a key area of focus for retail employers.
• To help mitigate potential turnover, employers can focus on more programs to incentivize continued tenure. When it comes to real incentives for them to stay in the industry, employees cited 72% of employees could be incentivized to stay in the industry with a better salary; 55% could be enticed with more or better benefits; 54% are attracted by better hours; and 49% are interested in having more control over their schedule. 
• Discounts on products or services from their employer also ranked high (36%), so this is an area in which employers should consider options that could prove to be inexpensive and yet yields a meaningful and positive long-term impact.

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•  37% indicate their employer offers discounts on products or services
• Employees are putting a premium on the value of their benefits, with the majority (89%) saying that benefits are just as important as salary. 
• When it comes to specific benefits that would most move their career needle, nearly 39% said that having an employee purchase program would increase their likelihood to stay with their current employer. This can be a key area of focus and opportunity to help make employees’ lives easier and less stressful. Purchase programs allow workers to acquire household necessities, including major appliances, electronics, furniture and automobile tires, as well as aspirational products and services through a flexible and convenient payment plan.

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To access the full e-book and survey findings, 2024 Retail Financial Wellness eBook, visit here.